How do I apply for an auto loan refinance?
Simply click on the “Get Started” button to access our online web application. It takes only a few minutes to complete.
What are the basic loan and vehicle requirements?
The minimum credit score to qualify is 680, and the amount financed (your payoff) must be between $10,000 and $90,000. In addition, you must be current on your existing auto loan and, if applicable, your mortgage.
Your existing loan can’t be with us, and your existing lender must be FDIC or NCUA insured. Most banks, credit unions, and larger auto finance companies meet this requirement.
We will finance new and used personal-use cars, minivans, SUVs, and light trucks. Your vehicle must have less than 125,000 miles and be valued between $8,500 and $90,000 KBB retail.
We don’t refinance Daewoo, Saab, Oldsmobile, Suzuki, or Isuzu vehicles; commercial vehicles; recreational vehicles (RVs); ATVs; motorcycles; boats; motor homes; camper vans; branded title vehicles; lemon vehicles; or vehicles without a Vehicle Identification Number (VIN) or title issued. At our discretion, we may determine a vehicle to be commercial or otherwise ineligible based on the model and/or information provided to us.
What fees are involved in the refinance?
We don’t charge an application fee. However, each state charges a title transfer fee, and an approved vendors is paid to complete the title transfer. We pay these fees on your behalf and the amount is included in your final loan amount. There’s no out-of-pocket expense to you.
Are there any pre-payment penalties for paying off my loan early?
No, you can pay off your loan at any time without any pre-payment penalties.
How long does it take to be approved for a refinance?
It’s quick. You’ll receive a decision in less than 24 hours.
Will my GAP policy remain in effect when I refinance?
You’ll need to review your existing GAP agreement or contact your GAP provider to determine whether your GAP policy terminates upon refinancing.
What information will I need to provide?
We’ll ask for your first and last name, date of birth, Social Security number, address, phone number, and employment information. Plus, we’ll need information on your vehicle, including its make, model, year, mileage, and vehicle identification number (VIN). The last thing you’ll need to provide is the name of your current lender, payoff amount, and monthly payment.
Do you have to run a credit check and will it affect my credit score?
To determine whether you qualify for refinancing, we must review your personal credit. Your credit history will inform us of your lines of credit and payment history. This is a hard inquiry on your credit report with a minimum impact on your credit score.
Can I refinance my existing Bank of Internet USA auto loan?
No, we only refinance loans with other lenders.
Should I stop making payments on my existing loan?
No, you are contractually obligated to make payments on your current loan until your account is paid in full. To protect your credit, you should continue to make your payments until we have completed your refinance process and paid off your current lender. We’ll request a payoff from your lender and overnight or wire the funds to pay off your loan. Your lender may take 3-10 business days to process the payoff transaction. Only after your lender has processed the payoff can you stop making payments on your previous loan.
Can I sign up for automatic payment through my checking account?
Yes, we offer rate discounts for participation in autopay. There’s an additional discount if you take advantage of our free checking account with up to 1.5% in cash back on qualifying purchases.