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What is Auto Refinancing All About ?

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Refinancing is a great way for you to reduce the amount of monthly car loan payments that you currently have.

  • You can lower your monthly payments.
  • You can get cash out.
  • You can skip a payment




The History of Auto Refinance


The concept of consumer finance and auto finance in particular serves the seller of the vehicle by making it possible to sell more vehicles. It also enables the buyer to purchase a vehicle over time. Through auto refinancing they would be able to sell many more vehicles than if the buyer had to pay up front or in 1 year.

When auto loans were first introduced to the American population during the 1960’s, loan refinancing was not a possibility.  Because car loans were required to be paid in full over a 12-month period, simple refinancing was not an option.  As the auto industry has increased in size and vehicles have become much more expensive, the brilliant idea to refinance an auto loan was developed.  Over the past 20-30 years, auto refinancing has become a very common and popular practice within the auto industry.  Once the life of an auto loan was extended past the initial 12-month period, the concept of being able to refinance a 24, 36, 48, 60, or 72 month auto loan was quickly put into practice.  A theory that was originally adopted by GMAC, the first auto loan provider, refinancing a car loan quickly gained momentum.  Now, with many different refinancing options, the auto industry has reinvented what is means to refinance an auto loan.  Providing individuals with various refinancing incentives, less term payments and lower interest rates, the time to refinance your auto loan has never been better.



Now is the time to Refinance your Automobile


With interest rates at an all time low, the time to refinance your automobile has never been better.  Based on recent economical and market specific struggles, the auto industry has been forced to provide auto loan holders with a lower interest rate than ever before in order to maintain business profitability.  It’s extremely important to take advantage of these prime interest rates before it’s too late.  As the global economy continues to climb out of its recession, the auto industry will inevitably rebound as well; causing refinanced interest rates to increase once again.  The last thing that you want to do is look back when you go to refinance your auto loan to see that you have missed out on a great interest rate.

In addition, even if you have an above average credit score, you might have still received a high interest rate at the time of your loans inception.  Because of this, especially if you’re credit score has increased, you should definitely consider refinancing your auto loan.  Refinancing may be very beneficial at this time.  Once you have found a lender that can offer you a better interest rate than the one you currently have, you shouldn’t hesitate to take advantage of the new rate.  Regardless of whether you refinance your auto loan because of the current market or because of your increased credit ranking, you should not let the chance to refinance pass you by.




Step by Step Auto Refinancing at Unify Lenders


Generally, a loan borrower will decide to refinance an auto loan in order to receive a lower interest rate and or lower monthly payments.  Refinancing through a new lender, may be beneficial in many ways.

Helping you refinance your current auto loan, Unify Lenders provides you with an easy step by step process.

Step 1 – The first thing that you need to do is organize all of your important documents and relevant information.  Some of the specific documents that you will need include a copy of your current auto loan, insurance information and your vehicle registration.  In terms of the information that is needed, you will have to know the name of your current lender, your car’s VIN number and vehicle specific information like the year, make, model, mileage and any repairs that have been made to the car.

Step 2 – Know your current credit score.  If your current ranking is poor, the chances of receiving a beneficial refinanced interest rate decreases.

Step 3 – Fill out our easy online refinancing application.  You will need to provide us with your:

  • Legal first and last name
  • Social security number
  • Legal residence
  • Date of birth
  • Proof of income
  • Proof of employment
  • Current loan provider and loan details


*If you require a loan cosigner, we will need their personal information as well.  Having a cosigner will give you greater chance of being approved for a refinanced loan.

Step 4 – Select the amount that you would like to refinance.  Unfortunately, we cannot provide more than the total value of the car.

Step 5 – Submit your application.  Once we have received your loan application, we will run all of the numbers and find the best refinancing option to fit your specific needs.




Auto Refinancing what to do Next

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Once you have gone through our simple step by step application process, we are always here to help.  Because the refinancing process can be somewhat complicated in general, you might have a lot of questions for us.  One of the best ways for you to find the answers that you’re looking for is to search our list of Frequently Asked Questions (FAQ’s).  With an entire page that is dedicated to the most common questions that are presented to us, we assure you that most of inquires can be answered here.  If you still have not found the answer that you’re looking for, than our team of trained loan specialists are available to: