Frequently Asked Questions For Car Loan Refinancing
When you refinance a vehicle, you are replacing your current loan with a new loan that will have different terms ( for example, interest rate, length of loan etc.)
-One of the most common reasons people refinance their cars is to lower their monthly car payments and interest rate without trading in their vehicle and accumulating more debt.
-To remove or add a co-signer. For example, when a relationship comes to an end, a person may want to remove an ex-partner from the car loan.
How much you save depends on things such as the remaining balance of your existing loan, the difference between your old interest rate and the new interest rate, the term of your new loan, etc.
Yes. Sometimes people were going through a rough patch in their life when they financed their car. People, who have been making payments on the car loan as agreed for a year or two, are prime candidates for refinancing at a much lower rate.
It only takes a few minutes to apply and get a decision. A Yes Plan our Specialist will walk you through our simple process and if approved, you may receive your loan the next day!
All of our loans are open ended and can be paid out at anytime. Lump sums can also be applied at anytime to reduce the amount owing and the overall interest!
• Driver’s License
• Proof of Income (pay stubs, tax returns)
• Payoff letter from existing lender
Note: You may be asked to provide additional documentation.
No, there is no penalty to pay your auto loan off early.