There’s never a bad time to save money, and applying for auto refinancing is a great way to see if you can trim your expenses and enjoy a little extra cash in your budget each month.
While it’s hard to say you can get guaranteed refinancing, as everyone’s situation is different, it’s certain there are auto lenders that accept applications from people with all types of credit.
So even if you have bad credit,* perhaps the legacy of missed payments, even bankruptcy of repossession, you can still look to refinance your car loan for better terms.
There’s a clue in your credit history
Knowing your credit position, typically a major factor in lending decisions, will give you a better understanding of how likely you are to be approved. In simple terms, consumers with bad credit scores are less likely to be given the green light than those with better credit. You can check your credit reports with the major reporting agencies for free once a year and, for a fee, request your credit score. There are also ways to find your score without cost: many credit card companies allow customers to view scores within their online account information, for example. Keep in mind you have more than one score which may be different according to its source.
The advantages of approval
If approved for refinancing, there are a number of potential benefits, like a lower monthly payment and lower interest rate, which may save hundreds or even thousands of dollars over the life of a loan. You might be able to skip a monthly payment, too – a kind of vacation from your loan commitments.†
Then there’s the potential to get cash back. Cash-back refinancing enables qualified applicants to get new loan terms with a cash sum which can be spent as they wish. It could be for home improvements, a new appliance, to consolidate high interest debt or help out with unexpected medical bills. Whatever’s right for you. At RoadLoans, we offer traditional auto refinancing and cash-back refinancing up to $5,000.†
These could be big wins from what is a simple, easy process. There’s no time limit affecting when you can apply to refinance, so don’t worry if you’ve recently taken out a loan to purchase a car. RoadLoans’ one-page online application can be completed in just a few minutes, it’s free and you’ll get an instant decision. We don’t, however, accept applications to refinance loans from existing Santander Consumer USA and Chrysler Capital customers. If approved, there are no processing fees and no hassles. Just complete and return your documents and let us take care of the rest.
Estimate potential savings
Use our online calculator to see what you may save by refinancing. It won’t give you guaranteed auto refinance savings, but it can estimate the potential reductions on a monthly car payment and total interest payments. All you need to do is enter the loan balance, monthly payment and APR on your current note and the refinance amount, loan term and APR of a new loan to see the figures.
Get a quick, easy answer
It may be difficult for a lender to offer guaranteed auto refinancing, especially without knowing the details of someone’s individual financial situation, but a company like RoadLoans makes it quick and easy for you to find out if you’re approved for a new loan. Take a few minutes to complete the application and we’ll give you an instant decision.
These statements are informational suggestions only and should not be construed as legal, accounting or professional advice, nor are they intended as a substitute for legal or professional guidance.
RoadLoans is not a credit counseling service and makes no representations about the responsible use of or restoration of consumer credit.
* “Bad” or “Poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by RoadLoans.com and Santander Consumer USA.
† View disclosures and offer information.