Auto Loan Refinancing
Auto refinancing is when you pay off your existing car loan and replace it with a new one, usually from a different lender. Refinancing your auto loan could help you save money by securing a lower interest rate. Or you can reduce your monthly payments by adjusting the length of your loan term, freeing up cash for other financial needs.
Paying off your existing car loan and refinancing into a new one could help you save money by scoring a lower interest rate. If you’re still using dealer financing, rates have likely dropped since you got your existing loan. So, if you’ve been keeping up with your payments, now could be a great time to check your rate and save.
Impact on your credit.
You can check your rate through AL MUBARAK Investment and Loan as many times as you like, with no impact to your credit score. No one except you can see the soft credit inquiries on your credit report. However, once you accept an offer and are approved for an auto refinance loan, we will do a hard credit check which will post to your credit report, indicating that you have accessed credit from AL MUBARAK Investment and Loan. This may or may not impact your credit score in the short term..
Documentation
During the application process, we’ll ask about your driver’s license, vehicle registration, and proof of insurance. We may also ask you to send us additional documentation to confirm your income or other information, if necessary.
Don’t worry, you can easily snap a photo and upload it right from your phone.
Eligibility
To qualify for auto loan refinancing through AL MUBARAK Investment and Loan, your vehicle must be for personal use only, 10 years old or newer, under 120,000 miles, and your existing auto loan must be open for at least one month, have a balance between $5,000-$60,000 and at least 24 months of payments remaining.
How quickly you can get an Auto Loan Refinancing
We make it easy so you can check your rate in a few minutes! You can help keep things moving along by checking your To-Do List and making sure you have submitted all the documents and information requested.
Applying is easy and the entire process can be completed online using your phone, laptop, or tablet.
