auto refinance loan approval

What about loan fees and early payoff penalties?
The "gentle" lenders that we recommend here like Capital One Auto Finance and HSBC Auto Finance do not have any fees. No loan application fees, no points, no origination fees, and no early termination penalties. It's even in writing on their web sites. The only cost you might see is the small fee from your state to change the name of the lien holder on your car's title to the new lender. Other than that, there's no scams, the only thing you pay is the loan balance and interest. It's very seamless, completed in a few days, like you never even left your loan. The only difference is now your monthly car loan payments will drop, and the checks become payable to the new lender instead. You should be cautious about other auto loan refinance lenders not reviewed here who might have hidden fees or charge to process your loan.

tips to ensure a speedy auto refinance loan approval
Pay close attention to these important points, because you would hate to get rejected for making a stupid clerical error.

• Auto refinance loan applications need to be in the same names (with exact spelling) as the names on your current auto loan. This is important because that is how your current auto loan is identified and found. Have your car loan account number ready. If you give them a name with a different spelling, they cannot find your current loan, and you get rejected. Sounds like a no brainer, but...
• You must refinance more than $7500. Any less and it's not worth the auto refinance company's time.
• It's also important to have all the vehicle information accurate so that Capital One Auto Finance and HSBC Auto Finance can price out the car to make sure it meets Loan to Value ratio guidelines. Enter the year and model and enter the 17 digit VIN (Vehicle Identification Number), found on your dashboard or registration.
• Your auto refinance loan amount should not be higher than the value of the car. Just like home refinancing, where the bank won't lend you more than the value of the house. You might want to check your values first to make sure your car has retained a reasonable amount of value relative to the amount you still owe on it.

I already got a good APR car loan. Why do I need to refinance my car?
Suppose you already got a good 7% APR car loan. Here's another example with the same $16,500 loan for 60 months mentioned above:

Your car loan payment with 7% APR: $326.72
Your new payment when you refinance your car to 6% APR: $279.21
You save $463.72!

The above example shows you that even if you got a low APR you can benefit by auto loan refinancing. It also demonstrates just how much money lenders have been making off us all these years. Would you have thought in a million years that getting a 7% APR car loan was costing you $463 too much? In this day of stock market volatility, corporate accounting scandals, and watching your retirement account plummet, you need to empower yourself more, and take charge of every penny of your financial well being. Don't let the greedy lenders do it for you. Use the friendly lenders that we review here, like Capital One Auto Finance and HSBC Auto Finance.