reFinanceRefinancing Your Vehicle Loan

At some point in the past, you obtained auto financingto buy a car. However, today you are having difficulty making the payments or you just feel as though your interest rate is too high. In fact, you’re worried that it might eventually become an upside down vehicle loan. Here’s how can a refinance help you, and how can you accomplish this goal.

Reasons to Refinance A Vehicle

When you first took out the loan, you may have had low scores. While you were able to get approved for a bad credit auto loan, the interest rates were higher than you would like. At this point, you have stabilized your credit situation, and you now have higher ratings. The primary reasons people refinance are to:

  1. Lower their monthly payment
  2. Lower their monthly interest rate
  3. Increase the number of months to pay the loan back

Let Us Help You With Your Auto Refinancing

These benefits probably sound quite appealing to you, and you are eager to get started with the process. Well, Ontario Auto Approval is here to guide you along the way.

Generally, for an auto refinance, you must contact the lender from which you have the original loan to find out the pay-off amount. In most cases, this is a bank or a car dealership. Auto refinancing means that you will also have to complete some of the same steps as when you originally took out the loan. And we make that process fast and simple:

  • Apply online to find out how much you could borrow
  • Gather your documentation such as pay stubs, personal identification and your original loan paperwork
  • We’ll call you to review your application, and set up a time for you to visit us and finalize your file.

Can I Refinancing My Used Car Loan Through My Dealer?

an I Refinancing My Used Car Loan Through My Dealer? The typical car buyer on a budget is going to opt for a used car as opposed to a new car. This is because used cars depreciate less, cost less to insure and feature lower sticker prices. If you finance your car purchase, can you…


Reasons to Refinance a Car

Reasons to Refinance a Car p>When you have bad credit, you may be wondering whether refinancing a car is an option for you. Many people decide to refinance a home when they are suffering from financial problems. Refinancing a home helps to reduce monthly payments and can also put some cash back in one’s pocket.…


Taking Advantage of 96 Month Auto Loan Refinancing

Taking Advantage of 96 Month Auto Loan Refinancing When you first purchase a new car, it is likely that your auto financing plan contains a loan that will be paid off in three to six years. This may be fine for you in the beginning of the payment process, but you may later feel like…


Obtaining Auto Refinancing After Bankruptcy

Obtaining Auto Refinancing After Bankruptcy After you have filed for bankruptcy, you can be left trying to rebuild your life. Perhaps part of rebuilding your life entails getting new transportation so that you can travel to work or continue to support your family. After bankruptcy, it can feel nearly impossible to purchase a new car with…


The Benefits of Car Refinancing Loans

The Benefits of Car Refinancing Loans No matter what your loan terms are, it may be possible for you to refinance them. Car refinancing loans can help you feel like you are more able to manage your debt load. You will only have one monthly payment to make, and this can help put you at…


Considering Whether to Refinance Your Car

Considering Whether to Refinance Your Car When you feel like your monthly payments are too high, you may want to consider auto refinancing with bad credit. The economic downturn may have caused you to wonder whether auto refinancing is an idea that makes sense. Auto refinancing through Auto Link Fiaincial can provide you with a bit…


Refinancing Through the Dealer

If you have a dealer loan, the dealer may or may not allow you refinancing through them. Borrowers who have a long history with their particular dealer can leverage that relationship to get whatever changes they need made to their loan. Those who have been struggling with their payment and as a result have a bad credit score may need to refinance through a third party like us because they don’t have a good relationship with their dealer. We offer poor credit auto refinancing at competitive rates, even for customers whose original loan is not with us.

The Dealer Has an Incentive to Give You the Payment That You Want

When you have a loan through an outside lender, that lender will pay the dealer first. You then repay the lender the balance of the loan. However, the dealer does not get paid first if they originate the loan. Therefore, they will do whatever it takes to allow you to continue making your payments. Unfortunately, many Ontario used car dealerships would rather you use a different party if you’re already behind on your payments because they feel as though it will be a repetitive history even with lower payments. This is where Ontario Auto Approval comes in.