Looking to reduce your monthly payment or get a better rate on your auto loan? RefiMeNow offers a comparison of the lenders in the RefiJet marketplace. These lenders represent the best customer satisfaction scores, approval rates, average monthly savings, and ease of application process.
Auto loan refinancing is the process of replacing yourexisting auto loan with a new one, typically to achieve better terms. This caninvolve obtaining a new loan with a lower interest rate, lower monthlypayments, or a different loan term, and using it to pay off the remainingbalance of your current auto loan. The goal is to reduce overall costs orimprove payment flexibility.
Refinancing an auto loan involves several steps:
The process of applying for an auto refinance typically varies by lender. The process may be completely digital, it may be mostly online with some mailed documents to sign or require a fully paper application.
Still, the documentation you will need to complete your refinance application is typically the same across lenders. Lenders will typically want to see:
In addition, almost every mortgage lender will want an appraisal of your property. However, during the COVID-19 pandemic, you may be able to skip the appraisal process or complete it via a virtual tour if your home has been appraised in the past five years.