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Summit Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 08 November 2023
Fact checked

Summit Credit Union auto loans overview

Summit Credit Union logo

Founded in 1935 in Madison, Wisconsin, Summit Credit Union continues to provide financial services to its members anywhere. The credit union offers vehicle loans with competitive rates and flexible repayment plans to fit each member. From new and pre-owned cars and motorcycles to recreational vehicles, Summit has a range of financing options members can choose from.

Want to see what a Summit auto loan will cost? Try the Summit Credit Union auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Summit Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: From 6.79% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Undisclosed.
  • Discounts: Autopay and auto insurance discounts.

SUMMIT CREDIT UNION AUTO LOAN OPTIONS

New and used auto and motorcycle loans

Summit offers great rates and long terms for purchasing and refinancing your existing auto and motorcycle loan. For 2021 to 2023 models, rates are as low as 6.79% APR, while 2011 to 2020 models start at 6.94% APR. For 2010 and older vehicles, rates start at 8.19% APR. Additionally, you can finance new vehicles for up to 84 months and pre-owned vehicles for up to 72 months.

Recreational vehicle loans

If you’re looking for loans tailored for recreational vehicles, you can also apply for one at Summit Credit Union. 2021 to 2024 RVs and boats begin at 8.74% APR, while 2013-2020 models have rates from 9.24% APR. You can also extend your repayment period for up to 180 months.

Powersport loans

Summit also offers loans for ATVs, UTVs, snowmobiles, and other powersport vehicles. Interest rates start as low as 8.74% APR. Then, you can pay your loan for up to 120 months.

Summit Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Summit Credit Union

Summit Credit Union auto loan

Summit Credit Union auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Summit Credit Union auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Summit auto loan

Eligibility criteria

Summit Credit Union doesn’t disclose the qualifications for auto loans, but you should normally be:

  • A Summit member
  • 18 years old or older
  • A legal resident
  • Employed or have a steady source of income

Besides meeting the usual criteria, it helps to build your credit profile, too. This will help you show banks, credit unions, and other lenders that you’re a responsible borrower. In turn, they may be more willing to offer you lower rates and better repayment options.

How to join Summit Credit Union

Membership is open to members of one of Summit’s financial wellness partners. You also need to deposit a minimum of $5 to your Primary Savings account.

What you’ll need to have ready

Personal details

When you apply for auto financing with Meriwest Credit Union, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide Summit with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

If you’re refinancing your current loan, you may need to give more details about your vehicle. These may include the make, year, model, and vehicle identification number (VIN). So, ensure you’re prepared before going through your application to make the process faster and smoother.

Ways to apply for a Summit auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 608-243-5000 or 800-236-5560

Additional Summit Credit Union auto loan details

  • Automatic payment: Available.
  • Rate discounts: 0.25% discount for automatic payments from a Summit Checking account.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Online banking, mobile app, by mail, over the phone, and in a branch.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Competitive loan rates.
  • Flexible payment options.
  • 0.25% discount with autopay.
  • Discounted auto insurance.
  • Easy online application.
  • Quick pre-approval offered.
  • Convenient auto-buying services available.
  • Purchase and refinance allowed.
  • Multiple payment options – online and mobile banking, by mail, over the phone, and in a branch.

Cons

  • For members only.
  • Minimum and maximum loans unspecified.
  • Auto loan fees undisclosed.

FREQUENTLY ASKED QUESTIONS

How much interest does Summit charge on auto loans?

2021 to 2023 models start as low as 6.79% APR, while 2011 to 2020 models have rates from 6.94% APR. If you’re looking for 2010 and older vehicles, APRs begin at 8.19%. Remember though that all loans are subject to credit approval.

Does Summit Credit Union refinance vehicle loans?

Yes. You can refinance your existing car loan to Summit and lower your rate and monthly payments.

What is the maximum length of a Summit car loan?

New car loans have terms of up to 84 months, and used auto loans are up to 72 months.

Are there discounts available on Summit Credit Union vehicle financing?

The credit union offers a 0.25% APR discount for automatic payments from a Summit Checking account.

Where can I apply for a Summit Credit Union auto loan?

You can apply for a loan online or by scheduling a call or visit to one of the Summit branches.

How long does Summit take to approve car financing?

The credit union can take 1 to 7 business days to approve your auto loan application.

How do I pay my Summit Credit Union auto loan?

You have multiple payment options – online banking, mobile app, by mail, over the phone, and in one of the branches of the credit union.

Video: The dos and don’ts of car buying

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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