Reasons for Refinancing
The company’s selection of auto loan providers can help you lower your interest rate, extend the terms, or decrease monthly payments through refinancing.
This is often used to get cash back from equity, add or remove co-borrowers, or take a break from payments for a month. These reasons are explained in great detail on the site.
Requirements
There are a few requirements. First off, you need to be employed and have proof of income. When getting auto loans for fair credit, your most recent car payments need to be in order, and you have to have valid license and registration documents. The vehicle mustn’t be older than ten years and needs to have full insurance coverage. The minimum loan amount is $5,000.
Application Process and Customer Service
The application process is straightforward and very user-friendly. RefiJet’s loan officers guide you through the process, handling most of the paperwork for you. The prequalification process relies on the soft pull method, so it doesn’t affect your credit score. You get your customized offers within minutes and can discuss prospects with RefiJet’s specialists.
Note that once you choose one of the best auto loan companies, the lender will do a hard pull to verify all the information. If you have any questions, concerns, or want to learn more about RefiJet’s work, you can contact customer service. It’s available via phone, email, or through the on-site contact form.
At a Glance
- Fantastic customer support
- Pre-qualification with a soft credit check
- Simple application process
Capital One Review
Founded in 1994, Capital One has he said since acquired more than $360 billion in total assets. It’s one of the largest banks in America and is currently the second-largest auto financing company in the country. Capital One is based in Virginia, but it provides a wide range of financial products across the US.
Types of Loans and Restrictions
Thanks to its nationwide network of car dealers, Capital One is one of the best banks for auto loans. Whether you want to buy a new or a used vehicle, Capital One will help you find the most suitable option. You can also choose between individual and joint loans, with the latter being an ideal choice if you’re buying a car with your spouse. With joint loans, you can qualify for a better loan rate and borrow a larger amount of money.
As for Capital One refinancing, the bank only refinances standard auto loans with a single lienholder on the car title. You must refinance the full amount of your auto loan, and there’s no cashback offer or lease buyout option.
Despite this, Capital One is still one of the leading banks for refinancing auto loans. If you decide to refinance your credit at Capital One, it won’t impact your credit score, and you can save an average of $75 per month.
Of course, you can also get new and used auto financing. These loans can be used to purchase cars, trucks, sport utility vehicles for personal use, and minivans. The vehicle must not be more than seven years old. There are also restrictions on some car models and brands, including camper vans and RVs, Oldsmobile, Daewoo, Saab, Suzuki, and Isuzu vehicles.
Lastly, the car has to come from Capital One’s network, though with more than 12,000 eligible dealers, that should not be a problem.
Requirements and Loan Terms
When you apply with the bank to get a car loan, you need to meet its unique set of requirements. Capital One’s requirements align with industry standards, which means that applicants must be US residents who are at least 18 years old and have a steady income.