Sunday, September 24th
2023 Car Loan Refinance Reviews
Upstart
- Auto refinancing loans from $5,000 to $60,000
- Terms from 24-84 months
- Available for vehicles less than 10 years old and less than 120,000 miles
- Auto refi loans available in all states but IA, MD, NV, WV
- "A" rated and accredited by the BBB
Upstart is a very good option if you want an auto refinancing lender that looks at your whole financial picture. Their artificial intelligence system looks at many factors beyond just your credit score when you apply for a loan. You can get a quote without entering your Social Security Number, a big plus compared with most of Upstart's rivals. They're a solid choice for auto refinance loans.
LendingClub
- Refinancing available for cars with outstanding balances of $5,000 to $55,000 and at least 24 months of remaining payments
- Cars must be 10 years old or newer and have under 120,000 miles
- No origination fees or prepayment penalties
- Low APR interest rates
- Not available in all states or for all makes/models of vehicles
LendingClub no longer funds auto refinancing loans through a peer-to-peer system, opting in recent years to provide money directly to borrowers. That means that there are still a few changes waiting to be implemented after their restructuring - and you'll see that in their more limited service area of just 35 states and a few glitchy aspects of their online rate quote application. However, recent customer feedback is very positive, and you won't have to provide your SSN to get a quote if you're interested.
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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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