Auto refinancing in the military

by Julia Guardione Updated on: December 2, 2019

Sometimes, both active and veteran military members perceive certain financial processes to be either more simple or more difficult because of their service. For example, benefits like VA Home Loans are available options to military personnel, but they can sometimes also increase the difficulty and speed of the home-buying process.

In addition, the general circumstances surrounding active military life can increase the difficulty of financial processes altogether; frequent relocation or deployment – and the stress and paperwork that accompanies those changes – can be daunting.

Refinancing with rateGenius is almost always quick, easy, and straightforward. Luckily, military members typically have the same exact experience and process as all other rateGenius customers.

However, though uncommon, there might be certain things military members encounter that others won’t. Here’s the most common:

Your car needs to registered in the state where you’re living.

The DMV requires that when a person moves to a new state, they must change their registration, driver’s license, and insurance information to match their new address. It’s always best to have all of this squared away before applying for refinancing.

Though this rule applies to everyone, moving from state-to-state seems to be a situation encountered more often by service members than civilians.

When you refinance a car with a different lender, you’ll need to update the lien holder information on your car’s title (if  you refinance with us, we take care of this for you), and proof of registration is a requirement for a title change in any state. So, if you aren’t registered in your new state when you refinance and the title change documents are submitted, the DMV will notice this discrepancy, and there will be a delay in the completion of the title change.

Furthermore, many of the lenders in our network have a field of membership, meaning that they can only serve residents of a certain area. This is why it’s important to have everything up-to-date before applying to refinance; to avoid having to re-qualify with an applicable lender. Essentially, we won’t be able to finalize your refinance until your car is registered in the state where you live. 

Solution: Ensure your registration matches your current living situation before refinancing.

Shipping loan documents overseas isn’t easy.

We provide two-day shipping for many of our customers who choose to complete hard-copy versions of their loan documents. We provide quick shipping because loan offers are time sensitive.

Shipping overseas isn’t cheap. Plus, getting a package from Austin to another continent usually takes much longer than just two days. So, our overseas veterans sometimes have to decide between a more expensive shipping cost and a document time crunch – not an easy choice.

Solution: If you are serving overseas, one very simple way to mitigate this issue is to complete your documents online.

Big Picture

Overall, military members who refinance with rateGenius can experience the same quick and easy process as everyone else. However, there are some situations when you’ll have extra steps, but we’ll make it as straightforward and painless as we can. We support our military and we love our vets!

About The Author


Julia Guardione

Julia Guardione is an auto refinance writer based in Austin, Texas. She is a graduate of Texas State University and a lover of all things outdoors.


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