As one of the oldest and highly credible financial institutions of America, JP Morgan Chase operates around 16000 ATMs and 5000 branches across the country. Apart from issuing credit cards, the company also offers investment products and mortgage lending. There are certainly many perks associated with using their services, especially when it comes to auto refinance.
If you have a credit score between the range of 650 and 740, you have a greater chance of landing a deal with favorable terms and a low-interest rate. Again, with regards to refinancing, Chase only focuses on processing loan applications that have been originated by other lenders. However, fortunately, there are many other options available to borrowers in the market these days. Here are some of them.
One of the best features of Wells Fargo is that it offers borrowers a number of auto refinance and cash-out options, regardless of who the original lender was. As one of the very few options that allows you to do both, cash out on and refinance your existing loan, Wells Fargo is surely a reliable lender if you’re looking for competitive interest rates. The terms often range from 12 to 72 months at most.
Bank of America
Next in line is the Bank of America that offers some of the best rates in the market. Starting from 2.89% APR for used cars and 2.59% APR for new cars, the bank is arguably one of the most sought-after lenders in the market, especially when it comes to a car refinance deal. Again, for the most part, getting a favorable deal depends on how much your credit score has improved since you first got the loan. The higher the score, the lower the interest rate.
Known for offering a wide range of options in credit cards and banking products, Capital One is a great choice for car refinance, for both used and new vehicles. One of the best features of this lender is that it doesn’t require a hard inquiry of your credit report. This means that prequalification is easy as there’s no impact on the credit score. Hence, if you’re comparing auto refinance rates in the market, don’t forget to check Capital One out.
In the end, make sure to shop around and do your research. Compare terms and rates with other lenders in the market and take your time to settle for one.
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