drive now, pay later
Hit the road with a new or refinanced auto loan from Park Community and unlock rates as low as 5.24% APR*and no payments for the first 90 days!
Apply online in minutes, keep scrolling to learn more, or reach out to us if you have more questions about refinancing.
Get Pre-Approved and Shop with Confidence
Take the guesswork out of car shopping by getting pre-approved for your auto loan. You’ll know exactly what you can afford—before you visit the dealership—so you can negotiate with confidence and drive off in the right vehicle for your budget. Apply today for quick pre-approval with no obligation to buy.
Refinance Your Auto Loan and Save
Refinancing your current auto loan, either from Park Community or another lender, can lower your payments and open up new financial possibilities. Whether you’re looking to reduce interest, pay off your loan faster, or tap into your vehicle’s equity to tackle other high-interest debt, refinancing puts you back in control.
Lower Payments
Refinancing could reduce your interest rate or extend your loan term, helping you free up room in your monthly budget.
Consolidate Debts
Borrow against your vehicles equity to consolidate credit card or other debts at a much lower rate than traditional loans.
Pay Off Loan Sooner
Already ahead of schedule? Refinance to a shorter term and save on total interest while staying on track to full payoff.
auto loan refinance savings examples
How Much Can You Save?
Here are just a few examples of member savings by taking advantage of an auto refinance! Individual experience and savings will vary, talk to one of our loan experts today to see how much you can save!
| situation | previous rate | previous term | previous monthly payment | new rate | new term | new monthly payment | monthly savings |
|---|---|---|---|---|---|---|---|
| Credit score has increased since taking out original loan | 14.25% APR* | 72 months | $557.32 | 10.74% APR* | 72 months | $378.05 | $179.27 |
| Member refinances and extends term | 3.25% APR* | 36 months | $875.73 | 7.74% APR* | 84 months | $463.74 | $411.99 |
| Member refinances and extends term | 4.50% APR* | 60 months | $932.17 | 8.74% APR* | 96 months | $725.85 | $206.32 |
Loan Payment Calculator
Find out how much your loan payment could be with a Park Community Auto loan!
related blog post
4 Reasons to Refinance Your Auto Loan
When you purchase a new or new-to-you vehicle, many factors come into play when you are handling your financing. Sometimes, the need for the vehicle eclipses potentially unfavorable terms based on your situation. The good news is that your car is tangible collateral, and as you make payments, you build equity. Additionally, your circumstances may change resulting in more favorable lending options.
Current Auto Loan Rates
| Term | APR* |
|---|---|
| Up to 48 Months | 5.24%* |
| 49 – 60 Months | 5.99%* |
| 61 – 72 Months | 6.49%* |
| 73 – 84 Months | 7.24%* |
| 85 – 96 Months | 8.24%* |
Ready to Hit the Road?
Apply today and enjoy local, member-first service from a credit union that’s here to help.
Looking for more information?
Frequently Asked Questions
What do I need to apply for an auto loan?
You’ll need a valid ID, proof of income, and basic information about the vehicle you’re buying or refinancing. If you’re pre-qualifying, we’ll also ask about your employment and credit history.
Can I get pre-approved before shopping for a car?
Yes! Getting pre-approved gives you a clear idea of your budget and strengthens your position when negotiating with a dealer.
A pre-approval from Park lets you shop with confidence and typically gives you better terms—without the pressure of dealer markups.
Do I need a down payment?
It depends on the loan amount and the vehicle’s value. In some cases, you can finance 100% of the purchase price.
Can I refinance if I still owe on my current loan?
Yes! In fact, refinancing replaces your existing loan with a new one—often with more favorable terms.
Will refinancing extend my loan term?
Not necessarily. You can choose to keep your current term, shorten it to pay off faster, or extend it to lower your monthly payment—whatever best fits your financial goals.
Does refinancing hurt my credit?
Refinancing typically involves a credit check, which may cause a small, temporary dip in your credit score. Over time, on-time payments can help improve your credit.
Talk with an Expert about Refinancing
Fill out this form and one of our lending experts will reach out to discuss your refinance or loan options.
Details
*Annual Percentage Rate. Rates as of 8.1.2025, and subject to change without notice. Must qualify. Final rate determined by credit score, vehicle age, vehicle value and loan term. Other terms and conditions may apply. Advertised rate includes 0.25% rate reduction for automatic payment from a Park Community CU account. Loan example: $20,000 for 48 months at 5.24% annual percentage rate would yield a $462.76 per month payment or approximately $23.14 per $1,000 borrowed.