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Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.
Sunday, March 3rd
If you're looking to take control of your finances and "grab life by the payments," Gravity Lending is here to help through a range of services, including car loan refinancing, lease buyouts, and cash-out loans, all without charging any fees to borrowers. What sets Gravity Lending apart is its commitment to personalized assistance, making you feel like you have your own refi concierge guiding you through the process. With a user-friendly online application process, you can explore your options with confidence, thanks to Gravity Lending's nationwide lender network, which allows for pre-qualification without impacting your credit score. Once prequalified, a dedicated loan officer will hand-select the best loan options from their network tailored to your goals. Everything from e-signatures to real-time photo ID verification can be done electronically, streamlining the process. Gravity Lending's reputation speaks for itself, with an "A+" rating and accreditation from the Better Business Bureau and thousands of five-star reviews praising their professionalism and personalized approach. With Gravity Lending, you get the best of both worlds - the extensive finance network of a lending referral service and the hands-on service and attention of a local bank, all conveniently online. It's no wonder Gravity Lending earns the top spot among the options for car loan refinancing.
Since 2013, SuperMoney has been connecting people with lenders to fulfill their financial needs, including car loan refinancing. SuperMoney simplifies the process of comparing offers from different lenders, acting as a bridge between you and a wide network of partners. They prioritize your privacy, making sure you won't receive unwanted messages or calls from third parties. SuperMoney provides valuable information about their lending partners, allowing you to read reviews from other customers before committing to the application process. SuperMoney has a great reputation, with hundreds of ratings averaging an impressive 4.9 stars. When it comes to finding the right loan for your car refinancing, SuperMoney is a terrific choice, offering a user-friendly platform, a wealth of information, and a strong commitment to customer privacy.
Caribou, formerly known as MotoRefi, offers a convenient and fully online process to help you find the right refinanced car loan. Partnering with institutions like GreenState Credit Union and Beneficial State Bank, Caribou's lending network aims to save you an average of $115 per month on your car payments. While they charge lenders a processing fee of $399 to $499 (which may be passed along to you), Caribou is upfront with that (somewhat unpleasant) detail, and their soft credit pull allows for easy prequalification without the need for your SSN. With nearly 700 five-star reviews and an "A+" rating from the BBB, Caribou has earned a solid reputation for its hassle-free refinancing process and personalized customer service. Despite those potential processing fees passed on by lenders, Caribou's commitment to transparency and customer satisfaction makes it a strong contender for your auto loan refinancing needs, earning it an excellent rating.
Established in 1999, RateGenius has facilitated refinancing on over 400,000 loans nationwide, boasting an average savings of $101 per month. RateGenius partners with over 150 lenders, including credit unions and local banks, aiming to connect you with institutions competing for your business. However, navigating their requirements might require some digging: your vehicle model must typically be within 11 years old, mileage under 150,000, and income at a minimum of $24,000 annually. While the initial application process may not be as seamless as competitors', RateGenius offers personalized guidance from loan experts and handles title transfers on your behalf. Their "A+" BBB rating reflects their commitment to customer service. Thousands of customers praise their specialists' expertise and communication, though a few express frustration over unexpected credit pulls and rate discrepancies. Overall, RateGenius earns a solid 4-star rating for their long-standing reputation and customer satisfaction, with just a bit of room for improvement in the online process and providing more info upfront.
RefiJet is a referral platform specializing in auto refinance loans since 2016. They cater to individuals with credit scores starting at 580, connecting them with multiple lenders who can offer loans ranging from $5,000 to $100,000 for terms of 24-96 months and with a wide range of interest rates. RefiJet also offers a perk of no payments for the first three months. To get started, you'll answer basic questions and undergo a soft credit inquiry for identity verification. Once validated, RefiJet connects you with lending partners, though they could be more transparent about them upfront. Despite some complaints, RefiJet is BBB-accredited and maintains an "A+" rating, with improved customer feedback since our last evaluation. Overall, it's a terrific option for refinancing, especially for individuals with less-than-perfect credit.
LendingTree has been a trusted choice since 1998, connecting individuals like you with a wide array of financial products. With their vast network of partners, LendingTree can match you with up to five lenders ready to assist you in securing a better deal on your auto loan, whether you aim to lower your monthly payments or snag a lower interest rate. LendingTree provides detailed information about each partner's background and customer reviews, empowering you to make informed decisions about your car loan. However, keep in mind that some options on LendingTree's list are referral services, potentially adding extra steps to your journey. While LendingTree users generally report satisfaction with the service, it's important to note the risk of receiving spam-type communications after providing your info, which may include unrelated offers and frequent phone calls. While LendingTree offers valuable resources and insights into their lending partners, competitors who promise not to sell your information to unrelated third parties may be worth exploring first before providing your contact details to LendingTree.
When considering LendingClub for your car loan refinancing needs, you'll find it's evolved from its roots as a peer-to-peer lending platform to a full-fledged bank, having facilitated over $90 billion in funds for more than 4 million individuals since 2007. LendingClub isn't available in every state or on every vehicle, so keep an eye on the eligibility criteria. However, if you qualify, the application process is straightforward, with a soft credit check involved. Once you've accepted a loan, expect the process to take up to 15 business days. LendingClub boasts an average savings of $78 per month for their customers. While interest rates range can vary, the lack of origination fees offers a cost-saving advantage. With numerous positive reviews praising their fast funding and user-friendly process, LendingClub stands as a solid choice for car loan refinancing, despite some limitations in eligibility and interest rates compared to competitors.
When you're looking to refinance your car loan, Upstart wants you to know that they consider more than just your credit score. They take into account factors like your education and employment history, recognizing your potential beyond traditional credit metrics. With over three million customers served, Upstart connects you with lending partners who trust in your ability to repay based on your unique circumstances. Offering refinancing loans ranging from $9,000 to $60,000 in 49 states, Upstart promises quick funding within 1-2 weeks. Unfortunately, origination fees here can be high, and Upstart doesn't allow co-borrowers, which might limit your options. However, their online application process is quick and easy, allowing you to explore offers without affecting your credit score. While Upstart maintains an "A+" BBB rating and accreditation, with over 40,000 five-star reviews, feedback specifically regarding auto refinancing is limited and mixed, with some customers reporting issues with funding and titling. Considering these factors, while Upstart may be suitable for other loan types, it might not be the best choice for car loan refinancing, but it's worth keeping in mind as a backup option if you're seeking a lender willing to consider alternative factors beyond your credit score.
MyAutoloan, a platform operated by Horizon Digital Finance since 2003, connects you with up to four lending partners, providing refi offers within minutes. However, keep in mind that it's only available in 48 states, excluding Alaska and Hawaii. While it maintains an "A+" rating from the BBB and accreditation, be cautious about this company's advertised "today's rate" as it might not reflect the rate you'll actually receive. The platform seems more focused on car purchases than refinancing, it requires lots of personal information, including your SSN, and you may feel tricked into subscribing for credit monitoring services. Additionally, you won't know the lending partners until later in the process. While it's not a scam and has a low complaint count, some users report unwanted communications and issues with promised loan offers. Overall, myAutoloan might not be your best bet for refinancing, with better options available elsewhere.
OpenRoad Lending, a company that's been specializing in car loan refinancing since 2009, prides itself on helping clients save about $100 per month on average. However, their website leaves much to be desired, telling you almost nothing about their eligibility requirements. While they claim to have no minimum or maximum credit score requirements, they do consider your debt-to-income ratio and credit history, and they don't refinance loans for those in bankruptcy. Eligibility varies by state, with different requirements for mileage and vehicle age. Unfortunately, their initial online application seems to result in a hard credit inquiry, and navigating it can be confusing, sometimes leading to unrelated third-party websites. Despite some positive customer feedback and an accredited "A+" from the BBB, the overall process and lack of upfront information make OpenRoad Lending less appealing compared to other options for car loan refinancing. If you're still considering them, it might be best to reach out by phone first to avoid unnecessary credit inquiries until you're sure about their offerings and your eligibility.
Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.
But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.
All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.
When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:
Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?
Select any 2 Car Loan Refinance Providers to compare them head to head
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