“Patelco gave us a debt consolidation loan when we needed it the most—we’re set to pay it off in a year! Thank you Patelco for being so amazing!” – Christin, Patelco Member

Paying off high-interest debt doesn’t need to feel overwhelming if you understand your options. Some common strategies to consolidate debt include credit card balance transfers, personals loans or home equity lines of credit.

Yet an often overlooked option is to right in front of many car owners — applying for an auto loan could be a smart way to consolidate all or some of your high-interest debt into one low monthly payment.

If you own your car free and clear, or if you have an existing car loan, you can borrow from your car to take money out to pay off higher interest rate debt, reduce your rate, and free up cash each month. Because you’re using your car as collateral, you’re able to borrow at a better interest rate than unsecured loans.

Take a look at your potential savings* below

$20,000 Loan Amount Auto Refinance Personal Loan Credit Card
Annual Percentage Rate (APR) 3.32%
Fixed		 7.72%
Fixed		 12.50%
Variable
Average Loan Term in Months 63 48 240
Average Monthly Payment $347 $488 $400
Estimated Total Interest $1,818 $3,291 $20,905

We’re proud to offer our members:

  • Competitive car loan rates starting at 6.04% APR¹
  • Up to 90 days of no car payments²
  • Up to 84 month terms for a new or used car purchase or refinance

Worried you won’t qualify for a low rate upfront? No problem! We’ll automatically lower your rate up to 0.50% APR for making 12 months of payments on time³

Now is the time to take control of your financial future, and Patelco is here to help.

Check My Rate

Prefer talking to someone?

  • Call 800.358.8228 x1212 weekdays 8am to 5pm and Saturdays 9am to 2pm (PT)
  • Schedule a virtual appointment
  • Find a branch near you to make an in-person appointment for faster service as social distancing limits the number of people in the branch

* The savings example is calculated based on $20,000 loan amount as of July 2020. Credit card using estimate Industry average rate and a 2% payment assumption. Personal loan using Patelco’s last 90 days funded loan averages for rate and term. Auto refinance using Patelco’s last 90 days funded loan averages for rate and term. Actual savings may vary for individuals based on balance, rate and term. This is not a commitment to lend.

1 APR (Annual Percentage Rate). Auto rates starting at 6.04% APR effective 10/27/2023; subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, amount financed and vehicle age. Additional discounts may apply. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 17.99% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch.

New Auto loan payment examples: 0‑48 months: $23.68 per month per $1000 borrowed at 6.29% APR for 48 months; 49‑66 months: $18.01 per month per $1000 borrowed at 6.29% APR for 66 months; 67‑72 months: $16.90 per month per $1000 borrowed at 6.59% APR for 72 months; 73‑84 months: $15.16 per month per $1000 borrowed at 7.04% APR for 84 months.

Used Auto loan payment examples: 0‑48 months: $23.73 per month per $1000 borrowed at 6.54% APR for 48 months; 49‑66 months: $18.08 per month per $1000 borrowed at 6.54% APR for 66 months; 67‑72 months: $16.97 per month per $1000 borrowed at 6.84% APR for 72 months; 73‑84 months: $15.24 per month per $1000 borrowed at 7.29% APR for 84 months.

2 At closing, you have the option to select up to 90 days of deferred loan payments on your new or used auto loan. The actual number of days will depend on the terms of the loan. Interest will accrue on your auto loan beginning on the date the loan is funded and the first payment will be applied to interest accrued from the date the loan is funded to the first payment date and then to principal due.

3 LevelUp (formerly the Timely Repayment Incentive Program aka TRIP) is offered to members who are approved for the following loans at Patelco’s credit tier 2 or higher: auto, motorcycle, RV, boat, and personal loans, excluding all lines of credit. Total discount of up to 1.50% APR (Annual Percentage Rate) applied in 0.50% APR increments for every 12 consecutive on-time monthly payments. Maximum discount will never cause the final APR to be lower than the LevelUp floor rate for the specific loan and term at time of funding. Monthly payment amount remains constant, with additional money going toward principal, which shortens the term of the loan and the total amount paid over the life of the loan.

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