When might it be a good idea to refinance? If current auto loan rates are lower than when you made your original purchase; You have improved your credit score.
For example, if the lender is determining your car loan based on an Experian credit report, then he’ll likely be using Auto Score 8 and 2. Equifax would be Auto Score 8 and 5 while TransUnion is Auto Score 8 and 4. The Base FICO Score will probably be FICO Score 8. You can find more details here on MyFICO.
As long as you submit your applications in a short period-typically 14 to 45 days-the credit scoring models will combine all of the hard inquiries into one when calculating your credit score. Next Steps. Refinancing your car loan could potentially save you money each year and over the lifetime of your new loan.
Refinancing your auto loan could help you save money in two ways: by. car buyers with lower credit scores tend to get stuck with higher interest rates.
Average Auto Loan Rates by Credit Score Consumers with high credit scores, 760 or above, are considered to be prime loan applicants and can be approved for interest rates as low as 2 or 3%, while those with lower scores are riskier investments for lenders and generally pay higher interest rates.
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Pre-Qualification: Submit an application to see if you pre-qualify to refinance your current auto loan with no impact to your credit score.; Credit Application: Select the offer that you want and complete your credit application.This will result in an inquiry posted to your consumer credit report..
Note that many lenders have very specific requirements of a car loan that may disqualify you from applying. Some lenders, for example, may not offer refinancing on cars older than 5 years or with a mileage of over 100,000 or even 75,000. If it’s been awhile since you checked your credit history and score, now is a good time to do that.
Auto Credit Express specializes in car loans for applicants with bad credit, no credit, and even those who have a bankruptcy in their past. They’re also known for approving loans for older vehicles that have high mileage, whereas traditional lenders typically turn down these types of requests.