There are many common misconceptions about auto refinance that may deter you from refinancing your loan. The team at rateGenius has developed a list of myths about auto refinance and have provided you with the facts about the process.
Myth: I just purchased my vehicle and the dealer said I can’t refinance for 6 months.
Fact: The truth is, dealers are incentivized to keep you in your original loan. Dealers lose their commission on the financing of a vehicle if the loan is paid off within 90 days of the closing date. However, what you do with your auto loan is up to you. If you love the car you found, but are unhappy with the interest rate and loan you received, you can apply to refinance at any time.
Myth: I don’t want to refinance my vehicle because it’ll be expensive.
Fact: There could be small fees associated with your new lender and the state that you live in, but these costs are often minimal compared to the overall savings that refinancing provides, and to the fees of our competitors.
Myth: Refinancing is such a hassle. It’s less stressful for me to just deal with my current payments.
Fact: Refinancing with rateGenius is a quick and simple process. We handle everything, from finding you the best loan to paying off your previous lien holder, processing the paperwork, and perfecting the title transfer.
Myth: I can’t refinance unless I have perfect credit.
Fact: At rateGenius, we are able to refinance people of all credit types, even those with less than perfect scores. Our network of over 150 lenders accepts and approves auto loan refinances across the credit spectrum.
Still have questions about vehicle refinance? Contact the rateGenius team and we can help alleviate any concerns that you may have.