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For many customers, an auto loan company can be an added stressor on top of an already complex situation. Making a major spending decision on a car can be difficult, and entering long-term debt is a choice customers should always make after careful consideration. In many cases, borrowers do not receive the most favorable terms for their loans due to a variety of factors. These can include existing debt levels, poor credit, or even signing for a loan at the same place where an you purchased your car.
While the situation may seem challenging for customers saddled with high interest rates and unrealistic payment schedules, there is a mechanism available to improve your financial situation easily. With the best auto refinancing rates and good car refinance companies, customers can take out an extra funds to cover the full amount of your existing debt while getting better repayment terms and the lowest auto refinance interest rates you can qualify for.
RateGenius is a middleman that connects you with relevant lending companies. It offers a streamlined application process and boasts a network of 150 lending institutions, giving you a good chance of finding the best auto refinancing loan to suit your current situation.
Professionals help find the best refi rates
No new or pre-owned loans
Straightforward and quick application
Focuses exclusively on refinance
Auto Approve is a loan aggregator specializing in auto loan refinancing for all types of vehicles, including boats and ATVs. Auto Approve can frequently get you a better auto loan refinancing deal than you could access yourself.
Accepts almost every type of vehicle
Doesn't fit bad credit borrowers
Wide lender network of financial institutions
Does not offer purchase loans
There are many reasons why customers can and should look to refinance your existing auto loans. By improving the terms of your car financing, you can relieve stress, lighten your financial burden, and save money over the long run by avoiding paying unnecessary high interest rates. These are just some of the reasons customers can refinance their car loans:
Cars depreciate quickly, as much as 20% or even more when you drive them off the lot. When someone is “upside down” on a loan, it means they owe more on the car than the vehicle is worth. Being upside down on the loan means that you can’t recoup what you owe on the loan by selling the car (although with depreciation you may be in this position anyway). One way to avoid an upside down loan is to pay a bigger down payment, which will also result in lower monthly payments. If possible, you should try to keep driving the car long after you’ve finished paying it off, to make up for the negative equity.
Before choosing to refinance your car, it is important for borrowers to take stock of their current loan and determine the various factors that can affect their ability to get the most favorable terms possible. Before signing on a refinancing loan, customers should always contemplate the following:
Finding a great auto refinancing loan can be an incredibly easy process if customers are thorough when applying for this option. To find the best auto refinance loan, customers should always take these steps:
No matter the reason to do so, an auto refinance loan can offer excellent value for borrowers seeking to improve your repayment terms and guarantee you can fully repay your auto loan without breaking the bank. By refinancing, customers can lower your monthly payments, reduce the total amount you pay by lowering car loan interest and consolidation debt from other loans, or adjust the duration of the loan repayment period. For any situation, narrow down the best auto refinance loan lenders with our in-depth reviews, expert research, and fair comparisons.
* Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.
** All loans made by WebBank, Member FDIC. APR is the Annual Percentage Rate. Your actual rate depends upon your individual credit score and other key financing characteristics, including but not limited to the amount financed, term, a loan-to-value (LTV) ratio and other vehicle characteristics. Available APRs range from 2.24% to 24.99%. Best APRs are available to borrowers with excellent credit. Advertised rates are subject to change without notice. Vehicle restrictions: Auto refinancing through Lending Club is only available for vehicles that are 10 years old or less and have 120,000 miles or less. Refinancing is not available for Hummer, Pontiac, Saturn, Daewoo, Isuzu, Suzuki or Oldsmobile vehicles. Refinancing is not available for diesel Volkswagen vehicles, Dodge Neons, or any commercial vehicles. Existing loan restrictions: Auto refinancing is available for existing auto loans that have been open for at least 2 months, have 24 months or more remaining on the term and have $5,000 to $55,000 in outstanding balance. Fees: Title and state fees may apply. Additional vehicle and existing loan restrictions may apply, depending on credit quality.