What is Auto Refinancing?

Auto Refinance is a loan which pays off your existing auto loan and is very similar to mortgage refinance but the process is much simpler and much faster.

How does Auto Refinance work?

Your new lender will pay off your existing loan and receive the title to your vehicle from your old lender. You then receive a new payment book and make out your new lower payments to the new lender. The customer must give their approval and the whole transfer process is taken care of by the two lenders. You will be sent the necessary documents to sign, and then the lender will finish the rest.

Will pulling my credit report lower my score?

Not necessarily. Most credit scores are not affected by multiple inquiries from auto mortgage lenders within a short period of time. Typically, these are treated as a signle inquiry and will have little impact on the credit score.

I just started my current Auto Loan, do I have to wait to refinance my car?

No. There is no minimum waiting period. You can refinance your current car loan as soon as you wish.

Why should I refinance my Auto Loan?

Customers usually refinance auto loans to lower the amount of interest they pay on the loan which results in lower monthly payments. Many people don't realize that they can get a substantially lower interest rate than they currently have. Auto loan rates are at the lowest levels in history and many people are finding that refinancing their automobile can save thousands over the life of the loan. Also if you Apply Today you could skip up to two payments on your loan.

How much money can i SAVE by refinancing my Auto Loan?

The amount you will save by refinancing can vary based on the balance of your current Auto Loan, how much your new interest rate is compared to the old one, and any changes in the loan term etc. During the application process, TeamRefi will give you all the details on how much you will save each month.

Is TeamRefi a lender?

We are not a lender, TeamRefi works closely with automotive lenders to make sure your application gets routed properly. We search through our network of lenders to find a loan best suited to help with your credit situation. All of the lenders in our network are carefully chosen and are all at the top of the auto finance industry.

What if I have more questions?

TeamRefi is commited to customer service and has customer specialists on hand to answer any questions that you may have. Please email us 24 hours a day at support@teamrefi.com and we will be happy to assit you.

What is GAP Insurance?

New cars can depreciate as much as 20-30% in the first 2-3 years*. As a result, insurance payout can be much lower than the vehicle purchase price, even for those with full coverage. GAP (Guaranteed Auto Protection) insurance is additional protection to cover this "gap" between what one owes on a financed vehicle and its actual cash value, which is usually lower.

As an example, let's say you borrow $26,000 for a new car and it's totaled one month later. In the eyes of the insurance company, that vehicle has likely depreciated up to 30% (or about $7800) immediately after you drove it off the lot. Without GAP insurance, you could pay the full difference between what you owe to your lender and what your insurance company pays out to you! You can see why it's important.

Please note that GAP insurance is cancelled after refinancing a vehicle. TeamRefi will assist you in obtaining GAP with the new loan.
  • Rates of depreciation may vary based on a number of factors.

What will my refinance loan package contain?

  • Refinance letter explaining the product and process
  • Note and Security Agreement (If you selected delivery via mail or overnight)

Are there any hidden fees?

No. there are no fees to apply. Apply Now.

Does each lender pull my credit?

Each Lender has their own policy about pulling your credit report. Some pull your report before they make you a loan offer, others pull your credit report after you have accepted their offer. In most cases, only TeamRefi pulls your credit report during the refinance process, we then send a copy to each prospective lender.

All inquiries for your credit report within a 14-day period will count as one inquiry if you are looking for a mortgage to purchase a home, a mortgage to refinance your home, a home equity loan or line of credit or an auto loan. If you are looking for a personal loan or credit card, however, each inquiry will be counted as a separate inquiry.

Do we have lenders that deal with less than perfect credit?

Yes! We have Lenders who work with borrowers with perfect credit and not-so-perfect credit. Although we can't guarantee that you'll get a loan offer, we will try to match your loan request with Lenders who are eager to work with you. Apply now.