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Aspects to Consider before applying for Auto Loan Refinance
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Aspects to Consider before applying for Auto Loan Refinance

Rapid Car Loans brings the amazing opportunity of lowering your loan burden. Obtain quick auto refinancing program at cheaper rates and make your car loan affordable. Don’t worry if you have bad credit history. Apply now and enjoy lower rates today.

Refinance Your Auto Loan and Enjoy up to 60 Days with No Car Payment

Change brings opportunity!

Changing your current lender will give you the opportunity of obtaining low rates. Today, there are modern lenders and online financing companies that are willing to provide you with auto loan refinance.

You can apply for the loan program if you have received a raw deal because of the following reasons:

>> You were too excited about the car and forgot to scrutinize the loan details
>> Interest rates were high when you applied for the loan
>> You didn't have established credit history
>> You had a bad credit score
>> You were unemployed
>> You were in bankruptcy

When Can I Apply for Auto Loan Refinance?

Although finance experts recommend waiting for at least first 12 months to change a lender, you can apply for the loan program anytime. But, before you start searching for a new lender, you must keep the following aspects in mind:

How much will you save?

Auto loan refinance is all about saving money and reducing financial burden. If you wish to apply for the loan program, compare the amount of expected savings and the total cost of refinancing (including penalties, documents preparation charges and other expenses). You can use an online calculator to work out the calculations. Choose auto loan refinance if you can save substantial amount of money.

What are the approval criteria for Auto Loan Refinance?

The following list represents the general criteria for getting approval on the loan program:

>> You must be at least 18 years old
>> Your minimum gross monthly income should be $1800
>> Minimum loan amount should be $5000
>> The vehicle should not be driven for more than 100,000 miles
>> The vehicle should not be older than 8 years
>> You should not be in bankruptcy

Is there is a penalty period?

Many loan contracts include a lock-in period or a penalty period. If you apply for auto loan refinance during this period, you will have to pay high penalty fees. So, read your loan contract thoroughly and ask your current lender about the same.

Is there any fee involved?

Even though lenders don't charge fee for providing auto loan refinance, your state will charge a title transfer fee. Most lenders will pay the fee on your behalf to the state authorities and then, add it to the total loan amount. But, it is important to discuss it with your new lender and ensure that the fee is paid on time.

Does the new lender charge pre-payment penalty?

Pre-payment penalty is an important point to be considered while choosing a new lender. Remember to select a lender that doesn't charge penalty for making early payments because it will help you in paying off the loan early.

Consider these important aspects before applying for auto loan refinance. They will help you in obtaining a better deal.

All the Best!


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