Vehicle Loans and Auto Refinance
Finance your next vehicle with a GenFed vehicle loan, or review auto loan refinance options for a loan you already have.
GenFed offers vehicle loans for new and used cars, trucks, RVs, boats, motorcycles, ATVs, tractors, mowers, and more.
Prefer to see numbers first? View GenFed’s Loan Rates Page.
Have questions before applying? Talk to a loan advisor, call or text 330.849.3013 or find a GenFed branch.
Quick Answer: Can I refinance my current vehicle loan with GenFed?
Yes, with no application fees or prepayment penalties. GenFed offers auto loan refinance options for eligible members, including loans currently held by another lender. Your approved rate, term, and payment depend on your application, and you can start online when you are ready.
Already have a vehicle loan somewhere else?
Refinancing gives you a chance to compare your current rate, payment, term, and costs with the options available through GenFed.
Apply to Refinance Refinance Hub
What vehicle loans does GenFed offer?
GenFed Vehicle Loans can help with new purchases, used car financing, and refinancing. Here are the main options and features currently published by GenFed. View GenFed’s Loan Rates page.
| Vehicle loan feature | What it means |
|---|---|
| No payments for 90 days on new loans with GenFed. | Optional 90 day delay for the first payment. Interest will continue to accrue over the 90 days. |
| No application fees or prepayment penalties | GenFed vehicle loans have no application fees or prepayment penalties. |
| Prepayment-penalty reimbursement | GenFed reimburses prepayment penalties charged by your previous lender when you refinance, up to $100. |
| Used car financing | Financing may be available for up to 100% of J.D. Power retail value on used cars, subject to loan approval criteria and vehicle age. |
| Auto, motorcycle, ATV, tractor, mower, and specialty-vehicle terms | Financing may be available for up to 84 months. All terms are “up to” and subject to approval and underwriting. |
| RV, boat, and camper terms | Financing may be available for up to 120 months. All terms are “up to” and subject to approval and underwriting. |
| Bi-weekly payments | Bi-weekly payments may help save on interest at no additional fee. |
| Skip-a-Pay | Skip-a-Pay may let eligible members skip a payment around holiday or vacation time. |
| Checking and direct-deposit rate reduction | A 0.25 percentage-point rate reduction is included for borrowers with GenFed checking and direct deposit. |
| Low loan-to-value rate reduction | A 0.50 percentage-point rate reduction is included when the loan-to-value ratio is below 90%. |
GenFed’s published “as low as” APRs include both rate reductions, and the reductions may be combined for every listed vehicle type. Your actual APR may be higher.
What are GenFed’s vehicle loan rates?
GenFed vehicle loan rates start as low as 4.49% APR for autos, with published rates for motorcycles, RVs, boats, ATVs, and tractors. If you are comparing auto refinance rates, remember that published rates are 'as low as' rates, and your actual APR may be higher.
| Vehicle loan type | Approved public APR as low as | Maximum eligible term |
|---|---|---|
| Auto | 4.49% | 84 months |
| Motorcycle | 6.24% | 84 months |
| RV / Boat / Camper | 6.49% | 120 months |
| ATV | 6.74% | 84 months |
| Tractor / Mower | 7.24% | 84 months |
| Specialty | 7.99% | 84 months |
The listed “as low as” APRs include a 0.25 percentage-point rate reduction for GenFed checking with direct deposit and a 0.50 percentage-point rate reduction for a loan-to-value ratio below 90%. The reductions may be combined for every listed vehicle type. Your actual APR may be higher and will depend on your application, credit analysis, vehicle, loan amount, term, and other lending requirements.
All terms are “up to” and subject to loan approval, underwriting, vehicle age, loan amount, and other applicable requirements. Used vehicle may have a shorter eligibility period.
GenFed does not publish an official minimum vehicle-loan amount. The maximum vehicle-loan amount is $250,000. Approval, APR, term, and loan amount depend on the application, credit analysis, vehicle, underwriting, and other lending requirements.
APR is Annual Percentage Rate. Rates are subject to change and are generally updated monthly. View GenFed’s Loan Rates page for the current effective date and disclosures. All loans are subject to approval and terms.
What vehicle types may be eligible for GenFed vehicle loans?
GenFed finances autos, motorcycles, ATVs, tractors and mowers, RVs, boats, campers, and other eligible vehicles. GenFed can also facilitate private-party purchases.
Vehicles up to 15 years old are generally eligible. Older vehicles and vehicles with more than 100,000 miles may be considered with additional evaluation. GenFed may also consider salvage or rebuilt titles, commercial-use vehicles, and vehicles using any fuel type. Approval, rate, term, and loan amount depend on the vehicle, credit analysis, underwriting, and application.
What can affect my vehicle loan or auto refinance rates?
Your credit history, loan amount, vehicle type, vehicle age and value, loan term, and loan-to-value ratio can affect your final vehicle loan or refinance rate. GenFed’s published “as low as” APRs include the checking/direct-deposit and below-90%-LTV rate reductions described above. Published rates are starting points, not guaranteed offers.
How much could refinancing save me?
Auto loan refinance may help lower your rate, monthly payment, or total interest, depending on your current loan and the new rate and term you qualify for. Actual results depend on your balance, current APR, remaining term, approved GenFed rate, fees, and loan terms.
The best way to see your real numbers is to apply.
Example: What could auto refinance savings look like?
Here is a sample scenario to show how the math works, comparing the same remaining term at two auto refinance rates. Your actual savings will depend on your current loan, approved GenFed rate, term, fees, and application.
| Example detail | Current loan | GenFed refinance |
|---|---|---|
| Loan balance | $33,100 | $33,100 |
| APR | 7.24% | 5.24% |
| Term | 53 months | 53 months |
| Monthly payment | $731.56 per month | $700.94 per month |
| Estimated monthly savings | N/A | $30.62 |
| Estimated total savings over 53 months | N/A | $1,622.88 |
This example is for illustration only and holds the loan term constant to compare rates directly.
All loans are subject to approval, credit analysis and terms. Refinance of existing GenFed loans subject to applicable fees and conditions. Contact your local branch to determine your rate and discounts. Vehicle loan terms may be limited, based on age of vehicle.
Apply to Refinance
How do vehicle loans work at GenFed?
GenFed vehicle loans can help you finance a new or used vehicle from a dealership or private seller. You can also get preapproved before you shop, so you understand your approved loan terms ahead of time.
Can I buy from a dealer or a private seller?
Yes. GenFed finances dealership purchases and can facilitate eligible private-party purchases, subject to approval, credit analysis, and terms.
What vehicle-shopping tools can help me compare options?
GenFed’s vehicle-shopping tools can help you compare MSRP for a new vehicle, J.D. Power values for used vehicles, and estimated trade-in values. Find your car!
GenFed Auto Buying powered by TrueCar
Save time and money on your next new or used car! Search your favorite brands online and get discounted pricing offers with GenFed’s car buying service powered by TrueCar.
Other available tools include:
- Carfax Vehicle History Reports,
- J.D. Power Vehicle Values,
- Kelley Blue Book price and value tools,
- TruStage Auto Insurance,
- U.S. Department of Energy fuel-economy tool.
GenFed also finances motorcycles, RVs, boats, and more.
See 7 Reasons to Get Your Vehicle Loan at GenFed for more.
Can I get preapproved before I apply for an auto loan?
You can get preapproved before you shop, or apply when you are ready to move forward. A preapproved GenFed loan can help you understand your approved loan terms before arranging financing at the dealership.
Get your low-rate auto, boat, motorcycle or RV loan preapproved and we’ll give you $50 cash when you come back and close your loan!*
*Minimum loan amount is $5,000. Limit one incentive per member. Rate matches or rate-reduction requests are evaluated individually.
How does vehicle loan refinancing work at GenFed?
Refinancing a vehicle loan at GenFed takes five steps: apply, provide your current loan and vehicle details, review your approval and terms, close the loan, and set up payments.
Step 1: Apply online
Start your application online when you are ready. Questions before applying? Call or text 330.849.3013.
Step 2: Provide your current loan and vehicle information
You will provide information about your current lender, payoff amount, vehicle, insurance, and identity. Review the document checklist below before applying.
Step 3: Review your approval, rate, and term options
If approved, GenFed will go over the rate and term options available to you. Approval and timing depend on your application.
Step 4: Close the loan and review payoff/title steps
After the refinance closes, GenFed ensures the existing loan is paid off, obtains the title, perfects its lien, and retains the title until GenFed’s lien is released.
Step 5: Set up your payments
Choose how you would like to pay. Bi-weekly payments may help you save on interest at no additional fee. You can also review GenFed’s Make Loan Payments page for payment options.
Why compare GenFed with your current lender?
Many people first finance a vehicle through a dealership, bank, or finance company because it is convenient at the time of purchase.
Refinancing gives you a chance to compare that existing loan with GenFed’s published vehicle loan rates and the options available through your application. That comparison can help you decide whether refinancing is worth considering.
What should I gather before I apply to refinance?
Before you apply for auto loan refinance, it helps to have:
- Your current lender’s name and contact information
- A current payoff letter or payoff statementYour current APR, monthly payment, and remaining term
- The vehicle year, make, model, mileage, and VIN
- Your driver’s license or other requested identification
- Proof of vehicle insurance
- Vehicle registration or title information, if requested
- The terms of any prepayment penalty charged by your current lender
The exact documents GenFed requests may depend on your application and vehicle.
Ready to compare options?
Apply to Refinance
Questions before applying? Call or text 330.849.3013.
What insurance does GenFed require?
GenFed requires full coverage insurance on a vehicle when GenFed Financial Credit Union is the lienholder. Members may be eligible for discounted auto insurance through TruStage, but TruStage is not the required insurance provider for a GenFed vehicle loan.
Insurance products are not deposits and are not federally insured, sold, or guaranteed by GenFed.
How does vehicle loan refinancing work at GenFed?
You do not need to complete GenFed membership before applying. A non-member can apply for a vehicle loan or refinance and receive an approval decision, but the loan cannot be funded until GenFed membership is established. Review the Become a Member page to confirm your eligibility.
Frequently asked questions about vehicle loans and refinancing
What is auto loan refinancing?
Auto loan refinance means replacing your current vehicle loan with a new loan, ideally one with a lower rate, lower payment, or term that fits you better. Your new lender pays off the old loan, and you make payments on the new one going forward.
When should I refinance my auto loan?
A completed vehicle-loan application requires a hard credit inquiry. Learn more about credit inquiries and auto refinancing in GenFed’s Auto Refinance Calculator and Decision Guide.
Can I refinance a loan from a dealer, bank, or finance company?
Yes. GenFed offers refinancing for eligible vehicle loans currently held by dealerships, banks, credit unions, and finance companies. Approval, rate, term, and loan amount depend on the vehicle, credit analysis, underwriting, and application.
How do I make a GenFed loan payment from another bank?
You can make a GenFed loan payment from another financial institution through online banking. GenFed’s Make Loan Payments page explains how to set up transfers from other banks for loan payments or for moving funds into and out of GenFed. You can also make a payment in person at any GenFed branch or at one of about 5,500 shared branches nationwide through GenFed’s shared branching program.
How soon after buying can I refinance?
You can apply to refinance a vehicle loan with GenFed immediately after purchasing the vehicle. Final timing may depend on approval, the current lender’s payoff process, and the vehicle’s title status.
Will shopping multiple lenders count as multiple hard inquiries?
For GenFed’s loan decision, auto-loan inquiries made around the same time for the same transaction are treated as like inquiries, so GenFed does not penalize you for each inquiry. GenFed pulls your credit once when you apply for a vehicle loan or refinance.
Can I refinance if I owe more than my vehicle is worth?
Owing more than your vehicle is worth is called being upside down, or having negative equity. GenFed will consider negative equity as part of the loan decision. Approval, rate, term, and loan amount depend on the amount of negative equity, the vehicle, credit analysis, underwriting, and application.
How do I compare GenFed’s auto refinance rates?
Start by comparing GenFed’s published auto refinance rates with the APR you are currently paying. Remember that GenFed’s published rates are “as low as” rates, so your actual APR may be higher and will depend on your application, credit, term, vehicle, and other loan factors.
How long does vehicle loan approval take?
GenFed generally provides a vehicle loan decision within 1 to 2 business days but you could receive an approval in under an hour, depending on the application and information provided. Having your vehicle details, current payoff information, VIN, proof of insurance, and identification ready can help avoid delays.
When do I get my title after paying off a GenFed vehicle loan?
You can typically receive your title within a few days of paying off a GenFed vehicle loan, depending on title type, and the process may take up to 30 days.
Can I refinance a vehicle lease buyout with GenFed?
Yes. GenFed offers lease-buyout refinancing, subject to vehicle eligibility, approval, credit analysis, and loan terms.
Can I take cash out when refinancing a vehicle loan?
Yes. GenFed offers cash-out vehicle refinancing, subject to vehicle value, approval, credit analysis, and loan terms.
Ready to apply for a vehicle loan or refinance an existing vehicle?
Whether you are ready to apply for an auto loan or refinance an existing vehicle loan, GenFed can help you take the next step.
Apply Now
Need help? Talk to a loan advisor, call or text 330.849.3013 or find a GenFed branch.
Last reviewed by GenFed Financial Credit Union in September 2026. Vehicle loan rates and terms are subject to change. All loans are subject to approval and terms.