Auto Loan Refinancing
Looking to save money or change your car loan term? Contact us today to discuss auto loan refinancing.
Current Auto Refinance Rates
Our current auto refinance rates are as low as 5.24 percent APR for qualified buyers, significantly lower than the national average. Work with Island Federal and save money on your refinance.
*APR=Annual Percentage Rate. Rates and terms accurate as of 01/20/2026 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. **2018 vehicles or newer for 72-month term. Other rates and terms available. +Plus the cost of taxes, dealer fees, etc. for qualified borrowers. Disclaimer: Island Federal makes every effort to ensure that the information posted is current and accurate; however, we make no warranties of any kind, expressed or implied. Membership eligibility applies.
Why Refinance Your Auto Loan?
Most people elect to refinance loans to save money by lowering monthly car payments, interest rates or changing loan terms. Key reasons to consider refinancing your car loan include:
- Lower Your Interest Rate
- Reduce Monthly Payments
- Improve Cash Flow
- Change Your Loan Term
- Remove or Add a Co-Borrower
Our Simple 3-Step Refinancing Process
At Island Federal, we make the refinancing process easy and convenient. Follow these three easy steps and we’ll have you refinanced in no time:
Step 1: Apply Online
Start the process by either applying online or visiting your local Island Federal branch. Be sure to have various documentation on hand, such as proof of income, your current loan agreement, personal identification (i.e., driver’s license, social security number), proof of employment, etc. Applying online is fast and easy, while applying at a branch offers more personal assistance.
Step 2: Get Approved
The path to approval is quick and easy. We’ll review all the information and perform a credit review. If everything looks good, you’ll receive prompt approval.
Step 3: Close Your Loan
Lastly, you’ll need to close your loan. You can visit a local branch to sign the necessary paperwork or arrange for online signing. We’ll then arrange payment to the current lender and get everything set up through Island Federal.
Take Control of Your Auto Loan Today
If you’re interested in refinancing your current auto loan, contact Island Federal today to take advantage of our best rates. We make the refinancing process fast and easy so you can experience lower rates, lower monthly payments and better loan terms sooner. Apply today or stop into your local branch for more information.
Auto Loan Refinancing FAQs
What do I need to qualify for auto loan refinancing?
You’ll need to provide documentation in addition to your existing loan details. This includes personal identification, income statements, proof of employment and more.
How much does it cost to refinance my auto loan?
The overall cost of getting your auto loan lower depends on several factors, including the loan amount, interest rate and term. Some lenders may also charge prepayment fees and processing fees. At Island Federal, we’re transparent about any auto loan refinancing costs and eliminate many of the fees you get at traditional lenders.
How long does the refinancing process take?
Depending on the borrower’s financial situation, it may take anywhere from a few hours to a few days.
Will refinancing hurt my credit score?
Refinancing involves a hard credit inquiry, which temporarily decreases your credit score by a few points.
Can I refinance if I'm upside down on my current loan?
While it is possible, it can be more challenging. Contact Island Federal to explore your options
What vehicles are eligible for refinancing?
Vehicles under 10 years old and with moderate mileage are the best candidates for refinancing.
Can I refinance a lease or commercial vehicle?
Yes. However, you cannot refinance a leased vehicle. You would have to buy out the lease and refinance the purchase
Can I refinance a loan from another lender?
Yes, there is no obligation to stay with your initial lender when refinancing for lower car payments.