The most important factors that CarFinance looks at when reviewing applications for refinance loans are: payment performance on current auto loan, payment performance on other debt, and ratios of your total debt to income and this potential CarFinance loan payment to your income. Everyone’s credit situation is unique, so we cannot provide hard and fast rules here about whether you’ll qualify. But if you have been making your loan payments on time recently you’re more likely to qualify, and we look forward to reviewing your application.
If your current car loan balance is less than $7500 CarFinance will not be able to refinance your auto loan, but you could get approved for a new car loan and trade-in your old vehicle.
Just like your previous car loan application, it is important for you to have proof of income or employment, residence, insurance and proof of identity. Additionally, you will want to have handy all the details of your car, like its Vehicle Identification Number (VIN), how many miles it has, and your registration and title documents.
You should apply if your credit score has improved or if your interest rates were higher when you purchased your car and have come down since. Also, you must be current on your existing auto loan payments for 6 months to secure the best chance of approval and your best available rate.
If your car has less than 100,000 miles on it, is not older than 8 model years, and is used for personal or family use, then it likely qualifies for an auto refinance loan with us. Otherwise, you could get approved for a new car loan and trade-in your old vehicle.
By terms, we are referring to the monthly payment, interest rate, and your payoff amount. It’s important to know the details of your current car loan so you can compare them to a refinance loan offer.