Lower payment? Music to Santa's ears.

Refinance and Save

Refinance with Cedar Point and we could help you get on the road to greater savings. By refinancing with us, you also have the opportunity to extend the life of your loan, making for an even lower monthly payment. The big bonus is that our lowest rate is available for up to 72 months. You read that right! We offer 1.99% APR for up to 72 months on a new car, and 2.49% APR for up to 72 months on a used car. Check out the charts below to see potential savings.

¹CPFCU will finance based on credit and MSRP of vehicle. ²CPFCU will finance based on credit and NADA retail value. *APR = Annual Percentage Rate. Limitations Apply. Rates not available for vehicles already financed through Cedar Point. New vehicles can be refinanced within 6 months of purchase date to receive the new car rate. Rates are accurate as of November 1, 2021.

Benefits of a Longer Loan Term

  Looking to refinance? Refinancing a used car can free up cash flow!

When you refinance, you’re paying off your old loan with a new loan with new terms. Think of refinancing this way: you’ve already spent time paying off a portion of your auto loan, so the total amount of the new loan will be lower when you refinance. Second, if you have paid down your loan for several years, a lot of negative equity has already been paid off by your hard work. Extending the term could have less impact on increasing negative equity. Combine all of this with a longer term, and you may be on the road to big savings on your monthly payment. To take full advantage of a refinance, be sure to use a financial institution like Cedar Point Federal Credit Union, which consistently offers some of the lowest rates in the area.

  Lower Monthly Payment

One of the most significant benefits of a longer loan term is a lower monthly payment. Since payments are spread out over more months, the monthly payment would be significantly less than the monthly payment of a shorter loan term. Having to pay less each month can help free up cash flow and give you more flexibility in your monthly budget. However, remember that a longer loan term is a longer commitment, meaning that you’ll be making those lower monthly payments for longer. You’ll also be paying interest during that time, so finding a low-interest rate is ideal.

  Higher disposable income

When you have a lower monthly payment, you can put the savings towards something else. For instance, perhaps you have high-interest debt that you’d prefer to pay off first. Or maybe you could use a little extra money in your wallet for necessities. Whatever the reason, a lower monthly payment can give you more flexibility in your budget and increase your disposable income.

  Vehicles are built to last longer these days

Modern cars are built to be more reliable than ever. Some do not require a tune-up until 100,000 miles per their owner’s manual. Purchasing a more reliable vehicle means that it should last longer, have fewer maintenance expenses, and come with a strong manufacturer warranty. If you have a reliable vehicle, an extended loan term may be well worth it.

  Credit score may have improved

Your credit score changes over time, depending on your credit decisions. Having a good credit score offers certain advantages, such as access to better loan terms and lower interest rates. If your credit score has recently improved, you could receive a much better rate by refinancing to a longer loan term. You’ve worked hard to achieve that credit score. Why not take advantage of its perks by refinancing your auto loan?

Consider Refinancing

Did you know that Cedar Point can also help you refinance your auto loan at a lower rate? With our great rates, we can often help you save money every month. If you already have an auto loan with a different lender, consider refinancing with Cedar Point. We have friendly, helpful staff for those who prefer to come into a branch. For those who prefer to apply from home, we have a quick and easy online application process.

Limitations Apply.

What to Prepare

Be sure to bring identification when coming in to apply. If you’ve got a specific car in mind, bring along the VIN number, make, and model. For pre-owned vehicles,  bring the mileage number with you.

Auto Loan Rates

View our loan rates for new or pre-owned vehicles.

Mechanical Repair Coverage

As vehicles get older and miles add up, the likelihood for repairs increases. Mechanical Repair Coverage can help you limit out-of-pocket costs for covered breakdowns. Research, compare and buy Mechanical Repair Coverage, and you can take advantage of:

• Convenience - easy-to-use, 24/7 online shopping experience
• Customer service - expert service through a dedicated call center
• Monthly payments - through a convenient monthly payment plan that fits your budget

Get covered

Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA , and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Replacement parts may be used or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product. MRC-2341946.2-1020-1122 © CUNA Mutual Group 2020

Guaranteed Asset Protection

...like an airbag for your vehicle loan.

Our Guaranteed Asset Protection (GAP) program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan, if your vehicle is deemed a total loss. It can help cushion you and your family against sudden out of pocket expenses. Get GAP today so you can worry a little less about tomorrow.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.

GAP-2453288.1-0319-0421 © CUNA Mutual Group, 2019. All Rights Reserved