Updated: Apr 1
There are multiple factors that influence the refinancing offers that you have available to you.
Credit Score- Having a higher credit score makes it more likely that Credit Unions/Banks will offer you lower interest rates, due to the reduced risk of lending.
Equity-The value of your auto loan and the value of your vehicle are separate entities. Initially, the loan itself will be the larger of the two, but as you make payments the amount of equity that you have in your vehicle will increase. If refinancing isn't available to you now it may be after more of your monthly payments have been made.
The Vehicle itself- Your vehicle's make, model, age, and mileage play a factor as well. Newer vehicles tend to receive lower interest rates than older vehicles due to the value differential between them.
Does your vehicle qualify for refinancing? Find out through our offer network!