Auto Refinance FAQ |
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What is Auto Refinance? |
Auto refinance is essentially a loan which pays off your existing auto loan. The idea is very similar to mortgage refinance, however the process is much simpler and much faster.
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How Does Auto Refinance Work? |
Your new lender will pay off your existing loan and receive the title to your vehicle from your old lender. You then receive a new payment book and make out your new lower payments to the new lender. While the customer must give their approval, the whole transfer process is taken care of by the two lenders. You will be sent the necessary documents to sign, and then the lender will finish the rest.
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Will Pulling My Credit Report Lower My Credit Score? |
Not necessarily. Most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
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I Just Started My Current Auto Loan, Do I Have To Wait To Refinance? |
No. There is no minimum waiting period. You can refinance your current auto loan as soon as you wish.
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Why Should I Refinance My Auto Loan? |
Customers usually refinance to lower the amount of interest they pay on the loan which results in lower monthly payments. Many people don't realize that they can get a substantially lower interest rate than they currently have. Auto loan rates are at the lowest levels in history and many people are finding that refinancing can save thousands over the life of the loan!
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How Much Money Can I Save Through Auto Refinancing? |
The amount you will save by refinancing can vary based on the balance of your current loan, how much lower your new interest rate is compared to the old one, any changes in the loan term etc. During the application process the new lender will give you all the details on how much you will save each month.
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Is CreditProvider an Auto Lender? |
CreditProvider is not an auto lender, but works with auto lenders to make sure your auto finance application gets routed properly. We look through our network of lenders to find one best suited to help with your situation. All of the lenders in our network are carefully chosen and are all at the top of the industry.
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Does CreditProvider.Com Accept Auto Loan or Refinance Applications by Phone or Fax. |
In order to keep our service free for consumers we only accept applications via our website.
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What if I Have More Questions? |
CreditProvider is committed to customer service and has customer specialists on hand to answer any questions that you may have. Please email us 24 hours a day us at support@creditprovider.com
and we will be happy to assist you.
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