When you need to refinance your car loan, you have a few different options. First of all, you need to find the lowest auto loan rate. This means prequalifying with several lenders. Once you have secured the best rate, you can then move on to the next step. The next step is to find the best refinance car loan for your needs.
Auto Approve
Auto Approve is an online company that lets you refinance your car loan with a competitive interest rate. They work with various lenders to get you the best deal, and they don’t sell your information. They also offer a quick application process and excellent customer service. The company’s website is easy to navigate and includes links to lenders and their applications.
Getting approved for a car loan refinance is easy with Auto Approve Auto Refinance. You just need a credit score of 580 or higher and an annual income of $18,000 to qualify. You can even get a co-signer or co-borrower.
Auto Approve takes the hassle out of the car loan refinancing process by matching you with lenders in their large network. You can receive quotes in minutes. You can also work with a dedicated loan consultant. These consultants will answer your questions and walk you through the entire loan process. Auto Approve is a great company for refinancing your car loan, but you should be aware that they don’t refinance heavy equipment or commercial vehicles.
Auto Approve promises competitive refinance loans and works with lenders across the country to find you the lowest interest rate. You can even get the best rate based on your credit score. The company is accredited with the Better Business Bureau and has an A+ rating.
The company also allows you to refinance your car loan with low monthly payments and no prepayment penalties. These lenders are more likely to offer you a better deal if you have a higher credit score.
LightStream
The LightStream car loan offers a variety of features that are ideal for refinancing a car loan. These features include a 0.5 percent interest rate discount for paying autopay on time and one percent off monthly payments for co-applicants and solo applicants. After applying for a LightStream loan, you’ll be required to provide some personal information and identifying documents to verify your identity. You can expect to receive an answer within the same business day and can complete the loan documents electronically.
The LightStream car loan application process is simple. On the home page, you’ll need to enter your personal details and choose whether you’re applying for a joint or individual loan. After that, select the type of loan you want to apply for and input your ZIP code to get started. After you’ve finished entering your details, you’ll see several options for the loan amount, length of loan, and repayment schedule. You’ll also need to select whether you want payments to be deducted automatically or by invoice. The latter option comes with a slightly higher interest rate.
Refinancing your Lightstream car loan can save you hundreds of dollars over the life of the loan. The loan rates can vary, but they’re generally similar to those offered by other lenders. With an average rate around eight percent, you can save as much as $600 annually or $50 per month. Since Lightstream car loan rates are low and predictable, you’ll be guaranteed to save money for at least six, twelve, or eighteen months, with a Lightstream loan refinancing.
LightStream auto loans have no restrictions on the type of vehicle you can drive. It also offers unsecured loans that allow you to keep your vehicle title and avoid having to sell it in order to obtain a loan. You can also use the LightStream online rate calculator to get an idea of your potential rate.
PenFed Credit Union
If you’re looking for the best refinance car loans, PenFed has some of the lowest rates on the market. They offer as low as 0.99% APR on new cars and as low as 2.09% APR on used cars. Their process involves an online application, a phone call, and even a test drive.
To qualify, you need to have a minimum credit score of 610. That’s a bit higher than the minimum credit score required by many lenders, but it will ensure you get the best interest rates. Additionally, PenFed offers several other daily banking services, including savings and checking accounts, credit cards, and personal loans.
PenFed also offers debt protection that includes coverage for unexpected events, such as death, disability, and involuntary unemployment. This insurance costs between $0.88 and $2.10 per thousand of your monthly loan balance, depending on your lender. If you decide to opt for it, make sure to shop around for the best rates and features.
The biggest downside of PenFed is that their website is awful. There are a lot of glaring problems with the site, and online use is slow. In addition, they have bad customer service, and a poor reputation for lending. Their agents will drag out the process for you over minor details. If you’re interested in an auto loan with low rates, PenFed is a great choice.
If you are a member of a credit union, PenFed offers competitive auto loan rates compared to other major banks. Although membership is not required to qualify for these lower rates, it’s recommended that you join PenFed well in advance of your car purchase. PenFed offers a wide variety of loan amounts and terms, including interest rates as low as 2.99%.
Auto Credit Express
While there are many ways to obtain a car loan refinance, Auto Credit Express offers a unique approach. This company pairs applicants with dealerships and lenders in your area that are willing to work with you. When you apply with Auto Credit Express, your information will be sent to participating auto dealers and lenders, who will call you to complete the application process.
Auto Credit Express is accredited with the Better Business Bureau, and the application process takes only three minutes. They also work with over 12,000 car dealerships. Another car loan refinance company is rateGenius, which works with 150 lenders nationwide. RateGenius has a 4.9 customer satisfaction rating.
Another great feature of Auto Credit Express is their customer service. The company has received positive reviews from customers on Trustpilot. Over ninety percent of them rate the company as “great” or “excellent.” Just seven percent of reviews are “bad” or “poor.” The majority of positive reviews mention the professional service and smooth process of loan refinancing. The negative reviews usually refer to dealerships and lenders.
Auto Credit Express has an A+ rating with the BBB. The company has only a few customer complaints posted to the BBB website in the past three years. Despite the high customer satisfaction ratings, there are several complaints regarding the company. Some customers complain of too many marketing communications. Others have said they were approved at a dealership even though they had bad credit.
Whether you’re looking to refinance your car or apply for a new one, Auto Credit Express has a solution for your needs. Refinancing can help you save on interest costs overall, lower your payments, and free up cash for other expenses.
Consumers Credit Union
When it comes to car loans, Consumers Credit Union is one of the best options for refinancing. Its members can enjoy low interest rates, a wide range of financing options, and many other benefits. With an A+ rating with the Better Business Bureau (BBB), the organization offers a high level of customer service. Its website has links to various lenders and offers a variety of information.
Consumers Credit Union is based in Illinois and has recently expanded its membership nationwide. Their auto loan rates are competitive with other lenders in the market, and they offer the largest range of loan terms and amounts. To apply for a loan, you’ll need a valid ID, two recent pay stubs, and utility bills. You’ll also have to pay a one-time $5 fee.
The auto refinancing program at Consumers Credit Union has fixed APR rates from 3.49% to 4.49 percent. The rates are quoted with an autopay discount*, and the term ranges from six to 84 months. It also offers a variety of loan amounts from $5,000 to $150,000, so it’s worth checking out their options.
Consumers Credit Union offers auto loans for people with good or excellent credit. To qualify for the lowest rates, you must have at least a 690 FICO score. However, it does not offer loans to people with poor or fair credit. To see what rates they can offer, you can fill out a survey and talk to a representative. Afterward, you can pay with a check, by standing order, or through Western Union.
The best car loan offers are usually the ones offered by a credit union. This means that you can save money and get the best rate. Whether you need to refinance your car loan or get a new one, the credit union is one of the best options. But if you have poor credit, you should shop around to see if you can find a better deal.
