Wednesday, May 18th
2022 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 a financial comparison shopping platform, for products ranging from personal loans to auto refinancing. Since its start in 2013, SuperMoney has worked with over a million people, offering transparency and objective information to help them make wiser decisions with their money. The company has been featured in several well-known publications, such as Forbes, Yahoo! Finance and Business Insider.
Notable commitment to client privacy
There are a lot of auto refi loan referral platforms out there. Is there any reason you should choose SuperMoney over their rivals? One aspect we appreciate about this service is their commitment to your privacy. Some providers pass your information along to an undisclosed number of third-party companies, which winds up with an overwhelming quantity of phone calls, texts, and emails that you probably don't want. SuperMoney is different: their site integrates directly with their lending partners, resulting in refi loan offers on your dashboard without the pressure of endless unwanted contacts from companies you've never heard of.
SSN required to get refi loan quotes
In order to use SuperMoney for your auto refinancing, you'll enter the usual details: about yourself, your vehicle, and your financial situation (e.g. employment, mortgage or rent, etc.). You'll have to provide accurate information, including your Social Security Number, in order for SuperMoney to verify your identity and match you with lenders in their network - but they reassure prospective clients that this will only result in a soft pull of your credit report, which won't affect your score.
Needs more info about lending network for refinancing
Once you've been verified, you'll get a list of any available refi loan offers from SuperMoney's partners. We would have liked to see more details about which lenders are in their network: for example, when using this service for personal loans, it's easy to see that there are just over a dozen financial institutions they work with and to get additional information about each one - without even filling out a loan application. It would help SuperMoney rank higher in our evaluation if they provided similar transparency with respect to car loan refinancing.
Extra hoops to jump through?
That's important because you'll have to finish your refi application directly with the SuperMoney lending partner you ultimately select. This adds several extra steps to the loan process, compared with services that can get you funded immediately based on your initial application: you may feel like you're doing everything twice when using this referral platform.
Limited feedback
Despite being in business for almost 10 years, there isn't a lot of feedback to be found from clients who have used SuperMoney. We couldn't find a listing with the Better Business Bureau, and we only turned up about 200 reviews elsewhere. We were happy to see that, among those ratings, more than 95% of them gave SuperMoney a perfect five-star review. That's a good start, but we'd need to see quite a bit more to move this service higher in our own rankings among auto refinancing options.
More Car Loan Refinance Reviews
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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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