Auto refinancing can help you a great deal in lowering your interest rate as well as monthly payments. Unless the interest rates are pretty high, there’s no reason for you to not consider refinancing if you find yourself in a difficult position with the current lender.
If you’re looking for lenders to refinance your vehicle, we have a list of the three best ones based on different factors such as:
- APRs
- Minimum loan
- Credit score requirements, etc
Bank of America
Bank of America is one of the most competitive platforms when it comes to providing loans to refinance your car. It allows borrowers from across the country to access various schemes related to refinancing. Apart from the fact that it’s a trusted institution, the process of refinancing is also pretty quick. There are no application charges and you can also go through the entire process online.
However, there are certain conditions to qualify for, such as your car should not be older than ten years and there should be less than 125,000 miles on it. Another condition you will have to adhere to is that your car should have an amount of at least $5000 or more remaining on the loan. The current APR this bank offers is close to 4.13 %.
Moreover, to determine whether the Bank of America will be in your interests, speak to a representative and see if the monthly payment and interest rate are as per your convenience.
Capital One
Another trusted name when it comes to auto refinancing is Capital One. This American bank holding company specializes in auto loans, credit cards and saving accounts. In comparison to some other platforms, you may need to owe a higher amount (of $7500) at least but you will be able to pre-qualify without strict credit checks.
Even though there’s no application fee, you may come across a certain amount charged by every state in terms of title transfer. To learn more about the process, contact a representative and see if their terms and conditions suit your current needs.
Pentagon Federal Credit Union
PenFed is a credit union and one of the most reliable institutions for a loan to refinance your car. However, it does have a strict credit score requirement that keeps many people from considering it. Therefore, you may have to look into its minimum score requirements and see if the terms and conditions fit your needs.
Car Refinance Lenders
The banks mention requiring good credit. If you are not in the 750+ your not going to get approved. We work with a large network of lenders that work with many credit scores types. Give us a try first.