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Happy mother who lowered monthly payment.
REFINANCE YOUR AUTO TODAY

See if you can lower your monthly payment.

Apply Now

SAVE MONEY WITH A BETTER RATE

If you have an auto loan,1 you may be able to lower your monthly payment or reduce your overall interest costs. We have generous credit requirements, and you can refinance for more than your vehicle is worth. Give it a try!

Get a Rate Quote From a Banker

Real Clients. Real Savings.

We make the refinancing process easy. Read about some recent experiences our clients have had with us! Plus, our Checking clients are eligible for a 0.25% auto loan discount.2

  • A banking client lowered his monthly auto payment by nearly $160.

    GREAT SERVICE - AND A LOWER MONTHLY PAYMENT*

    A banking client, T.J., had a car loan with a competitor. He had sent an electronic check from First Midwest for his monthly payment, only to be told it was never received. The dispute continued for a month and the company began initiating collections calls.

    In distress, T.J. reached out to a First Midwest Banker, who was able to confirm that the payment had been sent. Our Banker then personally called the competitor, found the person in charge, and provided documentation of T.J.’s payment. Within 45 minutes the situation was resolved.

    Frustrated with his experience with a competitor, T.J. was open to hearing about First Midwest’s auto refinance options. It turned out, we offered him a loan that fit his needs far better. By refinancing to First Midwest, T.J. was able to lower his monthly payment by nearly $160.

    And it all started by reaching out to a First Midwest Banker.

  • Banking client qualified for a rate with First Midwest that was more than 15 percentage points lower – and she could save over $250 a month in payments.

    FROM NO CREDIT TO SAVING WITH FIRST MIDWEST*

    A banking client, Kim, had an auto loan with a competitor, with an interest rate over 20%. When talking with a First Midwest Banker, she explained that when she applied, she had no credit score. That was the best rate she could get.

    Our Banker suggested she put in a refinance application with First Midwest and see what happens – since she’d been making her car payments on time for a year, she had likely built up a decent credit score.

    It turned out, she qualified for a rate with First Midwest that was more than 15 percentage points lower – and she could save over $250 a month in payments if she selected the longest term available. She ultimately chose a loan with a shorter term; she still received substantial monthly savings while reducing her overall interest costs and speeding up her payoff date.

    And it all started with a simple conversation with a First Midwest Banker.

  • Banking client lowered his rate by nearly nine percentage points, and saved $105 per month on his payments.

    NEW GENEROUS CREDIT GUIDELINES*

    Even if you’ve been previously declined, it may be worth another shot.

    James, a First Midwest client, had put in an application to refinance in October. He was declined because he owed more than his car was worth. However, First Midwest has since updated its loan-to-value ratio guidelines – we now can refinance clients who owe more than their car is worth.

    A First Midwest Banker knew of James’ situation and encouraged him to reapply – he might be approved this time. And, in fact, he was! He lowered his rate by nearly nine percentage points, and saved $105 per month on his payments.

    All thanks to reapplying after we expanded our credit guidelines.

HOW WOULD I SAVE WITH A NEW MONTHLY CAR PAYMENT?3

Example Auto Loan Refi Current Loan Balance Refi with First Midwest
Loan Amount $20,137 $20,137
Sample Loan APR 10.58% 3.58%
Refinancing Cost $0 $150
Monthly Payment $653.11 $591.65
Savings Over Life of Loan None $2,062.56
Example Auto Loan Refi Current Loan Balance Refi with First Midwest
Loan Amount $20,137 $20,137
Sample Loan APR 10.39% 3.70%
Refinancing Cost $0 $150
Monthly Payment $433.52 $368.70
Savings Over Life of Loan None $3,889.20
Example Auto Loan Refi Current Loan Balance Refi with First Midwest
Loan Amount $20,137 $20,137
Sample Loan APR 10.34% 3.60%
Refinancing Cost $0 $150
Monthly Payment $378.10 $314.21
Savings Over Life of Loan None $4,450.08

Start Your Refi Application Now

A young lady shopping at the mall

FREE UP CASH WITH AN AUTO REFI

  • Push Back Your Start Date: Enjoy no payment for up to 60 days.7 For example, if your monthly payment is $500, 60 days with no payment means $1,000 in your pocket now.
  • Lower Your Monthly Payment – Extend Your Term: Take longer to pay and add flexibility to your budget. For example, if you have two years left on your loan, but you refinance into a five-year loan, your monthly payments would drop.
  • Lower Your Monthly Payment – Get a Lower Rate: You may qualify for a lower interest rate. Lower your monthly payments and save money over the life of the loan.

Apply Today

A young couple looking online for auto rates

LET US WORRY ABOUT APPROVALS

We have expanded our approval criteria, so don’t be shy about applying!

  • No equity required; borrow more than your car is worth1
  • Great rates and term options
  • Add some flexibility to your budget

Fill Out Your Application

A young couple researching auto rates

HOW OUR AUTOPAY DISCOUNT WORKS

Do these things and you qualify for a 0.25% auto loan discount.  

  1. Apply for an Auto Refinance.
  2. Open a First Midwest Checking account.2 Or, if you already have one, skip this step!
  3. Set up automatic payments from your First Midwest Checking account,2 so that it autopays your monthly loan.

Start Your Application

See how we can help you save today!

*Client name is changed to protect their identity. This client’s savings were greater than average.
1 Subject to credit approval. Vehicle insurance required. Mileage cap of 200,000 miles on example of used vehicle.
2 Discount requires auto payment set-up from First Midwest checking account. Health Savings Accounts are not eligible for the discount.
3 The Annual Percentage Rates (APRs), rates, and payments shown are for illustrative purposes only and do not factor in all personal financial circumstances required to decision a loan application. Your specific situation may warrant a higher rate and payment based on credit history, income, and other factors. Speak to a First Midwest Banker to get personalized rate and monthly payment quotes. Mileage cap of 200,000 miles on example of used vehicle.
4 The $20,137 current auto loan balance assumes 36 remaining monthly payments of $653.11 at a fixed interest rate of 10.060% and APR of 10.58%. The $20,137 refinanced auto loan amount is repaid with 36 monthly payments of $591.65 at a fixed interest rate of 3.10% and APR of 3.58% with no down payment; APR includes $100 documentation fee and 45 days of payment deferral. Rates are accurate as of 1/27/2021 and subject to change daily. Mileage cap of 200,000 miles on example of used vehicle.
5 The $20,137 current loan balance assumes 60 remaining monthly payments of $433.52 at a fixed interest rate of 10.060% and APR of 10.39%. The $20,137 refinanced auto loan amount is repaid with 60 monthly payments of $368.70 at a fixed interest rate of 3.40% and APR of 3.70% with no down payment; APR includes $100 documentation fee and 45 days of payment deferral. Rates are accurate as of 1/27/2021 and subject to change daily. Mileage cap of 200,000 miles on example of used vehicle.
6 The $20,137 current auto loan balance assumes 72 remaining monthly payments of $368.10 at a fixed interest rate of 10.060% and APR of 10.34%. The $20,137 refinanced auto loan amount is repaid with 72 monthly payments of $314.21 at a fixed interest rate of 3.60% and APR of 3.86% with no down payment; APR includes $100 documentation fee and 45 days of payment deferral. Rates are accurate as of 1/27/2021 and subject to change daily. Mileage cap of 200,000 miles on example of used vehicle.
7 Interest will be accrued during the payment deferral period.