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Refinance Student Loans with SoFi, Federal and Private, refinance student loans.#Refinance #student #loans


Refinance Student Loans

Fixed rates start at 3.350% APR and variable rates start

as low as 2.815% when you enroll in AutoPay 1 .

Checking your rate will not affect your credit score .

LEADING STUDENT LOAN REFINANCING PROVIDER *

We’ve refinanced the most student debt in the U.S., so saving you money on student loans is kind of our thing. In fact, members who refinance with us save an average of $288 2f a month—and $22,359 2 total. SoFi is one of few lenders that handles federal and private student loan consolidation. Plus, as a member, you’ll have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to SoFi events, and more. Get started by checking your rates online in just two minutes.

Rates and Terms

No origination fees in most states, no prepayment penalties. Whether you’re looking to refinance federal student loans, pay off loans sooner, or get a lower monthly payment (maybe all three), we offer a range of rates and terms. Choose what works for you.

Variable Rate

Rates start from 2.815% APR to

6.740% when you enroll in AutoPay. 1

Fixed Rate

Rates available from 3.350% APR to

7.125% when you enroll in AutoPay. 1

Why Refinance Student Loans with Sofi?

Serious

Low fixed and variable rates. No application or origination fees. Average member savings: $22,359 2 .

Federal + Private

SoFi is one of few lenders that can consolidate and refinance both federal and private loans (in a snap).

Exclusive

Get a 0.125% rate discount ✝✝ on an additional SoFi loan—just for being a member.

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If the unexpected happens, we’ll temporarily pause your loan payments and help you in your job search.

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Our coaches will help you advance in your career, build a personal brand, negotiate your salary, and more.

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Finances and investments can be confusing. Our Wealth advisors are here to help you make sense of it all.

Refinance student loans in three easy steps

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Refinance student loans

Chris Martinez

Refinance student loans

Chiara McPhee

Refinance student loans

Jared Pool

University of the Pacific

Common Questions

Refinancing Federal

and Private Loans

Consolidating vs

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Student Loan Calculator

Learn how you could lower your monthly payments and save on total interest when you refinance student loans with SoFi.

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.


Should I Refinance My Student Loans, Citizens Bank, refinance student loans.#Refinance #student #loans


Should I Refinance My Student Loans?

There are many potential benefits to refinancing student loans. If you have been making regular payments on your existing loans, you may be wondering how refinancing may benefit you. For example, with Citizens Bank you can refinance both federal and private student loans with the Education Refinance Loan for a single, more manageable monthly payment. You may also be able to receive a lower interest rate and/or lower payment.

That said, it s important to keep in mind that when you refinance your student loans, you replace all of your current and future benefits with the benefits of the new refinance loan.

Check out the two grids below for helpful tips on what to consider before refinancing your student loans. If you feel like refinancing is the right fit, you can get your personalized rate and savings without impacting your credit here.

Refinancing considerations for all student loans

Consider the potential benefits and factors of consolidating or refinancing federal and private student loans in the table below. It’s important to note, when refinancing federal student loans, there are additional considerations outlined in the next section.

When you consolidate all of your student loans with us, you’ll make a single monthly payment.

Depending on the interest rates you have on your current loans, as well as your credit (and the credit of any co-signer on your new loan), your new loan may have a higher interest rate or a higher monthly payment.

If you switch from a fixed rate to a variable rate, the variable rate may be lower right now. However, it is possible for that variable rate to go up or down each month. If the rate goes up, your monthly payments will go up, too.

The two main ways to lower your monthly student loan payment when you refinance or consolidate are:

  1. if your new loan has a lower interest rate or
  2. if your new loan gives you a longer time to pay it off.

If your refinance loan extends your time to repay (but your interest rate is not lower), you’ll probably pay more interest over the life of the loan.

However, remember that there is no prepayment penalty if you are able to prepay all or any part of your refinance loan, and it can help you ultimately save over the life of the loan. This can provide the best of both worlds by improving your monthly cash flow and giving you the freedom to prepay your loans when possible.

For more information about how interest rates affect monthly payments, speak to a Student Loan Specialist.

Generally, a loan with a longer term carries a higher interest rate. So, if your new refinance loan has a longer term than your existing student loans, you’ll probably pay a greater amount of interest over the life of the loan.

When you repay your loans via prepayment (paying more than the minimum payment each month), you may reduce the total interest. However, refinancing may cause your total monthly payment to be higher than on your existing student loans.

If your current student loans have a variable interest rate, your monthly payment can change as the rate changes. If you refinance into a fixed rate loan, you’ll have the certainty of a constant monthly payment.

However, the fixed rate you get today will likely be higher than the variable rate you have right now. Your new monthly payment may be more than your current monthly payment, but your payment will never increase.

If you currently have student loans with a co-signer who has better credit than you do, and you choose to apply for a student loan refinance without a co-signer, your new loan may have a higher interest rate and higher monthly payments.

Consider how you’ll make your monthly payments if you lose your job or source of income, or choose to refinance your student loans without a co-signer. If you do apply with a co-signer you may be able to release them from the loan after making a certain number of on-time payments. Check with the lender for details on their co-signer release policy.

Special considerations for refinancing federal student loans

When you refinance, you waive any current and potential future benefits of your federal loans and replace those with the benefits of the Education Refinance Loan. For this reason, before refinancing your federal student loans, it’s important to make sure you’re aware of any repayment options or benefits unique to federal student loans that you may lose.

Remember that you can choose to refinance your federal and private student loans separately. To keep your federal loan benefits, you may prefer to refinance your federal student loans through the Federal Direct Consolidation Loan program. Then, you could refinance your private student loans with us. However when you consolidate both types of loans together you have the benefit of a single, more manageable monthly payment.

With some federal student loans, a low income may entitle you to a lower monthly payment. If income-based repayment is important to you, you should strongly consider consolidating your federal student loans through the federal government. When you refinance your student loans with our Education Refinance Loan, the monthly payment is based on the interest rate that you receive and there is no opportunity to lower that rate based on limited income.

Borrowers in certain types of public service jobs (government jobs, teaching, the military, AmeriCorps, Peace Corps and many other nonprofit jobs) may be entitled to have significant portions of their federal loans forgiven.

As with most private refinance loans, our Education Refinance Loan doesn’t offer loan forgiveness for borrowers with public service jobs. If you have federal loans and intend to stay in your public service job, you should determine if your loans would be eligible for forgiveness. If so, consider consolidating those loans through the federal loan consolidation program.

Active duty military personnel are eligible for several federal loan benefits. We offer military deferment and an interest rate cap even if you are on active duty at the time you refinance. If you or your spouse are currently serving or plan to serve in the military, you should compare the military benefits of a federal loan with those of the Education Refinance Loan.

The Education Refinance Loan offers up to 12 months of forbearance, including for medical or economic hardship, over the life of your loan with no more than two months of forbearance at a time. If you don’t have an emergency fund to cover short-term financial issues, you may want to refinance only your private loans.

Both federal loans and our loan are forgiven in the event of the student borrower’s death or permanent disability.

If your interest rates are currently lower than what the Education Refinance Loan offers, you would benefit from consolidating your federal loans with a Federal Direct Consolidation Loan where your new rate is an average of your current rates.

If you have already defaulted on your student loans, those loans are not eligible for refinancing with the Education Refinance Loan. If you default on a new Education Refinance Loan, we don’t have a program to formally cure that default and eliminate the record of those defaults in your credit report.

Each employer who offers this benefit has a different policy on which federal loans the employer deems eligible for payment. If your job offers this benefit, you should check with your employer to make sure your refinance loan will still qualify for payment.

In rare circumstances, federal loans may be forgiven by the Department of Education if your school has closed or if you were defrauded by your school. More information may be obtained from the Department of Education at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation. By refinancing federal loans into a private refinance loan, you waive any right and benefits you have to have those loans forgiven by the federal government.

Reasons not to refinance your student loans:

  • Your credit has worsened significantly since you got your original loan.
  • You don’t want to lose features and benefits of your current loans that our Education Refinance Loan cannot provide.

We know this is an important decision and we’re here to help throughout the entire process. For assistance in evaluating whether refinancing is right for you, speak to one of our Student Loan Specialists at 1-877-464-6340.


Student Loan Consolidation: Should I Consolidate My Student Loans, SoFi, refinance student loans.#Refinance #student #loans


How and When to Combine Federal Student Loans Private Loans

Got student loans? We ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. And while you re at it, check out SoFi s new Student Loan Debt Navigator tool to assess your student loan repayment options.

One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan. It’s understandable why people think that, since this wasn’t an option for many years. But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line.

Can I Consolidate Federal and Private Student Loans?

While it’s not possible to use the federal Direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. Through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate.

Why would you want to do this? In addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time.

When to Consolidate Federal Student Loans Private Loans

Before you refinance federal student loans, there are a couple of things to think about. Here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:

Should I Refinance My Federal Student Loans?

Refinance student loans

Federal Student Loan Interest Rates, Revealed

Some people assume that federal loans always offer the best rates, but this just isn’t true.

Depending on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.

So how important is interest rate, really? Let’s compare a 10-year term, $80,000 loan at 6.84% (the current fixed rate on Grad PLUS loans) and 5.68% (the average 10-year fixed interest rate for SoFi refinance borrowers in 2015).*

In this example, refinancing would mean both lower monthly payments and a total savings of more than $5,600.

Understanding Federal Student Loan Benefits

Some federal student loans offer benefits and protections that do not transfer to private lenders. This is often the reason that people cite when they say you shouldn’t combine federal and private loans. But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.

For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time. Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years. These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship. But if your income is over a certain threshold, you won’t benefit from these programs. And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a disproportionate price in the form of accumulating interest.

It’s important to note that some private lenders offer their own benefits and protections. At SoFi, for example, if you lose your job, we’ll not only pause your payments, we’ll help you find a new one .

Federal Loan Refinance Recap

Combining federal student loans and private loans through the refinancing process won’t make sense for every borrower, but it provides great benefits for some. Now that you know it’s an option and you understand how it works, you can better assess whether it’s right for you.

* Click here to see student loan refinance examples that depict APR, monthly payment and total finance charges.

Editor’s Note: This is an updated version of a post we originally published in December 2013. We welcome new comments and questions below.

Refinance student loansRefinance student loans


Home Refinance, Home Purchase, Reverse Mortgage, Personal Loans, Auto Loans, Credit Cards, Auto Insurance, Life Insurance, refinance home loan.#Refinance #home #loan


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Refinance home loan


ELFI Education Loan Financing, Refinance Your Student Loans, student loan refinance.#Student #loan #refinance


Pay off student loans faster and

use the savings to invest in your dreams.

Education Loan Finance can save you money with variable rates starting at 2.49% APR* and fixed rates starting at 3.19% APR*.

Make the right financial choice.

There are many options when it comes to consolidating or refinancing your student loans. Fortunately, Education Loan Finance – the education loan finance program offered by SouthEast Bank – is completely focused on optimizing the best repayment strategy for your specific situation and goals.

You could save hundreds each month and thousands over time.

LOAN AMOUNTS FROM

NO APPLICATION FEES

NO ORIGINATION FEE

NO PREPAYMENT PENALTY

*Subject to credit approval. Terms and conditions apply.

it pays to choose Education Loan Finance

FLEXIBILITY

With rates as low as 2.49% APR, our flexible student loan refinancing terms could help you save money. We offer plans that can meet a variety of budgets.

TRUST

For every step of the refinancing process, we’ve got your back. Our customer care specialists help find the right plan for YOU.

Our application process is fast and simple. Apply online in just minutes. If you have questions, our student loan refinance experts are here to help.

FAST TRACK BONUS

It pays to refinance with Education Loan Finance

. If your loan is approved and you accept our offer within 30 days of your initial application date, you’ll receive $100 through our Fast Track Bonus!

Refer a friend and earn even more. When a friend uses your referral link and refinances a loan, you’ll get $400 and your friend will get $100.

We’re here to help you. If you have questions about refinancing your student loan, call, email or text one of our qualified loan specialists.

Refinancing Your Student Loans is Easy

introduce yourself

Simply create a profile to let us know a little bit about you and get the ball rolling.

get prequalified

Use our easy pre-approval process to see if you qualify before completing the full application.

upload documents

It’s easy. Send us your documents electronically. We will verify and if approved, you’ll receive a firm interest rate offer.

sign set-up

Sign your new loan agreement electronically and set up auto-debit payments.

Refinancing with Education Loan Finance can save you thousands over time. Want to know how much? Get an estimate with our repayment calculator .

Student loan refinance

Student loan refinance

Student loan refinance

Student loan refinance

Frequently Asked Questions

Student loan refinancing is the process of combining one or more federal and private student loans into a single loan with new terms, including a new (hopefully lower!) interest rate, monthly payment amount, and/or repayment length. The Federal Student Loan Consolidation program similarly combines only your federal loans into one payment, but it uses a weighted average of all of your interest rates, and it does not offer consolidation of any student loan debt obtained from a private lender.

Any student loan debt that was used for financing your education from an approved post-secondary institution, such as SouthEast Bank private loans, private student loans from other lenders, or your federal student loans, i.e. Stafford loans, Grad PLUS, Parent PLUS, etc., can be consolidated into one loan through Education Loan Finance. No other consumer debt, such as credit card, auto, or mortgage, can be included even if it was used to pay education expenses. Keep in mind that if you consolidate federal student loans, you may lose some alternative repayment plans associated with the federal government loan program.

Education Loan Finance may require a co-signer if you do not qualify based on your own credit, income, or debt-to-income ratio. We also offer co-signer release, which releases any co-signers from your existing student loans if you qualify for an Education Loan Finance loan based on your own credit history.

If you only have a couple more years or a few thousand more dollars to go until you pay off your student loans, refinancing may be more hassle than it’s worth. Switching to a new lending institution may eliminate any benefits you’ve earned over the years, so thoroughly investigate how consolidating or refinancing your student loans will change the terms of your existing student loans. To learn more about refinancing and consolidating your loans, check out this blog post with information on topics that might require a second look during the process.


Refinance Auto Loan – When to Refinance Your Car Loan, refinance car loan.#Refinance #car #loan


Refinance auto loan – When to refinance your car loan

Refinance car loan

With interest rates remaining so low, an auto loan refinance may have crossed your mind — and it could be a good idea.

Doing so could save hundreds of dollars each year and sometimes thousands over the life of the loan.

If your current car loan interest rate is above 6%, you might want to investigate refinancing.

Unlike refinancing your mortgage or even consolidating credit card balances, refinancing your vehicle loan is usually quick, easy and painless. No appraisal will be required. And usually there are minimal, if any, fees.

But refinancing is not for everyone. It makes sense if, since the original loan, you find yourself in one or more of these five situations:

  • Interest rates have dropped. If interest rates have dropped more than a couple of points since purchasing your vehicle, you could save some money. In this case, loans at refi rates are considered used car loans and as such, the rates usually are higher than new car loans. Remember, even a percentage point or 2 can make a big difference over the life of the loan.
  • Your credit score has improved. If you had a few negatives on your credit report — or had no history of credit — when you bought your car, but your credit is healthier now, you may qualify for a lower interest rate. Interest rates of 18% or more for consumers with a thin credit history are common. Several months of on-time payments could entice a lender to refinance that loan at a lower rate. Steve Schooff, a former spokesman for Capital One Auto Finance, says consumers should check their credit scores before refinancing.Your credit score has a major influence on auto loan rates. Get your score for free at myBankrate.
  • You didn’t get your best rate when you purchased. Just because you had a high credit score and unblemished credit history doesn’t mean you got the best rate you could have received when you purchased the car. Dealer-sourced vehicle loans commonly carry a higher rate than the consumer deserves because the consumer simply didn’t know better. The extra money is a profit source to the dealer, like rust-proofing or extended warranties. When this is discovered after the fact, it may pay to refinance.
  • Your personal financial landscape has deteriorated. If you have had a financial setback and need to reduce your payments, refinancing could be a solution by increasing the loan term, thereby lowering the monthly payment.
  • Your car lease is expiring and you want to purchase the vehicle. When you fulfill the terms of a lease, you typically have the option to buy the vehicle.

Finding a lender that refinances is the easiest step in the process. Credit unions do big business in vehicle loan refinancing and they have money to lend. You will need to open a checking or savings account at one if you’re not already a member.

How much can you expect to save? According to Schooff, if one year ago you took a $25,000 auto loan for five years at 7.75% interest, refinancing the balance today at:

  • 4.75% for the remaining four years of the loan would save $1,373 — $28.60 per month.
  • 5.75% for the remaining four years of the loan would save $906 — $18.88 a month.
  • 6.75% for the remaining four years of the loan would save $448 — $9.33 a month.

Refinancing isn’t an option for everyone. If the vehicle is worth less than the loan balance (upside down), a lender probably won’t take the chance and at the same time lower your interest rate. You can determine the current value of the vehicle through Kelley Blue Book, or KBB.com, Edmunds.com or AutoTrader.com.

Other requirements may also disqualify you, such as the age of the vehicle and the outstanding balance to be refinanced. Capital One Auto Finance, for example, will not refinance a vehicle more than 7 years old; the amount of the loan can be no less than $7,500 and no more than $40,000.

It’s important, Schooff says, “that consumers determine if their current auto loan has any penalties for paying off the loan early. This will impact how much they can save from refinancing.”

Call your lender and request the current payoff amount of your loan. This is the amount of money you need to refinance. It is also the figure you’ll compare against the vehicle’s value to determine if the vehicle is worth more than the amount you need to borrow.

There is no required amount of time from the date of the original loan until you can refinance. Actually, because of the way most auto loans are structured, the majority of the interest is paid during the first half of the term of the loan. The younger the current loan is, the more money refinancing will usually save.

Once you know your payoff, you can determine how much refinancing can save each month by using Bankrate’s auto loan calculator to find your new payment, then subtract it from your existing payment.

Because most refinancing loans are fairly straightforward, decisions are usually made quickly. Schooff says Capital One Auto Finance typically gives the consumer a decision by email within 24 hours of submitting the online application.

If you find yourself upside down in your car loan and for personal reasons need to lower your payment, you may be able to persuade your current lender to modify your loan, lowering the monthly payments by extending the term of the loan or reducing the interest rate.

It’s important to act before your payments fall behind. The earlier you open communications with your lender, the better the chance of coming to an arrangement.


Refinance Your Auto Loan – Pre-Qualify in Minutes, Progressive, refinance auto loan.#Refinance #auto #loan


Auto Loan Refinancing

Customers save on average $2,500 over the life of the loan *

Pre-qualify for auto refinancing in minutes

No impact to your credit score

Want to see how much you could save by refinancing your auto loan? Pre-qualify online with Progressive Auto Finance by Capital One. In just a few minutes, you’ll see your calculated rate/term options and how much you can save. And because it’s only a “soft” credit inquiry when you pre-qualify, there’s no impact to your credit score.

If you like what you see, go ahead and complete the official auto loan refinance application and E-Sign your contract. If not, there are no fees and no obligation to buy.

Auto financing is available if you’re purchasing a new or used car.

How refinancing a car loan works

Pre-qualify online for free

If you pre-qualify, you’ll see your estimated monthly payment, term and APR. You may have more than one option to choose from.

Submit a credit application and sign your contract

Once you choose your offer, complete your credit application. You can even sign your contract online. When you submit your official auto loan refinance application, there will be a “hard” credit inquiry that will affect your credit.

Finalize your auto loan refinance application

Capital One may need some documents to complete your refinance, such as VIN, lender details, proof of income, proof of residence and/or a title document. After verifying your information, we’ll pay off your current loan. Then, you’re all set and you officially refinanced.

See more info on car loan refinancing with Capital One.

Auto refinancing is one more way we help you find what you need

Progressive offers so much more than auto insurance. Whether you’re refinancing a car, buying a home, starting a business, planning a wedding, increasing your financial assets or more—we’re here to help you find protection along the way. See more insurance choices.

Pre-qualify for auto refinancing in minutes

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* Lifetime savings claim is based on average reduction in total lifetime payments Capital One customers experience over the life of the loan compared to their prior lifetime payments. Claim does not include customers who choose to extend the number of remaining payments on their auto loan. Lifetime savings may result from a lower interest rate, a shorter term or both. Your actual savings may be different.

Documentation may be required. Credit approval required. Terms, conditions, and restrictions apply, including vehicle eligibility and amount refinanced. Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Find out more at Capital One. Auto financing products and services offered by Capital One, N.A. © 2016 Capital One.

Vehicle financing and refinancing and associated services are provided by Capital One, National Association, which is not affiliated with Progressive.

Progressive is not a lender or financing/refinancing broker, does not originate or arrange financing/refinancing, and does not endorse and is not responsible for Capital One’s products or services, the content or operation of its website, or how it handles or uses your information. Information you provide to Capital One is subject to its privacy policies and website terms of use, and may be shared with us.

Progressive receives compensation from Capital One for loans made through this program. Contact us for more details.

Financing/refinancing may not be available in all situations.

Void where prohibited by law.


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Refinance auto loan – When to refinance your car loan

Refinance auto loan

With interest rates remaining so low, an auto loan refinance may have crossed your mind — and it could be a good idea.

Doing so could save hundreds of dollars each year and sometimes thousands over the life of the loan.

If your current car loan interest rate is above 6%, you might want to investigate refinancing.

Unlike refinancing your mortgage or even consolidating credit card balances, refinancing your vehicle loan is usually quick, easy and painless. No appraisal will be required. And usually there are minimal, if any, fees.

But refinancing is not for everyone. It makes sense if, since the original loan, you find yourself in one or more of these five situations:

  • Interest rates have dropped. If interest rates have dropped more than a couple of points since purchasing your vehicle, you could save some money. In this case, loans at refi rates are considered used car loans and as such, the rates usually are higher than new car loans. Remember, even a percentage point or 2 can make a big difference over the life of the loan.
  • Your credit score has improved. If you had a few negatives on your credit report — or had no history of credit — when you bought your car, but your credit is healthier now, you may qualify for a lower interest rate. Interest rates of 18% or more for consumers with a thin credit history are common. Several months of on-time payments could entice a lender to refinance that loan at a lower rate. Steve Schooff, a former spokesman for Capital One Auto Finance, says consumers should check their credit scores before refinancing.Your credit score has a major influence on auto loan rates. Get your score for free at myBankrate.
  • You didn’t get your best rate when you purchased. Just because you had a high credit score and unblemished credit history doesn’t mean you got the best rate you could have received when you purchased the car. Dealer-sourced vehicle loans commonly carry a higher rate than the consumer deserves because the consumer simply didn’t know better. The extra money is a profit source to the dealer, like rust-proofing or extended warranties. When this is discovered after the fact, it may pay to refinance.
  • Your personal financial landscape has deteriorated. If you have had a financial setback and need to reduce your payments, refinancing could be a solution by increasing the loan term, thereby lowering the monthly payment.
  • Your car lease is expiring and you want to purchase the vehicle. When you fulfill the terms of a lease, you typically have the option to buy the vehicle.

Finding a lender that refinances is the easiest step in the process. Credit unions do big business in vehicle loan refinancing and they have money to lend. You will need to open a checking or savings account at one if you’re not already a member.

How much can you expect to save? According to Schooff, if one year ago you took a $25,000 auto loan for five years at 7.75% interest, refinancing the balance today at:

  • 4.75% for the remaining four years of the loan would save $1,373 — $28.60 per month.
  • 5.75% for the remaining four years of the loan would save $906 — $18.88 a month.
  • 6.75% for the remaining four years of the loan would save $448 — $9.33 a month.

Refinancing isn’t an option for everyone. If the vehicle is worth less than the loan balance (upside down), a lender probably won’t take the chance and at the same time lower your interest rate. You can determine the current value of the vehicle through Kelley Blue Book, or KBB.com, Edmunds.com or AutoTrader.com.

Other requirements may also disqualify you, such as the age of the vehicle and the outstanding balance to be refinanced. Capital One Auto Finance, for example, will not refinance a vehicle more than 7 years old; the amount of the loan can be no less than $7,500 and no more than $40,000.

It’s important, Schooff says, “that consumers determine if their current auto loan has any penalties for paying off the loan early. This will impact how much they can save from refinancing.”

Call your lender and request the current payoff amount of your loan. This is the amount of money you need to refinance. It is also the figure you’ll compare against the vehicle’s value to determine if the vehicle is worth more than the amount you need to borrow.

There is no required amount of time from the date of the original loan until you can refinance. Actually, because of the way most auto loans are structured, the majority of the interest is paid during the first half of the term of the loan. The younger the current loan is, the more money refinancing will usually save.

Once you know your payoff, you can determine how much refinancing can save each month by using Bankrate’s auto loan calculator to find your new payment, then subtract it from your existing payment.

Because most refinancing loans are fairly straightforward, decisions are usually made quickly. Schooff says Capital One Auto Finance typically gives the consumer a decision by email within 24 hours of submitting the online application.

If you find yourself upside down in your car loan and for personal reasons need to lower your payment, you may be able to persuade your current lender to modify your loan, lowering the monthly payments by extending the term of the loan or reducing the interest rate.

It’s important to act before your payments fall behind. The earlier you open communications with your lender, the better the chance of coming to an arrangement.


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How to Refinance a Commercial Loan: 7 Steps (with Pictures), refinance loan.#Refinance #loan


How to Refinance a Commercial Loan

Any business that has commercial loans should evaluate the terms of those loans on a regular basis. A regular review will ensure your present loan is allowing you to leverage all of your commercial assets and provide you with the best value on the money you have borrowed for your business. Business and economic conditions are always changing, as is the size and strength of your specific company. Refinance a commercial loan by evaluating your current loan, examining interest rates and loan terms that can be found elsewhere and deciding on the best loan for your commercial goals.

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