Auto Refinance

Refinance your auto loan to lower interest rates, reduce monthly payments or get cash. Read about the refinancing process and find a lender that best fits your needs.

Auto Refinance

Read this Auto Approve review to learn how to get more competitive interest rates on your auto loans, and lower your payments.
Auto loan lenders offer different services and rates. Review the one available to save money on your car purchase.
Here's when to refinance your auto loan: If you bought your new or used vehicle with any urgency, you may not be happy with your current loan terms.
The best auto loan rates of 2020 to drive away with: make the right decision so you can choose a car loan that fits your needs.

Who Qualifies for Refinancing?

Despite the close to 100,000,000 active car loans in the U.S., less than 5% of those loans are refinanced. What accounts for this low number comes in two parts:

  1. Americans are simply unaware that by refinancing their auto loan, they can save thousands of dollars over the course of their loan.
  2. The process of refinancing your auto loan is far less than convenient. It often requires hours of back and forth emails and phone calls to find out what your total savings could be.

In reality, anyone who is making their payments on time and in full will qualify for refinancing at some point over the course of their loan.

Refinance Your Loan with Auto Approve

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Auto Approve

Auto Approve can help you save on monthly payments of your auto loan with competitive refinance offers.

Auto Approve can help you refinance your auto loan motorcycle loan or purchase your auto lease to own your car. With excellent customer service and very competitive rates, you can easily apply online or contact their refinance loan experts to help you lower your monthly payments on your car loan.

Auto Loan Lenders

View here some of the lenders offering auto refinance loans:

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Auto Approve

Read this Auto Approve review to learn how to get more competitive interest rates on your auto loans, and lower your payments.
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RateGenius

Lower your car payments or pay it off faster; break with your bank by refinancing in a fast and easy way with RateGenius.
WithClutch auto refinancing

WithClutch

WithClutch helps car owners refinance their auto loans and save money with a quick & easy online application process.

Why Should You Refinance Your Auto Loan?

There are several reasons why you may want to refinance your auto loan. Understanding what refinancing involves ad the different options, you have depending on your situation is key to ensure you save money on the process. Read below some things to consider before deciding the refinance provider you will use:

  1. The interest rate you pay for your auto loan is largely dependent on your credit score. This can vary dramatically when comparing someone with good credit versus someone with bad credit.
  2. The difference in interest rates for someone with a credit score above 700 compared to someone below 550 can be over 15%. Meaning you will pay drastically more over the course of that loan.
  3. Small changes to your credit score will help you pay less over your loan course through refinancing.
  4. Auto loan companies make more money off customers who make all their payments. Through refinancing your loan, you will end up paying them less and saving yourself money.

Auto Loan Refinance Companies

Understanding the different types of refinancing companies and their role in the refinancing process is important for saving money.

See below the different types of lenders and providers and what their role is in the process of refinancing:

  • Lenders: Primarily Banks and credit unions whose goal is to replace your current loan with a new one, just at a lower rate. When refinancing through a lender, you will not compare rates, leaving only the option to accept or reject the offer.
    Examples of Lenders: CapitalOne, LendingClub, LightStream, Navy Federal
  • Refinance Brokers: These companies are not lenders themselves but have created a marketplace that connects the lenders and the customer. While they can help customers figure out which lender would be a good option for them, these companies are looking to sell customers GAP insurance and extended protection products to make money for themselves.
    Examples of Refinance Brokers: AutoApprove, Autopay, Clearlane, Motorefi
  • Affiliate Websites: These companies are not aiming to assist you in refinancing your loan but are instead attempting to get you to submit your contact details. They will then make money by selling off your contact details to refinance brokers or lenders, who will then pester you with emails and phone calls.
    Example of Affiliate Websites: Bankrate, CreditKarma, LendingTree, CreditSesame

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