Car payments too high?
Refinance your car loan and save
Recommended lenders who do refinance car loans
RoadLoans is an auto refinancing company that caters to all credit types. If your credit score is below 650, then this company could be a good option to cut your car loan interest rate. But even for prime credit customers, RoadLoans will be able to offer a very competitive rate. Roadloans also offers a couple of feature that can be very attractive
- Skip first payment up to 60 months
- Get up to $5000 cash back from financing
- Electronic documents to make the process go fast
- No prepayment penalties for paying off the loan faster
RoadLoans specializes in doing non-prime and sub-prime loans. We would recommend that if your credit is less than perfect to try this lender, as Roadloans has helped many people to refinance their cars and save money. Roadloans is a subsidiary of Satander, who purchased HSBC Auto Finance (my old employer). My experience with this outfit is good and you will likely stand the best chance of being approved for an auto refinance.
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up2drive uses a check product (called drive checkTM) to handle your auto loan refinance. up2drive has designed an innovative, easy-to-use auto refinancing process to improve your current auto loan terms.
| Rates |
36 Mos APR |
48 Mos APR |
60 Mos APR |
72 Mos APR |
| Refinance |
3.99% |
4.18% |
4.18% |
5.64% |
as of 04/11/11
The process works as follows:
- Collect your auto loan information, including your current principal balance, monthly payment, interest rate, and remaining term. You can likely find this information on a recent billing statement. Alternatively, you can call your current lender to determine the “pay off” amount.
- Once approved, up2drive will send you the drive check loan packet. Fill out the check for the current payoff amount, and sent it to your current lender.
- Your current lender will pay off the loan through the drive check, and your loan with up2drive will begin.
Why do we recommend up2drive?
- Superior customer service
- Easy to understand process
- No application fees
- 0.5% APR discount for making electronic payments (automated withdrawal through your checking or savings account).
Here are some specific requirements for the up2drive program:
- Maximum current vehicle mileage of 75,000 miles
- Personal use vehicles only (no commercial vehicles and/or vehicles for business use).
- A vehicle model year of 2002 or newer if requesting a term less than or 60 months.
- A vehicle model year of 2004 or newer if requesting a term between 61 and 72 months.
- A Loan-to-Value (LTV) ratio no more than 110% of Kelley Blue Book (KBB) Retail value.
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myAutoLoan is an internet based auto finance marketplace which can provide you with up to four unique auto refinance loan offers within minutes after completing their free, online application. The application at myAutoLoan is easy, fast, and secure. myAutoLoan matches you with lenders based upon your customer needs through proprietary analysis and evaluation which they refer to as “Prefered Placement”.
| Rates |
36 Mos APR |
48 Mos APR |
60 Mos APR |
72 Mos APR |
| Refinance |
2.79% |
3.80% |
3.80% |
4.75% |
as of 04/11/11
Why do we recommend myAutoLoan?:
- Receive up to 4 unique auto refinance loan offers within minutes
- No hidden fees or cost to apply
- No obligation after your apply
- Competitive interest rates
Here are some specific features of the myAutoLoan program:
- Minimum amount financed of $7500
- Maximum term of 72 months
- No financing for end of lease vehicles, or vehicles already owned
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RateGenius:
RateGenius is a multi-state, web-based loan brokerage company. RateGenius brings together qualified borrowers and competitive lenders to create the best possible financing opportunity. RateGenius partners with numerous nationwide lending institutions which help provide customers with a diverse set of financing options. This allows RateGenius to offer its customers competitive rates and a high rate of approval. Once they present you with an offer that meets your needs, you will receive a loan package via mail (or more commonly via email). RateGenius will pay off your current loan, and within days, you will receive a new payment booklet from your new lender.
Why do we recommend RateGenius?:
- RateGenius has helped over 48,000 customers save money through an auto refinance.
- RateGenius compares offers from multiple lenders and presents you with options that save you the most money.
- RateGenius saves customers monthly—the average monthly car payment savings is $60, with an average 3.81% interest rate reduction!
- Excellent GAP insurance and extended warranty coverage opportunities.
Here are some specific requirements for the RateGenius program:
- Maximum current vehicle mileage of 80,000 miles
- Current balance due on the vehicle of $10,000 or more
- Vehicle must be no older than 7 years
- Combined household income must be $2,000 per month or more
- All applicants must be 18 years or older
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