Getting a Loan for Rebuilt Car Titles
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What Are Rebuilt Car Titles?
Buying Cars With Rebuilt Titles
Selling Cars With Rebuilt Titles
Financing a Car Loan With a Rebuilt Car Title
Benefits of Financing Rebuilt Car Titles
Risks of Financing Rebuilt Title Cars
Refinancing a Car Loan With a Rebuilt Car Title
Requirements for Refinancing an Auto Loan
Time left on the loan Lenders will often want you to have paid at least six months into the loan and have at least six months left to go on it. This shows that you have an established history of payments, while giving them enough time to profit off interest. Amount of money left on the loan Refinancing is essentially taking out a new auto loan. Typically, lenders don’t want to offer small amounts, since they won’t be able to make as much money from them. Mileage and model year If you bought a rebuilt title car with a lot of mileage — or you’ve racked up a lot since you bought it — you may not be able to refinance it. Lenders often have caps of 100,000 to 150,000 miles. Model year can also be a factor. Generally, lenders won’t refinance a car that is more than 10 years old. Credit score As with any loan, your credit score will impact whether or not you are able to refinance your used car. If your credit has measurably improved since your original auto loan, however, you might be able to score a lower interest rate on a refinance.
3 Auto Loan Refi Tips
Refinancing your auto loan could lead to lower monthly car payments and more money in your budget. Lantern by SoFi can help you find the right auto refi loan for you. Shortening the term of your auto loan may increase your monthly payments, but you’ll likely pay less in interest over the life of the loan. You may have trouble refinancing the loan on a car that is worth less than what you owe. For more info, check out When Is the Right Time to Refinance a Car?
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