Cheap auto refinance options are now just a few clicks away. If you want them to be.
You have many options for finding auto refinance loans. But that can make finding the best available rates difficult. That’s even more true if you have bad credit. Even if you have bad credit, the first auto refinance offer you get is likely far from the best. So, let’s go over the best places to start looking for the cheapest rates. Then, we’ll show you a shortcut to finding some of the best rates possible.
Where To Get Cheap Auto Refinance Loans
The best place to start looking for cheap auto refinance products is your bank. The big banks offer auto refinance products that are easy to gauge. For example, Bank of America offers a quick calculator to give you a glimpse of the kind of rates you’re eligible for. Most banks offer similar online tools.
Using banks that you have personal accounts open with can offer you extra conveniences. For example, you can speak with an advisor from your bank over the phone. When you do they will have access to your financial information and can use it to discuss your options in detail.
Banks usually offer good personal service and potentially very low rates. But they are often slow to assess applications.
Credit unions are membership-based organizations. They offer membership based on factors such as location and the type of industry you work in.
If you can join a credit union, it’s worth it for more than just cheap auto refinance rates. Credit unions offer some of the best refinance rates across the board. Their main downside is that they can be hard to access for many people.
Many alternative personal lenders offer to refinance auto loans. These alternative lenders typically work very quickly. They can also be especially lenient in accepting applications from those with lower credit scores.
When you go to an alternative lender, you will usually have to fill out a fast online application. Their decisions can be very fast, often taking just a matter of minutes.
The Best Cheap Auto Refinance Locations Of All
Of course, you could just go to many lenders and send initial applications. But that wouldn’t be good for your credit score and could take a while. There are many online calculators and spreadsheet applications like the one from Bank of America that you could use. But there’s an even better option.
Online Lending Marketplace Platforms
Several online platforms offer fast comparisons between many different lenders.
These platforms work with a variety of lenders. What they do is prequalify potential borrowers for loans they are eligible for. This makes looking for refinancing loans much easier for borrowers while also helping their partner lenders.
With online lending marketplaces, you can save a lot of time. You can compare many auto refinance rates with just one fast application. You just fill out one form and are immediately presented with several options you could qualify for.
Using these platforms is very easy, as long as you choose the right one.
The Best Platforms For Cheap Auto Refinance Products
SuperMoney is a large personal lending marketplace. Many of their partners offer cheap auto refinance loans. When you sign up for their services, you just need to specify that you’re looking for auto refinancing. The sign-up process is fast and easy.
Like most online lending marketplaces, SuperMoney won’t conduct a hard pull of your credit score. They also accept fair credit scores. So as long as your credit score is 580 or higher, they can help you find some of the better rates available to you.
LendingTree is one of the oldest and largest online lending marketplaces available. They have among the most experience of any reputable personal loan marketplaces you can find. They focus on home loans and refinancing, but they also offer a wide selection of auto refinance options.
Signing up for LendingTree is also fast and simple. But their partners lean on the stricter side when it comes to requirements. But you can still compare many different rates for fair credit borrowers.
One big benefit to LendingTree is that its partners can provide refinancing for many different vehicle types including:
- Powersport vehicles
LendingClub is a bit different from the other examples we’ve brought up. The company is a peer-to-peer lending platform. That means they connect you, the borrower, with investors who are willing to invest in your refinanced auto loan. This dynamic allows LendingClub to offer a diverse range of cheap auto refinance products.
Like all the above platforms, LendingClub starts with a simple, fast sign-up process. When you sign up you’ll be prequalified with the investors who would like to help you refinance your auto loan.