Frequently Asked Questions About Refinancing a Car


When is a good time to refinance a loan?

You should consider refinancing your loan if you got a bad deal on your loan the first time around, if your credit score has improved, or if interest rates have dropped. We offer more tips in our Learn section.

How long does it take to refinance my car loan?

Most of the time, we can show you up to three loan options within seconds after you hit submit on our website. After you select one loan and apply, the time it takes depends on the lender. Some can give you an answer in minutes, but others take a little longer. We'll keep you updated through email or text, whichever you prefer. You can always check your status in My Loan.

Once you accept your offer, your new lender will pay off your old lender within a few days.

Will you refinance a loan secured by motorcycles, boats, or RVs?

Currently, we only help secure loans for cars or trucks.

Does it hurt my credit to apply for a loan? Do you do a hard pull of my credit?

We don’t do a hard pull when we pre-qualify you, so your credit score will not be affected. If you choose to apply for one of the loan offers we present to you, the lender you select will need to do a hard pull of your credit. This can reduce your credit score slightly. Most hard pulls conducted around the same time for the same reason will be treated by the credit bureaus as one pull. That means you can shop around for the best car loan for you without worrying about dragging down your credit score.

What is the maximum amount I can borrow? Is there a minimum?

The amount you can borrow depends on your credit, your vehicle, and your lender. Most of the time, our lender partners offer loans between $7,500 and $100,000.

Will I have to accept a loan if I'm approved?

No, you don't need to accept any loan that's offered. The choice is always yours.

Can I apply with a co-borrower? Do we have to live at the same address?

Yes, you can apply with a co-borrower! When you click on Apply, we’ll ask you a few questions, including whether you want to apply with a co-borrower. And, yes, lenders like to see that your co-borrower lives at the same address so that they'll know where to find you both and they can be sure that important notices can be read by both of you.

Should I or do I need to apply with a co-borrower?

We’re not credit counselors, so we can’t tell you whether it makes sense for you. In general, applying with a co-borrower may help increase the amount you’re able to borrow and increase your chances of being approved. Lenders consider the ratio of the debts you owe to the income you make in order to determine how much they’re willing to lend to you. If you divide your debts by two incomes instead of one, you may be able to qualify for a better rate, or with more lenders, than if those same debts were divided by just your income. It’s important that your co-borrower be involved in pre-qualifying and applying for the loan with you. Once you agree to the loan, your co-borrower will be equally responsible with you for paying it off.

It’s important that your co-borrower be involved in pre-qualifying and applying for the loan with you. Once you agree to the loan, your co-borrower will be equally responsible with you for paying it off.

When does it make sense to reapply for a car loan? Can I re-apply if I’ve been denied?

A good time to reapply or refinance a car loan is when your credit profile improves, like when you get a pay raise or pay down your debts. Also, if you have more cash on hand, you may want to pay down some of your current loan and then reapply for a smaller loan amount. If you were previously denied credit when you applied by yourself, applying with a co-borrower might also help.

Can I get a loan if I'm self-employed?

Your employment is just one factor our lending partners use to determine loan eligibility, so we encourage you to apply with Outside Financial if you're self-employed.

How old do I need to be to get financing?

Each of our lender partners has a different minimum, but it’s usually 18 years old.

What do I need in order to refinance my existing loan?

To start the process, you just need to tell us a little about yourself and your vehicle. Most of what we ask you should be stuff you know, like your name and address, or information you can get from your wallet, like your driver’s license number.

We’ll also ask you to verify the existing loan we’re trying to refinance. You don’t need to track down exactly how much you owe, but it helps if you have multiple auto loans if you can identify which one you want to refinance.

What if I have accounts at multiple banks? Which one should I enter?

Please provide information about the bank account where you deposit most of your employment income.

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