Exchange Bank Auto Loans — New & Used Vehicle Financing
Exchange Bank auto loans cover new purchases, used vehicle financing, and refinancing with competitive rates, terms up to 84 months, and lending decisions made locally. No prepayment penalties. GAP coverage available.
Exchange Bank finances new vehicles, used vehicles (up to 10 model years old), and existing auto loan refinances. APR starts at 5.49% for well-qualified new vehicle borrowers and 6.24% for used vehicles, with terms from 24 to 84 months. Minimum loan amount is $5,000. Loan-to-value limits are 110% for new vehicles and 100% for used. Pre-approval is available and valid for 30 days. Funding typically occurs within 1–3 business days of final approval. GAP insurance and no prepayment penalties are standard features. Call (800) 397-3962 or visit any Exchange Bank branch to apply.
Rates & Terms
Exchange Bank Auto Loan Rates by Vehicle Type
Rates shown are representative ranges based on creditworthiness, loan term, and vehicle type. Your actual rate is determined at underwriting. All rates are fixed for the life of the loan.
| Loan Type | APR Range | Max Term | Max LTV | Min Loan | Typical Funding Time |
|---|---|---|---|---|---|
| New Vehicle | 5.49% – 12.99% | 84 months | 110% | $5,000 | 1–2 business days |
| Used Vehicle | 6.24% – 15.49% | 72 months | 100% | $5,000 | 1–3 business days |
| Refinance | 5.99% – 14.75% | 72 months | 100% | $7,500 | 3–5 business days |
APR = Annual Percentage Rate. Rates are subject to change without notice and depend on credit score, income, and vehicle details. LTV = Loan-to-Value. Max LTV over 100% includes tax, title, and dealer fees for new vehicles. All loans subject to credit approval.
Finance a New Car Directly Through Exchange Bank
Buying new means taking on a vehicle that will depreciate sharply in the first year. Getting the rate right from the start matters more than most buyers realize. Exchange Bank new vehicle loans offer APR starting at 5.49% for well-qualified applicants, with terms from 24 to 84 months — giving you control over your monthly payment without locking in a rate from a dealer's finance department that may carry a hidden markup.
Exchange Bank finances up to 110% of the vehicle's purchase price on new cars, which means tax, title, registration, and standard dealer fees can be rolled into the loan without a separate out-of-pocket payment at closing. There is no prepayment penalty, so if you receive a bonus or want to accelerate payoff, you can apply extra payments directly to principal at any time.
Pre-approval before you visit the dealership is strongly recommended. It takes the financing variable out of the negotiation and lets you focus on the vehicle price and trade-in value — the two numbers you can actually influence at a dealership.
- APR from 5.49% for well-qualified borrowers
- Terms from 24 to 84 months
- Finance up to 110% of purchase price (includes tax & title)
- No prepayment penalties
- Pre-approval valid for 30 days
Used Car Loans with Straightforward Terms
Used vehicle loans at Exchange Bank cover private-party purchases and dealership sales for vehicles up to 10 model years old. The depreciation curve on used cars works in the buyer's favor — someone else absorbed the first-year drop — but lender risk is higher than on new vehicles, which is why used loan rates start slightly above new rates at 6.24%.
Terms run up to 72 months on used vehicles, and Exchange Bank will lend up to 100% of the vehicle's book value as determined by standard industry valuation guides. Vehicles with unusually high mileage relative to their age may be evaluated on a case-by-case basis. A vehicle inspection is not required by Exchange Bank, but buyers purchasing privately (rather than from a licensed dealer) should consider having an independent mechanic inspect the vehicle before committing.
The Consumer Financial Protection Bureau provides guidance on what to look for when financing a used vehicle purchase at consumerfinance.gov.
- Vehicles up to 10 model years old eligible
- APR from 6.24%
- Terms up to 72 months
- Finance up to 100% of book value
- Private party and dealer purchases both eligible
Refinancing
Refinance Your Current Auto Loan Through Exchange Bank
If your existing auto loan carries a rate above current market levels — or was originated through dealer financing — refinancing through Exchange Bank may lower your monthly payment and total interest cost.
Refinancing makes the most financial sense when your credit score has improved since origination, when market rates have dropped, or when you financed through a dealership at a marked-up rate. Exchange Bank refinance loans start at $7,500 and cover vehicles up to 100% of current book value. The term resets with the new loan — you can choose a shorter term to pay off the vehicle faster or match the remaining original term to keep payments stable.
The process is straightforward. You provide your current loan payoff amount, the vehicle's year, make, model, and VIN, and proof of income. Exchange Bank handles the payoff to your existing lender and places its lien on the title. Most refinances fund within three to five business days of final approval. There are no origination fees and no prepayment penalties.
One consideration before refinancing: if you are close to the end of your current loan term, the interest savings may be minimal compared to the time spent on the application. Exchange Bank advisors can walk you through the numbers before you commit. Call (800) 397-3962 to speak with a lending specialist.
Application Process
How to Apply for an Exchange Bank Auto Loan
The application process is the same whether you are buying new, buying used, or refinancing an existing loan.
Start by gathering what you need: a government-issued photo ID, proof of income (recent pay stubs or two years of tax returns for self-employed applicants), the vehicle's year, make, model, and VIN if you have already selected it, and your current loan account number and payoff amount if refinancing.
Apply online at exchangebank.co.com, call (800) 397-3962 to apply by phone, or visit any Exchange Bank branch. For pre-approval, you do not need a specific vehicle yet — the approval is based on your creditworthiness and covers up to a maximum loan amount for 30 days. Once you select a vehicle, Exchange Bank confirms the vehicle details and finalizes the loan.
Most credit decisions are returned within one business day. Once approved, review and sign the loan documents electronically or in branch. Exchange Bank then transfers funds to the dealership or private seller and handles lien placement with your state's DMV. You receive payment coupons or set up automatic payment through your Exchange Bank checking account — which may qualify you for a rate discount depending on current promotions.
For related personal lending options, see Exchange Bank personal loans and mortgage loans. To open a checking account for automatic payment setup, visit the checking accounts page.
FAQ
Exchange Bank Auto Loans — Common Questions
Answers to the questions Exchange Bank borrowers ask most often before applying for vehicle financing.
Can I get pre-approved for an Exchange Bank auto loan before visiting a dealer?
Yes. Exchange Bank offers auto loan pre-approval, which gives you a firm loan amount and rate before you step onto a lot. Pre-approval is valid for 30 days and covers new and used vehicles. Having pre-approval in hand strengthens your negotiating position with the dealer because you are effectively a cash buyer from the dealership's perspective — you have already secured financing and are not dependent on their finance office.
What is the difference between dealer financing and going directly through Exchange Bank?
Dealer financing routes your loan through the dealership's finance department, which typically marks up the rate before presenting it to you — that markup is profit for the dealer. Financing directly with Exchange Bank means you receive the bank's actual approved rate with no intermediary markup. In most cases, borrowers save meaningfully by financing through a bank directly. Exchange Bank also manages all title and lien documentation on your behalf, so the process is not more complicated than dealer financing.
Is there an age limit on used vehicles Exchange Bank will finance?
Exchange Bank generally finances used vehicles up to 10 model years old at the time of application. A 2026 application would cover vehicles from model year 2016 forward as a standard guideline. Vehicles older than 10 years may be considered individually based on mileage, condition, and loan-to-value ratio, but standard used vehicle rate tiers and terms apply to vehicles within the 10-year window. Call (800) 397-3962 to discuss specific vehicle eligibility.
Does Exchange Bank offer GAP insurance on auto loans?
Yes. Exchange Bank offers Guaranteed Asset Protection (GAP) coverage as an optional add-on at loan origination. GAP pays the difference between your vehicle's actual cash value at the time of a total loss or theft and the remaining loan balance — which can be significant in the first two years of ownership when depreciation outpaces your payoff curve. GAP is particularly valuable when financing with a small or no down payment. The cost is added to the loan principal at closing.
Is there a penalty for paying off an Exchange Bank auto loan early?
No. Exchange Bank auto loans carry no prepayment penalty. You can make extra payments toward principal at any time, pay the loan off in full ahead of schedule, or refinance elsewhere without incurring any fees from Exchange Bank. Early payoff reduces the total interest paid over the life of the loan. When making extra payments, specify that the additional amount should apply to principal rather than future payments to maximize the interest savings.
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Open an Exchange Bank checking account to set up automatic loan payments and potentially qualify for an auto loan rate discount.
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