Auto refinance loans are a great way to save money each and every month but they may not be right for everyone. Lenders look at a variety of qualifications to determine if you can be approved for financing. Those include the mileage on your vehicle, the amount still due on loan, the type of vehicle you drive, and who the original lender is. If you qualify, an Auto Refi will likely save you money on your current car payment and allow you to put the cash you save back in your pocket to put away for a rainy day or spend on something you enjoy.

 

Lenders typically only refinance if you are a new customer.  Said differently, your current loan may need to be with a different lender than the one you are thinking about refinancing with. Lenders may also require that you do not have a commercial vehicle or one that is used for business. Also, sometimes only certain types of vehicles are allowed to be refinanced. Be sure to check and see what if any restrictions your lender may have. Today there are lots of online auto refinance options so you should be able to find  a lender that will work with your situation.

 

Most auto refi loans require the vehicle to have less than 100,000 miles. Less than 75,000 miles is ideal.  Lenders may also require the car to be less than 6 or 7 model years old.  Another thing to consider is that an auto refi is based on the amount you still owe and not just the value of the car. Knowing the value of the car is always helpful, but you do not need to have your car appraised in order to get a refinance.

 

Many online auto refinance companies will have car refinancing calculators on their site. These are helpful tools to assist you in determining whether the numbers add up the way you want them to. If you have less than 12 months remaining on your loan then refinancing may not make sense. OpenRoad Lending is a leader in online auto refinance and has helped tens of thousands of customers save money by refinancing their vehicles. To learn more visit www.openroadlending.com.