Getting Faster Car Refinance Loan Approval

A car refinance loan could offer you a better interest rate than your current loan provides, and it is a quick process when you follow the right steps.


Refinancing Your Car Loan


1. You can begin the process by searching for the best car refinance loan. Several lenders online will offer you a fair rate and you will want to compare a few of them. When you decide on one, you will need to provide your financial information in order to qualify for the loan.

They will need to know:

  • credit history
  • debt
  • income
  • assets

2. You will need to pay any possible fees, which can include:

  • state re-registration fees
  • lien holder fees
  • pre-payment fees, if applicable

3. Once you are approved and the loan closes, the new lender will pay your current car loan.
4. They transfer the car's title to the new lender
5. Your monthly payments for your car refinance loan will now go to the new lender.

 

Why Should I Refinance my Car Loan?


Two good reasons to refinance a car loan are that you can lower your interest rate while simultaneously lowering your monthly car payment, which in turn gives you the money to pay other debts like credit cards.


If you received the original car loan through the car dealership, it may not be the most favorable loan, as car dealerships do not offer the best financing deals, although they are convenient. Refinancing the car loan can give you a better deal all around with interest and terms.


Getting a car refinance loan approved online is fast, easy, and free. You can sometimes get the approval the very same day you apply.


What about My Credit Rating?


Arm yourself with the knowledge of your credit rating. It can increase your chances of a lower interest rate and can speed up the approval process. It is an easy online process and you can do it through the Experian, Equifax or TransUnion websites. Be certain to get both the credit score and the entire credit report. Understand that it is possible for you to obtain your credit score without damaging your credit rating.


If you recently filed a bankruptcy, you may want to delay in refinancing your auto loan for a few reasons.

  1. You will only end up paying a higher interest rate
  2. You will need to have your bankruptcy discharge papers in hand to present them to the new lender
  3. You can establish new credit accounts, which will in time decrease the possible interest rate you may be offered


For more information on fast loan approvals for a car refinance loan, visit www.carsdirect.com

 


Need an Auto Loan? Get a Free Quote Here!