Monday, December 11th
2023 Car Loan Refinance Reviews
SuperMoney
- Referral service for comparing auto refi offers from multiple lenders
- Loans up to $100K
- Aggressively low APR interest rates
- Strong commitment to customer privacy
- In business since 2013
SuperMoney is one of several auto refi options that lets you see offers from multiple lenders at once. Which lenders? You won't know until you apply. This company is committed to protecting your privacy and won't sell your information to numerous third-party services, but they could do more to disclose details about their own network, rates and fees. Initial customer responses are positive, however, and we look forward to seeing continued improvements from SuperMoney when it comes to auto refinancing.
My Auto Loan
- Lending referral service with offers from up to 4 providers
- Available in the lower 48 United States
- "A+" rated and accredited by the BBB
- In business for 18+ years
My Auto Loan offers refinancing of $5,000 or more for vehicles in the contiguous United States. Their online application is basic and straightforward, and requesting a loan quote will match you with offers from up to four of their partner lenders. Despite having a good reputation with customers and the BBB, My Auto Loan winds up low in our rankings because many people report having multiple hard pulls on their credit report after applying for an auto refi loan quote here.
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With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.
In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!
Car Loan Refinance FAQ
Continued from above...
Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!
Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:
- Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
- Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
- Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
- Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?
TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!
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