Auto Refinancing

Written and sponsored by rateGenius Auto RefinancingAuto Refinancing is like mortgage refinancing, but with distinct differences. One is that a house appreciates in value, cars do not appreciate, therefore, you cannot extract cash from your auto loan. In fact, most people are upside down when they refinance. Auto refinance is basically paying off your current high interest auto loan with a better, lower interest loan.
The Auto Refinance ProcessYou want lower payments, a lower interest rate, and maybe a short payoff term, but what does the process entail? The steps in the auto refinancing process include:
Auto Refinance Application - sending the information about your financial and auto situation
Identifying the lender that best matches your refinance needs
Talking to a loan specialist, who will explain everything from loan changes to your approximate savings
Getting you to complete the loan forms and mail them back
The title transfer, loan payoff, and warranty and insurance paperwork is completed
There is no cost to you. Any fees by the state, extended warranties, and/or GAP insurance are added into the loan balance.
BenefitsRefinancing not only frees up money in your pocket, but can also have a positive impact on your credit.
Some other benefits to refinancing your car loan include:
Car loan monthly payment savings
Interest rate savings on current loan
Up to 60 days of deferred payments - take a break from paying!
Opportunity to purchase GAP insurance and an extended warranty, all added into your loan for long term savings
The service should be completely free!
Things You'll Need
18 years of age or older
Car Info
Make, Model, and Year (no more than 5-7 years old)
Mileage (no more than 80K miles)
Packages and Options
VIN (if you have it)
Loan Info
Current Lender Name and eventually the Account Number
Current Payoff Amount (must be over $10K for most lenders)
Current Interest Rate
Current Monthly Payment
Financial Info
Monthly Income (must be over $1800 per month)
Monthly Debts
Employment Background
Social Security Number