Auto Loan Refinancing

If your monthly payments are too high to keep up with, or your credit score has improved and you want to lower them, then it may be time to refinance your auto loan.

Circumstances change – maybe the first time round, you didn’t explore all of your options, or you settled for a loan with a high interest rate because you had a poor credit score. If this is the case, then don’t worry – it’s not the end of the world. Refinancing your auto loan may be the way forward.

If you’re looking to refinance your auto loan, or you just want more information on what’s out there, then keep reading to hear more.

Alternatively, for more info on auto refinancing loans you can check out this article on the best auto refinance rates at Crediful.

LendingTree

Pros

  • Convenient online tool will show you expected rates
  • Loan terms can be up to 84 months (7 whole years)
  • Can view offers without affecting your credit score
  • Online marketplace giving you a choice

Cons

  • Down payments are strongly encouraged

It’s super easy to get started with LendingTree. The application process is quick and easy, and you can view offers without your credit score being affected. It can be frustrating when you’re trying to apply for loans to improve your finances, but the rejections just make things worse.

There’s a convenient online tool that will help you view the rates and terms by your location, as it can vary from state to state. Just fill in your zip code, loan amount, and credit rating – then see what’s available to you.

It’s a great option for long term refinancing – as the longest loan term is 84 months – which is sure to make the monthly payments easier to manage.

Auto Credit Express

Pros

  • A+ rating by the Better Business Bureau
  • Quick response times
  • Over 1000 partners to connect with
  • Accepts customers with bad credit

Cons

  • Unlikely to be accepted if your car is 10 years or older

If your credit history is less-than-perfect, then it’s not the end of the world. Auto Credit Express is a great option if you have a poor credit score – but they also offer excellent rates for borrowers with good scores.

If you want to qualify, first of all you need to be on top of your current payments. Other than the standard loan requirements, some Auto Credit Express lenders will have other requirements, such as the fact your car must be below 10 years of age.

Another common factor on what you’ll be accepted for is the mileage limit – if it’s more than 100,000, then the chance of being accepted for your preferred loan is likely to decrease.

It’ll take you less than five minutes to fill out the application form, and the response times are really quick.

AutoPay

Pros

  • Low rates starting at 5.49%
  • Inclusive for customers with all types of credit
  • Credit score won’t get impacted by applying
  • Three refinancing options to choose from

Cons

  • Must earn a minimum of $2000 per month

AutoPay is an online marketplace that will make it easy for you to get connected with a lender, or several lenders, with a single application.

To get started, you’ll need to meet some requirements first. The requirements can vary from lender to lender, but the most common ones are:

  • Income of at least $2000 per month
  • Maximum mileage of 125,000
  • Maximum car age of 11 years

The lender will also need to know standard information such as your preferred loan term, details on the car, and your monthly rent/ mortgage costs.

The loan amounts range from $2500 and $100,000, making it a great choice to refinance your car no matter what the model.

You have three refinancing options to choose from. The first one is the most common – traditional refinancing – which is perfect for lowering your monthly payments.

Another choice is cashback refinancing, which is designed to put money back into your pocket. The third is lease payoff refinancing, which is ideal if you’re looking to pay your lease in full before the term expires. This is a great option if you want to avoid fees!

MyAutoLoan

Pros

  • Super low rates starting at 2.24%
  • Can receive the funds within 24 hours
  • Can get up to 4 offers at once
  • Easy online application

Cons

  • Minimum loan amount is $7500

If your credit score is above 500, then you can take advantage of what MyAutoLoan has to offer. They can connect you with multiple lenders to get up to four loan offers, giving you the chance to choose which one is best for you.

The loan amounts range between $7500 and $100,000 – but there are some restrictions. If your car is older than eight years, or has over 120,000 miles, then your car won’t qualify. 

If you’re after longer loan terms, then MyAutoLoan will be perfect for you, as their loan terms are generally between 24 and 84 months – which is great if you want lower monthly payments.

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