Can I refinance a car with bad credit?

Yes, refinancing an auto loan with bad credit is possible, but it may be difficult. Lenders typically handle auto refinancing on a case-by-case basis. You may be able to refinance a car loan with bad credit if you have a positive track record of making payments on your current loan or have a creditworthy cosigner. If you’re considering refinancing and are coming up empty-handed, talk to your current lender. They may be open to discussing options.

How do I know which lender is the best for my auto loan refinance

Comparing multiple offers will provide more context that can help you find the right loan for you. Shopping around allows you to compare rates from different lenders, which is important if you’re looking for the lowest car refinance rates for you. The best company to refinance auto loan debt is the lender that offers the right terms for you.

Does checking my rate hurt my credit score?

No, checking your rate with SoFi’s marketplace results in a soft credit inquiry. This means you can prequalify for an auto refinance and compare offers without impacting your credit score. † If you choose to proceed with a loan refinancing offer, a hard credit pull will follow, which will be recorded by credit bureaus and may cause your credit score to drop several points.

What information do you need about my vehicle?

You’ll need to provide either the VIN, license plate number, or the make and model of your vehicle. By providing some basic information about your car, SoFi’s marketplace can help you shop and compare refinance rates for your vehicle.

Can I refinance my car with a cosigner?

Yes, some companies allow refinancing with a cosigner. Some lenders may also allow qualified individuals to co-borrow. A creditworthy cosigner or co-borrower can help you get approved for better refinance car loan rates.

Who has the best auto refinance rates?

There is no one place with the “best” rates, as every situation is different. For instance, when searching for the “best” auto refinance rates, remember that just because a place says “rates as low as…” you aren’t guaranteed a rate that low. Rates, terms, and other conditions are generally determined by many factors, including: rour credit score, current financial situation, and creditworthiness, your location (different states may have different rates and restrictions), the mileage on the vehicle, whether the car was new or used when purchased, and the length of your refinanced loan.

Can I qualify for auto loan refinancing at a lower interest rate?

Auto refinance applicants may need higher income, better credit scores, or a much lower debt-to-income ratio than they had when taking out their initial loan to potentially qualify for lower rates. That said, qualifying for a lower car loan refinancing rate is never guaranteed, no matter how much those factors may have changed in your favor.

What happens if I extend my car loan term?

While extending the life of your loan may result in lower monthly payments, it can also mean paying more overall. This is because the longer it takes to pay off a loan, the more months you are paying interest. Additionally, your car’s value will likely depreciate over time. So the loan amount you were approved for could end up being higher than what your car is worth when you’re done paying off the loan.

Auto Loan Refinance | Shop Your Options in Minutes

Name: SoFi Auto Loan Refinancing
Brand: SoFi

SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. (www.nmlsconsumeraccess.org). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states.

All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.

Auto Loan Refinance:
Automobile refinancing loan information presented on this website are from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies).
Auto loan refinance information presented on SoFi’s marketplace site is indicative and subject to you fulfilling the provider’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading.

¹Credit score impact: To check the offers, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.

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