What is an auto refinance?

Refinancing an auto loan means replacing your current car loan with a new loan to lower your monthly payment.

Do you only refinance cars?

We specialize in refinancing personal vehicles including cars, trucks, and SUVs.

Who qualifies ?

The vehicle must be less than 10 years old and have less than 120,000 miles. Your current loan must have a remaining balance of between $10,000 and $55,000 and be at least 3 months old and at least 24 months of payments left. You must not be currently over 30 days past due on current loan.

When I refinance, does that mean I have to start the entire term of my loan over again or extend the term of my loan?

Your term is flexible and may be shortened or lengthened to accommodate your particular refinance needs to lower your monthly payment.

While I am working with Carfundy to refinance my automobile, can I stop making payments on my current loan?

No, you are contractually obligated to make payments on your current loan until your account is paid in full. Once your application is submitted, It is important to complete all of your loan paperwork and return it to the lender as quickly as possible. When the entire process is complete and your current lender has been paid off, then you are free from your old loan.

Is there a charge to refinance my automobile?

In some cases, a small fee on behalf of your state’s DMV will be collected in order to process the vehicle title on your behalf so you don’t have to bother with DMV. In either case, any fees will be disclosed and documented to keep you informed.

Is Carfundy a bank or a lender?

Carfundy is better and more convenient, we match each individual to the best auto refinance offers utilizing a network of over 120 lenders all from one application!

What else do I need to refinance?

You must have a valid driver’s license and vehicle registration.


Can I add or remove a co-applicant from my current automotive loan?

In most cases, yes! By refinancing you can remove a co-signer or add a co-signer over 18 that qualifies.

Can I refinance a vehicle if I am taking over the payments of a vehicle?

Whoever is applying to refinance must be listed on the loan. If your name is not on the loan, you cannot refinance the vehicle. This applies to married couples, as well.


How long does the application process take?

The lender moves quickly to expedite the refinance process. The application takes only a few minutes and within 24–48 hours, the lender can put you on the road to saving thousands by refinancing your car, personal truck or SUV.

Do I have to give you my Social Security number?

We don’t necessarily need your Social Security number to pull your credit. However, a Social Security number will provide the most accurate information for your auto refinance loan application. Keep in mind, your privacy and protection is of great concern and a high priority. All information is obtained securely and guarded.

Can I apply if I am part-time, unemployed, self-employed, a homemaker, or retired?

Generally, persons with proof of steady household income qualify for refinancing, pending income requirements are met. Individuals who are considered self-employed will need to provide their net monthly income (income after taxes and deductions as opposed to gross monthly income). Persons who do not meet income requirements can include a co-applicant to help meet those requirements.


Can I still refinance during the pandemic?

Yes, we are still here to help!.

Can I refinance my auto loan if I’m unemployed due to COVID-19?

Our lenders want to be sure you’ll be able to make your payments on time for the duration of your loan. That’s why typically, they will not approve those who are receiving unemployment income as their sole source of income. Employment benefits last anywhere between 20 to 26 weeks and lenders need to know you’ll continue making payments when your benefits expire.