Where can I refinance my car loan in Southern Illinois?
Auto loan refinancing is the process of replacing your current car loan with a new one that has better terms. It’s a strategic move to reduce your interest rate or monthly payment, ultimately saving you money over the life of the loan. For Southern Illinois residents, finding a local refinancing option is especially valuable – you get the convenience of nearby service and lenders who understand the regional community.
SIU Credit Union (SIUCU) exemplifies this local advantage with its deep commitment to Southern Illinois: as a not-for-profit, community-focused lender, SIUCU reinvests in serving members with low rates and personalized service. In this article, we’ll explore how auto loan refinancing works, why choosing a local institution like SIUCU can benefit you, and what to expect from SIUCU’s refinancing program in particular.
What is Auto Loan Refinancing?
Auto loan refinancing means taking out a new loan (typically with a new lender) to pay off your existing car loan. The goal is usually to secure better terms that make your car more affordable.
Key benefits of refinancing include the possibility of lowering your interest rate – which can reduce the total interest you pay – and/or lowering your monthly payment by extending the loan term. In some cases, refinancing can even shorten your remaining term if you keep payments the same, helping you pay off the vehicle sooner. For example, even pushing your auto loan’s interest rate down by a percentage point or two can save you a significant amount of money over time, as SIUCU notes.
In fact, refinancing your vehicle loan can lead to a lower monthly payment, a shorter loan term, or both, depending on factors like your vehicle’s value, how much you owe, and your credit standing. Lowering the rate means you’ll pay less interest overall, while extending the term can shrink monthly payments (though you might pay more total interest if the term is much longer). On the other hand, a shorter term usually comes with an even lower rate and less interest paid in sum, though monthly payments would be higher. It’s important to strike the right balance for your budget.
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Rates effective as of: January 19, 2026
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Secondary Market Fixed Rates
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
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SIU Credit Union In-House Fixed Rates
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
Effective Date:
*Annual Percentage Rate (APR)
SIUCU In-House Adjustable Rate
| Term | 0 Points |
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
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Land Loans / Unimproved Real Estate
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
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