Are you stuck with a high interest auto loan? Are high monthly payments wearing you down? Is your budget going for a toss?
You are in hot water and the best option to get out of it is by refinancing your exorbitantly high auto loan. To refinance your car loan means to pay off your old auto loan with a new one. You will then have to direct all your payments to the new lender.
We, at Rapid Car Loans offer affordable car refinancing loans at guaranteed low rates. We strive hard to provide you loans that are within your reach. With us, you will get multiple options for refinancing your loan. You can revise your loan terms and conditions. You also have the opportunity of altering your loan period. You can change your co-signer loan to a no co-signer car loan.
Our Auto Refinance Plan is intended for people looking to lower their monthly payments. So apply for our car refinancing plan now!
Requirements for Car Loan Refinancing
Your Loan to Value or LTV determines how much you owe to the lender vs. the car’s value. A car is a depreciating asset and so there is high probability of the LTV being more than 100%.
110% is the maximum acceptable limit of LTV. To avoid any confusion and discrepancy in calculation of the car’s value, KBB Retail value is used.
2> Year of Manufacture
The acceptable limit for the year varies according to the loan term. If you request the loan term to be 60 months or anything less than that, a car older than 2005 is not suitable. If you want to avail auto loan for more than 60 months, your car shouldn’t be older than 2007.
Driving is second nature to almost every American. So, there are high chances of your odometer showing a humongous value. It is for this reason that the maximum limit is set at 1,00,000 miles.
It is difficult to refinance auto leases and end of term leases. Also, a clear title is a must for approval.
So if you fulfill these simple criteria, a low interest auto loan is not a distant dream for you. Refinancing your car loan can be great for people who are paying higher payments or who are having late payments on their car primarily due to unaffordable rates.
Here’s your big chance to turn your misery into prosperity. Save hundreds of dollars by refinancing your car loan today!