Everyone remembers the day they bought their first new car. To some, its one of the best memories they have had. To others, some of the worst memories ever! Why?
Well it all depends on several factors. One of them being: How did you pay for the car? Did you pay cash and you now own it free and clear? Did you apply for an auto loan and finance the vehicle? If you financed it, how was your credit at that time? Fair, Good, Excellent ? Or did you even establish any credit history at that time?
When apply for an auto loan, your credit score and income are very important. If you have bad credit, then that’s a red flag to the auto lender. They still may grant you a loan, but they will most likely hedge the risk by giving you a high interest rate car loan. At the time of the purchase, you were probably so excited about your new card, that you didn’t pay much attention to the interest rate, OR, you simply didn’t care. We have seen interest rates as high as 155 and 20% for auto loans. This is flat out insane!
How Can I Lower My Interest And Payments With An Auto Refinance Loan?
Well, maybe you can, maybe you can’t. It all depends on how good your credit is now versus when you first bought the vehicle. Hopefully, if you were responsible, you made all your car payments on time, and your credit increased/improved. We would presume that you also made other loan payments on time as well such as credit card bills, utility bills, rent and mortgages. If you credit score did increase, you may be a candidate for an auto refinance loan!
Here at AutoLoanBroker.com, we have a great refinance program. Here are the details of one of our programs:
Apply For An Auto Refinance Loan
-Check your rate – Get pre-qualified offers in seconds with no Social Security number required and no impact on your credit.
-Select your offer – Pick the refinance that works best for you, with offers from our top lenders.
-Refi and save big – Simply submit a few documents and sit back as our team does the heavy lifting to refinance your loan.
-Pre-qualify in seconds – Pre-qualify on our secure, fully online platform—without leaving the couch or giving your SSN
-Put cash back into your wallet. Our customers save an average of $101.02/month on their car payments*
-No impact to your credit to review pre-qualified offers
-Minimum Loan amount: $7500
-Loan term: 12-84 months
Typical Requirements:
Minimum credit score: 580
Minimum annual income $24K
No SSN required
Other requirment may apply
*Not available for motorcycles or commercial vehicles
*MotoRefo does not provide loans in the following states: PA,MD,VT,ND,ME,WI
*See all terms and conditions on the application page.
