Auto Refinancing During COVID

Coronavirus has changed nearly every aspect of our lives and auto refinancing during COVID is no different.  The pandemic affects how we work, how we play, where we go, and how we get there.  It has affected budgets, schedules, and expectations.  When adapting to the new reality, it’s important to find ways to be in control and to make choices that provide realistic yet attractive options.

As you evaluate how to obtain and pay for the things you need, this may be a good time to consider refinancing your auto loan.  This can be a great strategy to positively affect your budget and your overall financial stability.  There are some aspects of getting a new refinanced auto loan that hasn’t changed due to the pandemic.  Other’s have.

What Has Not Changed To Auto Refinancing During COVID

Refinancing an auto loan still involves evaluating your financial stability, credit history, and vehicle value.  The process typically involves completing an application and submitting it to one or more lenders, who will evaluate the application information along with your credit report to make their credit decision.  The lender also sets the interest rate and terms of the loan according to their assessment of the risk associated with the new loan.  Lenders typically consider factors such as the following, in addition to your credit score:

  • Loan to Value: how much you need to pay off your old loan versus the value of your vehicle
  • Payment to Income: the ratio of the new auto loan payment to your monthly income
  • Debt to Income: the ratio of your monthly debt obligations (such as credit card minimum payments) to your monthly income
  • Some lenders evaluate additional risk factors, such as:
    • Time on current job
    • Payment history on the current loan
    • Residence history
    • Derogatory credit, such as past-due payments, repossessions, and bankruptcy history

Learn more about auto refinance eligibility and terms in our glossary.

Has Your Financial Situation Has Changed During the Pandemic?

Even if your income is lower, your debit is higher, and your credit score isn’t as strong as it was before the pandemic, it’s ok.  There could still be options to help you lower your monthly payment and make other valuable changes to your loan structure.  If your credit and income are still strong, you might be pleasantly surprised at how much you can lower your interest rate and/or monthly payment.

You can either shop around online with multiple potential lenders or contact a refinance program, such as RefiJet, that works with multiple lenders nationwide to evaluate your application against various lending programs to find the best option for you.  The good news is that in many cases, you can complete the application process by phone or online instead of having in-person meetings.

There are more Benefits to Auto Refinancing Benefits Than Just Reducing Your Monthly Payment

Most people think of refinancing as a way to reduce their monthly loan payment amount.  Refinancing IS a great option to save money each month.  Additional aspects of refinancing can help you manage your budget and minimize the overall cost of owning and maintaining a vehicle in other ways.  Pushing out the first payment on your new loan for up to 90 days after the contract date can help keep money in your pocket when you need it most.  Adding products like GAP and Extended Service Contract helps you predict and minimize out-of-pocket expenses.  They limit what you will owe in the event your vehicle gets totaled and you owe more than it’s worth or if you have a mechanical breakdown.

Take Advantage of Low Auto Refinance Rates

While many of the aspects of being considered for a new loan haven’t changed, some of the lender’s specific criteria have.  Some are working in your favor, such as the current low-interest rates.  Federal interest rates have dropped.  Lenders are also competing for business in refinancing since the volume of new car loans has dropped significantly during the pandemic.  This competitive pressure can make refinancing now a great strategy for the consumer.  This also means that more lenders are offering to refinance loans with lower rates, providing you with more opportunities.

On the Flip Sidethe Lenders’ Criteria Are Getting Tighter

For example, because so many people have been furloughed or laid off, you might need to provide proof of current employment, not just proof of past income level.  Unemployment or pandemic payments likely won’t qualify as income, so make sure you have another source of income or a co-borrower whose income will qualify if you are currently unemployed.  Some lenders are also imposing stricter requirements on vehicles, such as limiting the age or mileage.  Shortening the allowable term or reducing the maximum amount they will lend are other measures lenders may take to reduce their risk.

Despite some of these stricter loan structure requirements, however, refinancing could still be a great option to lower your interest rate and/or APR.  A little investigation can help you determine if you can dramatically lower your monthly payment or save money overall over the life of the loan.

How To Make Auto Refinancing Fast and Beneficial as Possible

Start with the following steps:

  • Research your options to identify the best way to refinance. Check online reviews, talk to friends, or search online.  Look for a refinance partner that will walk you through all the steps, provide various options, and explain those options.  They should ensure you can make informed decisions.  Ideally, they will help you with the more challenging aspects of refinancing, such as handling the paperwork during a Pandemic, as well.
  • Gather your documents. Most likely, you will need your driver’s license, registration, proof of income (such as a recent paystub if you are a W-2 employee), and a copy of your insurance card.  You might also need a copy of your insurance declaration page, showing your deductibles.  Document requirements can vary depending on the lender and your specific situation.
  • If you are in a title-holding state, obtain a copy of your vehicle title in advance to help speed things up, especially since state offices could be moving even more slowly than usual.
  • Check your ID and vehicle registration to make sure they will be valid for at least 30 days after the refinance. In some states or for some lenders, they might need to be valid for over 30 days.  If they are about to expire, start the process of renewing them before or just as you initiate the refinance.
  • Get the full name, address, and phone numbers of 2-3 people who could serve as references, if needed.
  • Find out if your state requires any documents to be notarized. You can ask the partner you have chosen for refinance or research online.  If a notary will be needed, finding one that will do it virtually, come to your home, or provide a socially-distanced option will help keep the process moving quickly and safely.

An additional factor that may have changed, depending on how your state handles titles, is that you might need to find a virtual notary or a notary service to complete paperwork that needs to be notarized.  This will help you avoid having to leave the house to handle the paperwork.  In some cases depending on the level to which state offices and the businesses are operational, getting some documentation may take longer, too.  As you evaluate your refinance options, make sure to talk with our lender or lending program to make sure they will help you with—or handle—some of these logistical challenges.

Explore Ways to Keep Your Car Loan Affordable

Evaluating your refinance options puts you in the driver’s seat with the cost of owning your vehicle.  Knowing what to expect, having the appropriate documentation ready, and selecting a pro-active, supportive refinance partner can make the process fast, easy, and productive—in most cases without leaving home!

Refinancing during a pandemic doesn’t have to be any more difficult than doing it any other time, but if you qualify, the results can make a very positive difference in your budget.  Get Started Now to see if you could benefit from a lower rate or lower monthly payment.

Important Disclosures and Requirements

Federal ESIGN Disclosure and Consent 

 Electronic Consent:  Consent to Receive Information Electronically 

The Electronic Signatures in Global and National Commerce Act requires users of this Site who submit a Contact Form (“you” or “your”) consent to receive certain disclosures electronically. Please read this disclosure and consent carefully and retain a copy of this document for your records. 


Some communications with and disclosures by Yield Solutions Group, LLC dba (“” or “us” or “we”) on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. In order to access, receive and retain required notices and your documents, including, any notices and disclosures required by state or federal law, such as our Privacy Noticeloan documents and disclosures that we provide to you on behalf of any Lenderand any other transaction notices and information from us (collectively, “Documents”) electronically, you must satisfy the minimum system requirements outlined below. However, if you wish to obtain a paper copy of any Documents that RefiJet provides you in connection with your credit inquiry and any subsequent application to our Lenders, you may contact Yield Solutions Group, LLC (dba in writing at 5775 DTC Blvd Suite 400, Greenwood Village, CO 80111 or by email at We currently do not charge a fee to send you a paper copy of any electronic Document, but reserve our ability to do so. Be sure to state which of the Documents you are requesting. reserves the right, in its sole discretion, to stop providing Documents electronically. RefiJet may also send Documents to you in paper form because we are legally required to do so or because we determine in our sole discretion that you should receive the Documents in paper rather than electronic form. will provide you with notice of any such termination as required by applicable law. If chooses to stop providing Documents electronically, will send any future Documents to you in paper form. Certain disclosures, however, will be made to you verbally if permitted by applicable law (the “Verbal Disclosures”).   


You must consent to receive Documents electronically in order to complete the credit inquiry process with and any subsequent loan process with one of our participating Lenders. Your consent will apply to Documents as defined above. You may withdraw your consent for receiving electronic Documents by notifying us in any of the ways described above. Since is structured to process all or part of your credit inquiry and any subsequent loan  electronically, not consenting, or withdrawing your consent to receive electronic Documents may result in the termination of the credit inquiry and/or loan process. Your withdrawal of this consent is effective only after we have had a reasonable period of time to act upon your withdrawal. Even if you consent, note that the Verbal Disclosures will be made to you telephonically. 

If you wish to withdraw your consent to do business electronically with our participating Lenders, you may do so at no cost to you by contacting the Lender at the mailing address, email address or telephone number they provide to you separately for such purpose.  


In order to use this service, you must consent to receive Documents electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.  


In order to receive, access and retain electronic Documents, you will need the following hardware and software: 

  • a computer, mobile device, tablet or similar device with an internet connection; 
  • a current web browser that supports HTTPS connectivity;  
  • a current version of a software program that can open and display PDF files (such as an Adobe Acrobat reader); 
  • a valid email address with email software to communicate with us electronically; and 
  • an installed printer or sufficient storage space to save, store, print or otherwise retain electronic Documents. 

 These disclosures and the Documents are both provided to you in PDF; therefore, your access to this page from your own system/device verifies that your system/device has the necessary software to permit you to receive and access PDF files. 

If the system requirements for accessing the copy of your Documents on the secure webpage change so as to require different or additional hardware or software, or upgrades, plug-ins or enhancements to the hardware or software used by you (all such changes referred to as a “Systems Enhancement”), we will notify you and you may either withdraw your consent or upgrade your hardware and/or software as required by the Systems Enhancement.  

This consent is valid until revoked by either party. 

It is important that you keep your email address current with us.  Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.  We may treat your failure to provide us with a valid email address, or the malfunction of the email address we have for you, as a withdrawal of your consent to receive Documents electronically. 

System Requirements to Retain Information 

If you have a valid email address, a copy of the loan Documents will be provided to you upon execution in the form of an email link to a secure portal that will contaithe PDF loan documentsYou will log into the secure portal using your access credentials. The PDF document will be available to you in the secure portal for thirty (30) days. To retain a copy of the Documents, you may choose to print them, save them or both. In order to print them, you must have a functioning printer connected to your personal computing device.  If you wish to retain an electronic version of the Documents, you must have a personal computing device with the hardware and software necessary to download and store PDF files. 

By clicking to accept, you: 

  • acknowledge your receipt and review of the foregoing Federal ESIGN Disclosure and Consent; 
  • give your affirmative consent to our providing electronic Documents to you as described above; and 
  • confirm that your computer or access device satisfies the hardware and software requirements needed to access and retain the Documents that will be provided to you in electronic form, including through use of a valid email address to access a link to secure portal to access the Documents. 

If you do not click to accept you are not consenting to our providing electronic Documents to you as described above, and you are terminating your transaction with us