--- title: "Auto Loans 101: How It Works, Refinancing, and More" description: Planning on a new vehicle purchase? 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[Home](https://www.717cu.com/) - [Resources](https://www.717cu.com/Resources) - Education - [Financial Fundamentals Blog](https://blog.717cu.com/resources/education/financial-education-blog) - **Auto Loans 101: How It Works, Refinancing, and More** [Back to Blog](https://blog.717cu.com/resources/education/financial-education-blog) - June 12, 2023 - 7 17 Staff - [See all posts in Auto Loans](https://blog.717cu.com/resources/education/financial-education-blog/tag/auto-loans) # Auto Loans 101: How It Works, Refinancing, and More ![Salesperson handing over car keys while a couple finalizes their paperwork](https://blog.717cu.com/hs-fs/hubfs/Auto-Loans-101-How-It-Works-Refinancing-and-More.png?width=1160&height=580&name=Auto-Loans-101-How-It-Works-Refinancing-and-More.png)   If you’re planning to invest in a vehicle soon, you’re likely going to seek financing for your purchase. You’re not alone—in 2022, approximately [82 percent of new car buyers and 40 percent of people who bought a used car sought financing](https://www.debt.org/credit/loans/auto/#:~:text=Making%20a%20monthly%20car%20payment,re%20also%20shopping%20for%20financing.).   There’s a lot to think about when you’re purchasing a car—and not just what color to get or whether you want heated seats. Should you purchase new or used? Which auto loan is best for you? Is an auto loan even essential?   You may also be thinking about the future of the loan if you don’t get an ideal interest rate. Thinking about all of these things can really get your wheels spinning, but we’re here to put the brakes on those thoughts and head you in the right direction on [auto loans](https://www.717cu.com/personal/loans/auto-loans).   ## The Ins and Outs of Auto Loans Auto loans are beneficial for helping you get a dependable vehicle. If you don’t have the cash to entirely pay for a new or used car, an auto loan can help you purchase the vehicle without having to set your standards too low and potentially end up with an undependable vehicle.   ### How Auto Loans Work Auto loans are secured, which means the car is used as collateral for your loan. If you miss a certain number of payments, your lender can take your car. Auto loans are paid back over a fixed period of time, generally between three and five years.   ### Financial Institutions versus Dealership Loans: Which Is Better? You generally have two financing options: a loan through a financial institution such as [7 17 Credit Union](https://www.717cu.com/personal/loans/auto-loans) or a loan through the dealer itself.   There are several reasons why an [auto loan through a financial institution](https://blog.717cu.com/resources/education/financial-education-blog/should-i-get-my-car-loan-through-a-credit-union-or-a-bank) is preferable, but it depends on your unique situation. For example, a financial institution won’t pressure you to purchase a particular car. It’s very easy to step into a dealership, fall in love with a car and all of the extras available, and make an emotional decision rather than a financial one. However, it’s important to compare your options and ensure you have a financing option that is right for you so you don’t take on more financing than you can handle.   ### How Auto Loans Affect Credit Getting an auto loan adds a [hard credit pull](https://www.nerdwallet.com/article/finance/car-loan-affects-your-credit-report) to your credit report. This may decrease your score by a couple of points, but auto loans will improve your credit history over time. If you repay your loan as agreed, your credit score should improve quite a bit.   Your car loan may also help your credit report if you don’t have a mix of credit. A car loan is an installment loan—it has a set number of payments and each payment is the same amount. One of the factors that go into your credit score calculation is having a mix of revolving credit (credit cards) and installment loans, such as student loans, a mortgage, or an auto loan.   ## Auto Loan Refinancing New cars can be quite expensive. Having an auto loan for 72 or 84 months used to be unthinkable, but now it’s becoming more standard. That means a large monthly payment with an unfavorable interest rate spread out over years.   If you find yourself in this situation with several years left on your auto loan, refinancing makes sense. When you [refinance your auto loan](https://blog.717cu.com/resources/education/financial-education-blog/should-i-refinance-my-auto-loan), you reapply for a new loan and—if approved—the new loan is used to pay off the balance on your current auto loan. This can have several benefits, such as a lower interest rate, shorter loan term, or a smaller monthly payment.   How do you know when it’s time to refinance your auto loan? If your credit score has improved, you may be able to get a better interest rate than before. If there’s more equity than debt in your car, you may be able to get better rates because your car is still holding most of its value. Lenders generally won’t consider refinancing a car when you owe more than the car is worth. Lastly, if you want to pay off your auto loan sooner and have improved finances, you may be willing to take on a larger monthly payment to pay off your vehicle sooner.   ## Get Where You Want to Go with an Auto Loan Auto loans are a smart way to invest in a reliable vehicle. Whether you’re looking to refinance an auto loan or apply for a new one, [7 17 Credit Union has several resources that can help](https://www.717cu.com/personal/loans/auto-loans). 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November 25, 2024 - 7 17 Staff - [See all posts in Auto Loans](https://blog.717cu.com/resources/education/financial-education-blog/tag/auto-loans) ### [New vs used car: weighing your car buying options](https://blog.717cu.com/resources/education/financial-education-blog/car-buying-options-should-you-buy-new-or-used) - January 1, 2024 - 7 17 Staff - [See all posts in Auto Loans](https://blog.717cu.com/resources/education/financial-education-blog/tag/auto-loans) ### [Should I Refinance My Auto Loan?](https://blog.717cu.com/resources/education/financial-education-blog/should-i-refinance-my-auto-loan) - January 23, 2023 - 7 17 Staff - [See all posts in Auto Loans](https://blog.717cu.com/resources/education/financial-education-blog/tag/auto-loans) ### Subscribe to the 7 17 Credit Union Blog ### Categories - [7 17 Credit Union (46)](https://blog.717cu.com/resources/education/financial-education-blog/tag/7-17-credit-union) - [Auto Loans (6)](https://blog.717cu.com/resources/education/financial-education-blog/tag/auto-loans) - 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Yours. [Become a Member](https://www.717cu.com/about/membership/become-a-member) [Contact Us](https://www.717cu.com/about/connect/contact-us) [Locations, PTMs & ATMs](https://www.717cu.com/about/connect/locations) 7 17 Credit Union 3181 Larchmont Ave NE Warren, OH 44483 Phone: 800-775-7741 Routing Number: 241282849 [(opens in a new tab)](https://www.facebook.com/717cu) [(opens in a new tab)](https://x.com/717cu) [(opens in a new tab)](https://www.instagram.com/717creditunion/) [(opens in a new tab)](https://www.linkedin.com/company/717cu) [(opens in a new tab)](https://www.youtube.com/user/sevenseventeencu) - Get Started - [Open an Account (opens in a new tab)](https://717cu.loanspq.com/apply.aspx?lenderref=717cu032823&list=XASACCPLVLHESTCB) - [Schedule an Appointment (opens in a new tab)](https://717cu.coconutcalendar.com/service) - [View Current Rates](https://www.717cu.com/resources/tools/rates) - [Careers](https://www.717cu.com/about/explore/careers) - Apply for a Loan - [Mortgages (opens in a new tab)](https://717cu.mortgagewebcenter.com/Account/Login?ReturnUrl=%2fApplyNow&_ga=2.252254721.967274271.1663012043-639871674.1659021833&_gl=1*tjc8ub*_ga*NjM5ODcxNjc0LjE2NTkwMjE4MzM.*_ga_HXKHCYPXRE*MTY2MzAxMjA0My4yOC4xLjE2NjMwMTI4NDguMC4wLjA.) - [Other Loans (opens in a new tab)](https://717cu.loanspq.com/apply.aspx?lenderref=717cu032823&list=XASACCPLVLHESTCB) - [Credit Cards (opens in a new tab)](https://717cu.loanspq.com/cc/CreditCard.aspx?lenderref=717cu032823) 7 17 Credit Union is a local, community-minded credit union in Ohio offering valuable personal and business banking solutions including checking accounts, savings accounts, auto loans, mortgages, home equity loans, HELOCs, credit and debit cards and much more. Bank online, with our mobile app, or visit one of our conveniently located branches in [Austintown](https://www.717cu.com/about/connect/locations/austintown-branch), [Boardman](https://www.717cu.com/about/connect/locations/boardman-branch), [Canfield](https://www.717cu.com/about/connect/locations/canfield-branch), [Canton](https://www.717cu.com/about/connect/locations/canton-branch), [Cortland](https://www.717cu.com/about/connect/locations/cortland-branch), [Howland](https://www.717cu.com/about/connect/locations/howland-branch), [Hubbard](https://www.717cu.com/about/connect/locations/hubbard-branch), [Kent](https://www.717cu.com/about/connect/locations/kent-branch), [Ravenna](https://www.717cu.com/about/connect/locations/ravenna-branch), [Vienna](https://www.717cu.com/about/connect/locations/vienna-branch), [Warren (Downtown)](https://www.717cu.com/about/connect/locations/downtown-warren-branch), and [Warren (Larchmont)](https://www.717cu.com/about/connect/locations/warren-larchmont-branch). [![Download on the App Store](https://blog.717cu.com/hubfs/2022%20Website%20Refresh/app-store.svg?v=TJrQMXGMiczZ7osFYSbZ9gvNaPWbkz57vG8kWJr3jIE) (opens in a new tab)](https://apps.apple.com/us/app/seven-seventeen-credit-union/id889955170) [![Get it on Google Play](https://blog.717cu.com/hubfs/2022%20Website%20Refresh/google-play.svg?v=bTO_h4fZa_i12-VduZXDF9AScu7nma0-cAmzocKn2QA) (opens in a new tab)](https://play.google.com/store/apps/details?id=com.ifs.banking.fiid1141) [![Equal Housing Lender](https://blog.717cu.com/hubfs/2022%20Website%20Refresh/ehl.svg)](https://www.717cu.com/resources/tools/forms-disclosures/fair-housing-notice) [![NCUA](https://blog.717cu.com/hubfs/2022%20Website%20Refresh/ncua.svg)](https://www.ncua.gov/Pages/default.aspx) 7 17 Credit Union is federally insured by the National Credit Union Administration. © 2026 7 17 Credit Union. All rights reserved. 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