Posted by
rwalk |
Completing an auto refinance application is fast an easy. It usually just takes a few minutes to complete the online form.
2. I need to get my car appraised before I can refinance it
Contrary to refinancing your home, refinancing your automobile does not require an appraisal. You won’t have to worry about incurring appraisal expenses since lenders determine the value of your car by using Kelly Blue Book, NADA or a similar tool that provides vehicle values.
3. It costs a lot of money to refinance my car
Most lenders do not charge any application or closing fees for you to refinance your auto loan. Depending on your state, a title transfer and/or registration fee may apply, which usually ranges from $5 to $65. Most lenders pay the fee on the customer’s behalf, and simply add it to the final loan amount.
4. I’ve had credit problems in the past, so I won’t qualify
Lenders understand that things happen in life. Having gone through some tough times in the past does not mean you can’t be approved. Even applicants with previous Chapter 7 or Chapter 13 bankruptcies can be approved, as long as the bankruptcies are discharged. The only way to find out if you qualify is to apply.
5. I will not be approved because I am self-employed
Even if you are self-employed you can be approved to refinance your vehicle. Just like any other applicant, it is important that your income is verifiable. For self-employed applicants, this usually means providing an IRS form that allows your lender to request transcripts of your last 2 tax returns.
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