If you’re looking for a car refinance loan, you’ve come to the right place. RateGenius offers auto refinancing loans. You simply complete an online application and receive offers from various lenders. Once you accept one of the offers, you’ll submit the necessary paperwork.
RateGenius
RateGenius is a comparison site that helps consumers find a low rate on a car loan. You can fill out a simple form, and within 48 hours you will have quotes from a range of car finance companies. The site can be useful if you don’t have perfect credit, but it may not be suitable for people with unstable finances.
To use RateGenius, you must have a minimum credit score of 500, be a legal US resident, and be at least 18 years old. RateGenius will send you up to four offers in minutes. The site will also ask you to enter the details of your car and current loan.
RateGenius can help you refinance your car loan, but you must have a good credit score to be eligible. You can get a loan for 36 to 84 months. Longer loan terms can lower your monthly payment, but may have higher interest charges. It can also help you get a better rate on an older vehicle. You must have a car loan that was funded at least a month ago to be eligible.
RateGenius charges a small fee to maintain their lender network, so you can take advantage of this. You will also need to pay a membership fee ranging from $5 to $35. You can choose to pay the fee in a lump sum or in monthly installments. Make sure you check with your lender about any other fees that may be added.
PenFed
If you’re in the market for a new car and looking for car finance, PenFed can help you get a loan. You can apply online, and they’ll provide you with the terms of the loan over the phone. Once approved, you can go to the dealer and test drive the vehicle. However, there are some restrictions.
The application process is simple. PenFed offers loans up to 100% of the NADA value of a new or used vehicle. While the company doesn’t refinance their own loans, they do offer special financing options. You’ll have to meet certain requirements, and submit basic personal information like your name, income, and employment.
PenFed’s minimum loan amount is $500. However, you must have excellent credit to qualify for their low APR. They also offer extended loan terms, but you must have at least $7,500 in your bank account. Alternatively, you can apply for a payment saver loan with a low initial payment and a balloon payment at the end. PenFed can offer you finance for a new or used vehicle, and their loan terms range from 36 to 84 months.
PenFed has a decent reputation, but not one hundred percent of people love their service. Many customers have complained about long wait times, bad customer service, and rejections despite good credit. Likewise, some consumers have claimed that PenFed has gaslighting tactics that make it difficult to get a loan and make payments. So, beware. It’s better to go with another company if you want to protect your credit from unnecessary surprises.
OpenRoad Lending
OpenRoad Lending has an online application that takes only a few minutes. However, if you don’t have a perfect credit score, the company can run a hard inquiry on your credit report. It also asks for information about the co-borrowers in your loan, so you’ll need to provide accurate information about both parties. If this sounds like too much paperwork for you, consider looking for an alternative car finance company. Capital One Auto, for example, can prequalify you for a loan without doing a hard credit inquiry.
The company has over 75 years of experience in the auto finance industry, and its management team is experienced in helping customers get the financing they need to finance their new cars. Customers are generally satisfied with the service they receive from OpenRoad Lending, and reviews are mostly positive. The company has won numerous awards, including being listed in Inc.’s top 5000 companies and being named a “Best Place to Work” by the Dallas Business Journal. Furthermore, OpenRoad Lending offers competitive interest rates with no application fees or other hidden costs.
OpenRoad Lending offers a refinancing program for upside-down loans. The lender accepts borrowers with a loan-to-value ratio of up to 120% of the wholesale value of the car. To begin the refinancing process, the customer must download a package that contains the instructions for the refinancing process. Then, they must sign a loan and security agreement and provide proof of income.
PenFed offers a $150 cash bonus
PenFed offers a $150 cash rebate to car refinance companies that offer their services to its members. This rebate is available to consumers with auto loans between $500 and $150,000 at a 1.79% interest rate for 36 months or 2.39% for three years. While the minimum loan amount is small, it is more than most lenders offer and the average savings is $108 per month.
PenFed offers low rates on auto loans, including 0.99% APR for new cars and 1.79% for used cars. They have a membership process that uses TrueCar to find the lowest possible car prices for their members. You can then apply online or call a representative to start the process. The process typically includes a test drive and a phone call.
PenFed is a credit union with 1.8 million members in the United States. Members can join from any state and have access to Allpoint ATMs nationwide. Deposits at PenFed are federally insured through the National Credit Union Administration. This is equivalent to FDIC insurance, so customers can rest assured that their money is secure. In addition to low rates, PenFed offers a $150 cash bonus to car refinance companies that use their auto loan service.
PenFed offers 1.79% for 36-month terms with a minimum credit score of 610. This is a half-point lower rate than many other car loan lenders. PenFed also offers a number of daily banking services, including checking and savings accounts, credit cards, and personal loans.
PenFed doesn’t charge startup fees
If you are looking for a car refinance company that doesn’t charge a startup fee, you may want to consider PenFed. This lender offers auto loans with terms ranging from 36 to 84 months. While these longer terms will increase interest payments, they also offer lower APR rates. In addition, PenFed does not charge a loan origination fee. Some car loan lenders charge this fee, which can range from 0.5% to 5% of the loan amount.
In order to qualify for the best rates, you must join the PenFed credit union. Military members are automatically accepted; however, you will need to clarify your military status on the online application. Non-military members can also join the credit union for a $5 membership deposit.
PenFed also offers a payment saver option for its auto loan, which allows you to make lower payments than conventional auto loans. Even though the interest rate is higher, the payments are lower than those for conventional auto loans. In addition, the payment saver system lets you decide what to do with the balance of the loan after it is paid off. You can use this money to purchase a new car or refinance your existing one.
Although the application process can be lengthy, PenFed also offers low rates and a quick process. However, if you plan to borrow over $50,000, you may want to look for other lenders. While PenFed can be a great lender for your needs, it is important to know your income and credit history before applying for a loan.
PenFed doesn’t charge prepayment penalty
When you use PenFed’s prequalification service, you don’t have to worry about a prepayment penalty. A prequalification form will ask you several questions, including your expected monthly payments, length of loan, and desired loan amount. It also requires you to verify your employment and income. You don’t have to join PenFed to get prequalified, but you must if you want to accept the loan offer.
PenFed has some of the lowest rates among car refinance companies. But, the eligibility requirements are pretty high. You can’t use PenFed if you’re a high-risk borrower or have a cosigner. However, their cosigner release program lets you get out of a cosigner after 12 consecutive on-time payments. If you’re worried about your credit score, PenFed is worth the try.
Another advantage of PenFed is that they allow co-borrowers to share the responsibility of monthly payments. A co-borrower can also qualify for lower rates if the primary borrower fails to make the payments. Moreover, the co-borrower can also use the loan funds to consolidate third-party debt.
If you want to apply for a loan through PenFed, you can do so online or at any of their branches. Once you apply, you can receive up to six loan offers. Once you’ve chosen your loan, you can move quickly toward final approval.
