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Check out some answers to common questions about auto refinancing with RateWorks

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Auto Refinancing

RateWorks

Application

How long does the auto refinancing process take with RateWorks?

Once you complete your application, the full refinance process can take anywhere between 4-7 business days while we go through the necessary steps to get you your new loan.

When can I start saving?

As soon as you receive your new RateWorks loan terms! Start today by getting a quote to see how much you could save.

How can I save money by refinancing?

A lower rate means lower monthly payments! If you are managing a tight monthly budget, we can make the terms and payments work for you and your situation.

If I refinance, am I starting my loan over?

Refinancing your loan does not necessarily mean your loan is starting over. When you refinance a loan, you are essentially taking out a new loan to replace your existing one. The new loan is used to pay off the remaining balance on the original loan, and the terms of the new loan are typically more favorable than those of the original loan. Most customers refinance to get a better interest rate, lower their monthly payments, or change the loan terms to better suit their financial situation.

Should I be concerned about my credit score?

When you request a quote from RateWorks, we conduct a soft credit inquiry. Not only is there no obligation to move forward, but the quote process has no impact on your credit score. A hard credit pull will only be conducted after we fund your loan

What makes RateWorks different?

We are professional auto loan experts with an A+ rating from the Better Business Bureau. Third party lenders don’t service your loan, sending it off to another organization to fund. And all lead generators (services that help businesses find new customers) take your application and send it off to potential lenders. At RateWorks, we do it all from creating our own rates to servicing our own loans. Our goal is to get you the best rate and answer any questions you may have.

Should I be concerned about confidentiality?

We don’t require any of your sensitive personal information to create a quote. If you like what you see, you can create an application on the spot. At RateWorks, we abide by all U.S. laws and regulations related to data collection. For more info on this and other questions about confidentiality, check out our privacy policy.

How much will I save?

The amount you will save will depend on your current rate and terms. Though we are thrilled to say that, on average, we've saved drivers more than $100 per month and $1,200 per year.

Are there any fees with RateWorks?

While you may see some extra fees added on with other providers, we pride ourselves on giving you our best rate possible on your new loan, and that means no fees!

Should I be concerned about my low credit score?

How do I get a quote?

We make it easy to get a quote. With no hard credit check involved, all you need to do is head over to our free online form, select the state you live in, tell us the amount of your current monthly payment, your income, and information about your car. You’ll then have your projected payment amount in hand!

How long will the process take?

It takes just minutes to apply! Our entire application process is online to save you time. However, if you need a bit of guidance, our team is on standby for any questions you may have. Once your application process is complete, it takes about 4-7 days to complete your funding process and get you on the road.

What information do I need for the application?

To complete your application, you’ll need to know your financial information such as credit score, income, proof of employment (paystub), as well as your social security number. You'll also need your payoff amount on your current loan along with your vehicle's VIN number and proof of insurance. This all helps enable us to get you the right amount on your new loan.

How will I know if I’m approved?

Whether you are approved or not, you will be contacted by one of our loan associates.

What factors are taken into consideration on my application?

For an application, we look at things such as: Debt to income, Payment to income, loan to value, time on bureau, credit score, and some other factors that may be specific to you.

How long will it take to get my money?

Generally, the process takes about 4-6 business days to complete. If you’re granted a new loan, we send payoffs out to the lienholder the following day from funding. You’ll then receive your loan once that is processed.

Faqs

More questions

How long will the process take?

If I refinance, am I starting my loan over?

What makes RateWorks different?

We are professional auto loan experts with an A+ rating from the Better Business Bureau. Third party lenders don’t service your loan, sending it off to a third party. And all lead generators (services that help businesses find new customers), do is take your application and send it off to potential lenders. At RateWorks, we do it all from creating our own rates to servicing our own loans. Our goal is to get you the best rate and answer any questions.

Should I be concerned about confidentiality?

Should I be concerned about my low credit score?

See all FAQs

Auto Refinance

We’re your partner when it comes to auto loan refinancing. We offer lower interest rates on car loans and provide a variety of auto loan refinancing advantages.

Customer Reviews

We’re pleased to have serviced over hundreds of RateWorks customers. Check out what so many of them had to say.

Glossary

Our RateWorks Glossary has got you covered with all the terms you need to become an expert in auto loan refinancing.

With RateWorks you can start saving today

Our fast and easy online application process makes it simple to get started and potentially save you hundreds or even thousands of dollars over the life of your loan.

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‍855-925-1647

NMLS ID # 1458842

You understand and agree that you are providing instructions to RateWorks and/or its partners, under the Fair Credit Reporting Act ("FCRA"), to access information from your personal credit profile or other information from TransUnion. You authorize RateWorks and/or its partners to obtain such information solely to conduct a pre-qualification for credit. By checking the box and proceeding we will initiate a "soft pull" of your credit. This will not affect your credit score.