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Can You Really Refinance Your Auto Loan? Yes! Here’s How with Colorado Credit Union

Published: June 20, 2025

Most drivers know they can refinance a mortgage, but far fewer realize the same money-saving move is possible for their car payment. If you’re paying more than 6.00% APR* on an auto loan you took out one or two years ago, 2025 could be the year you cut that cost. At Colorado Credit Union, we refinance auto loans every day—even when the original loan was written by another lender—helping members slash interest, lower monthly payments, or pay the balance off faster.

“Many borrowers overlook the fact that an auto loan can be refinanced, and they underestimate the difference it makes,” says Shauna Brazil, Colorado Credit Union’s Senior Vice President of Lending. “By swapping a high-rate loan for a lower one, you can trim away needless interest and keep more money in your pocket each month.”

What Does Auto Loan Refinancing Mean?


Refinancing simply replaces your existing loan with a new one at a better interest rate, a different term, or both. Colorado Credit Union pays off the balance at your current lender and becomes the new lienholder; you then make your monthly payment to us under the newly negotiated terms. Nothing else about the car changes: same vehicle, same title, same driver—just a smarter loan.

Why Refinance in 2025?

  1. Rates have shifted. Auto loan rates rose sharply in 2023–24, but market competition has since pushed them down from their peaks. As of June 1, 2025, our current auto rates are “as low as 5.24% APR**," meaning many borrowers who financed at 7.00%–9.00% percent last year may qualify for immediate savings.

  2. Your credit profile improved. Paid-down credit cards, on-time payments, and lengthened credit history boost your score. A higher score often unlocks lower “tier-based” rates.

  3. You want to adjust the term. Shortening the repayment period can wipe out hundreds in interest and help you build equity faster, while lengthening it can free up monthly cash flow.

  4. Remove or add a co-borrower. Refinancing is a clean way to update who’s on the loan without selling the car.


The Colorado Credit Union Advantage on Auto Refi

  • We’ll refinance even if you didn’t buy through us. Whether your current note is with a bank or another credit union, Colorado Credit Union can still step in and improve the deal.

  • Competitive fixed rates. Our as-low-as** rate is among the most attractive in Colorado, and we never charge an application fee.

  • 90 days with no payments**. Qualified borrowers can skip the first three months, giving some breathing room to tackle other priorities while interest accrues.

  • 0.25% APR relationship discounts for partnering programs such as AutoTrek or select employer groups, stacking extra savings on top of our posted rates.

  • Local lending decisions and fast turnarounds. Our underwriters live and work here, so you’ll often walk away with approval the same day you apply.

  • Credit-building guidance. If you’re not quite refinance-ready, our team can coach you on steps to raise your score and qualify later.


How Much Could You Save?

Here’s a simplified illustration. Suppose you owe $22,000 on a 60-month loan at 7.50% APR with 48 months left. Your monthly payment is about $530 and you’ll pay $2,170 in interest over the remaining term. Refinance the same balance at 5.24% APR for 48 months and the payment drops to roughly $512, cutting interest cost to $1,190—nearly $1,000 back in your pocket without extending the payoff date. Or keep the payment close to $530 but shorten the term to 42 months and you’ll be debt-free half a year sooner. (Actual savings will vary with rate, term, and credit approval.)

The Refinance Process in Three Easy Steps 

Step

What Happens

Your To-Do List

1

Apply online, by phone, or in-branch

Complete our secure application—it takes about 10 minutes.

2

Colorado Credit Union payoff

Once approved, we cut a check to your existing lender and handle the title work. You never juggle two payments.

3

Enjoy the upgrade

Set up free automatic payments or bi-weekly transfers to shave even more interest.

 

FAQs We Hear Every Week

Will refinancing hurt my credit?

A single hard inquiry typically docks fewer than five points and recovers in a couple of months, especially if you continue making on-time payments.

Do I have to be a member first?

Membership and the loan open simultaneously. Anyone who lives or works in our field of membership—including most Front Range and Douglas County communities—or who belongs to a partner organization can join with a $5 share deposit.

What about older vehicles?

We refinance cars up to 10 model years old. Mileage and collateral standards apply; ask a loan officer for details.

Can I refinance if I owe more than the car is worth?

Possibly. Our experienced underwriters will look at loan-to-value and may suggest a term that helps you get back to positive equity quickly.

 

Real-World Results


Alejandro, a Colorado Credit Union member since 2018, recently refinanced his family vehicle and raved, “They helped us get a better rate. If I could give more than five stars, I would!”

Stories like Alejandro’s happen every day because credit unions exist to serve members, not shareholders. Lower rates, friendlier terms, and genuine people-first service are hard-wired into everything we do.

Ready to Shift Gears?


An auto refinance might be the easiest way to reclaim money you’re already spending each month. Whether your goal is a lower payment, a shorter term, or simply escaping a high-interest loan from another lender, Colorado Credit Union is ready to help you crunch the numbers and see if a refi makes sense. Start your application at www.ccu.org/borrow/auto-loans, visit any branch, or call 303.978.2274 to talk with a lending specialist who knows the local market.

Drive the same car, pay a lot less—that’s the Colorado Credit Union difference.

 

*APR = Annual Percentage Rate.

** “As low as” rate assumes excellent credit, and includes all eligible discounts. Rates, terms, and offers such as 90-day deferred payments are subject to change without notice and to credit qualification. Interest begins accruing at disbursement. Contact Colorado Credit Union for current details.