How Does Refinancing Your Car Impact Your Credit?

If you recently purchased a car, you may wonder how quickly you can refinance your loan. While you can refinance as soon as you find a lender that will approve your loan, factors such as paperwork processing times or your title transfer may affect the timing.

At RefiJet, we provide an easy and personalized auto loan refinancing process. Our team will help you at every step of the process so you can receive approval for your car loan refinancing sooner.

How Can You Make Auto Refinancing Go Faster?

Refinancing a car loan can take anywhere from two hours to two weeks. However, organizing your documents ahead of time can help speed up the process. At RefiJet, we’ll need to see:

• Proof of insurance.
• Photo of your odometer.
• Registration.
• Driver’s license.
• Proof of income.
• Proof of residency.
• Title.

It’s important to remember that your exact processing time will vary depending on the financial institution. A faster approval may mean higher fees, while a slower acceptance can create better interest rates.

Benefits of Refinancing Your Car Loan

Car loan refinancing offers many significant benefits, no matter your location or what kind of car you own. The top advantages of refinancing include:

• Lower interest payments: If your credit score has improved since applying for your first loan or you’ve been paying consistently on your original loan for six to 12 months, you may qualify for lower interest rates.
• Lower monthly payments: Refinancing can create lower monthly payments to meet your current budget or provide greater financial assistance in the event of a sudden financial events.
• Pay off your loan faster: If you’ve increased your income since purchasing your car, refinancing can lead to lower interest rates and shorter loan terms. While you can simply pay more each month, refinancing allows more of your money to go towards the principal for further savings.
• Borrow with your car’s equity: You may qualify for a cash-out refinance loan with your car’s equity. For example, if your vehicle is worth $15,000 and you have $5,000 left on your loan, you may get a refinance loan for $10,000 and pocket $5,000.

Refinance Your Auto Loan Today

If you’re looking to refinance your auto loan fast, RefiJet can help. Our personalized process makes changing your loan terms simple so you can get the financing you need. To learn if you are eligible for an auto refinancing loan, fill out our simple online form today!

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