If your credit score has improved significantly, or you plan on keeping your vehicle and don’t mind adding additional months on the back end, auto loan refinancing may be right for you.
Auto Refinance Loan Calculators
Refinancing your car loan can help you to save not only on your monthly payment, but it could help you to save money for the duration of your new loan. At Truliant, we can help you to lock in great rates and a payment that works for you.
Check for Prepayment PenaltiesBefore applying to refinance your car, make sure that your current loan doesn’t charge a prepayment penalty. This is a fee that will have to be paid if you pay off a current loan before the term is up. While many loans these days don’t charge prepayment penalties – Truliant doesn’t charge our members for paying off loans early – you’ll want to confirm before refinancing your car loan.
Applying for Refinancing
Our quick, convenient digital application makes applying for auto refinancing available virtually anywhere.
Once you apply, a personal Digital Guidance Specialist will walk you through the rest of the process so if you ever have an auto refinancing question, we're here for you.
Within two business days, we'll contact you about your application's decisioning. If you're approved, we'll also discuss your terms and payment information.
Funds are ready when you are, so you can start saving on your car payment right away.
The short answer is that you can apply for auto refinancing anytime you want. However, there are some general guidelines to help you get the best terms and rate. You’ll want to wait about three months after your initial loan just to make sure the title has completely transferred properly. This option is best if you have stellar credit. If you don’t, wait at least six months and build a solid payment history. If it’s your first auto loan, wait even longer to demonstrate good financial habits.
If you’re thinking about auto refinancing, you’re probably most interested in a lower monthly payment – and who isn’t? However, lower payments can sometimes cost you more over the life of your loan. Before you apply to refinance your current auto loan, here are some things to consider to help determine if it’s right for you. And if you have questions, we’re here to help.
RatesIf you can get a significantly lower interest rate now versus when you purchased the vehicle, you may want to consider refinancing.
If your credit has improved since you secured a loan for your current vehicle, you should consider applying and seeing if you can get a lower interest rate.
If your income has been impacted and you need lower payments, considering the term length will be less important than that monthly payment. However, if you’re refinancing because you can get a better rate, make sure to refinance for the time left (or less) on your current loan – otherwise you may pay more in interest over the life of the loan.
When you refinance your car, your insurance may be affected. In some cases, your insurance premium may decrease. Auto loan refinancing may save you money multiple ways.
Insurance premiums are calculated using a variety of factors including the car's value and coverage on the vehicle. When you refinance, the value of the car may change which, in turn, can help to decrease your insurance premium. If your car's value is under a certain threshold established by your individual insurance carrier, you may also be able to reduce the coverage on your vehicle which can also decrease your insurance premium.
Please contact your insurance provider to determine the coverage amount that is right for you and your vehicle.
(2) Qualified borrowers may defer payments up to 90 days after loan signing. Interest will accrue from the date of the loan until payments begin. Participating in this program results in up to a 90-day extension of the loan, maximum term 84-months. Cannot be combined with other offers.
Credit Union Auto Buying Service (CUABS) powered by TrueBuy is an independent NC-licensed automobile dealer not owned or operated by Truliant.