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In a survey done by super auto app Way.com in January 2023, customers across the US were quizzed on their knowledge of auto refinance.
While 70% said they were aware that one could refinance their vehicle, over 50% admitted to knowing very little to nothing about how auto refinance works.
Over 70% of the 915 people surveyed thought auto refinance would be a good avenue to explore when dealing with any sort of financial issues.
According to Way’s Sr. Director of Finance Steven Gordon, refinance makes sense under the following conditions:
If you want to reduce your payment – By refinancing and securing a lower APR in the longer term, you will be able to cut your monthly auto cost. You could refinance for a lower payment now, then refinance for a shorter term when your finances improve or put more money toward the loan principal (assuming there isn’t a prepayment penalty) to pay it off sooner. Both methods may save you money on interest fees.
You got a better deal – One of the primary goals of refinancing is to save money on interest. If your credit score or income has improved since you first signed for your current auto loan, you may be eligible for a lower APR.
Way launched their auto refinance program in November 2022. Customers are saving up to $1850 a year by refinancing their vehicle loans.
One thing to consider while exploring refinance is the age of your vehicle. Your car may become ineligible for refinancing at some time during its life. For cars, most lenders will consider the age and mileage. The requirements vary, but ten years or 100,000 miles is usually the limit.
