Quick Answer: Can I refinance my car loan with Regions Bank?

Can regions refinance a car?

Apply for an auto loan for a new or used vehicle, or refinance an existing auto loan at a Regions branch, or apply online or by phone and complete the process at a branch. … Apply to refinance your auto loan online at your convenience and take advantage of competitive rates and flexible terms.

How and when can I refinance my car?

Rule of Thumb of When to Refinance a Car Loan

  • Wait at least 60-90 days from getting your original loan to refinance. …
  • Consider refinancing after six months. …
  • If you are a first-time car loan borrower, wait at least a year to refinance your loan.


Can you refinance a car loan at any time?

When Can You Refinance? You do not need to wait any minimum amount of time before refinancing your car loan. You just have to meet all the requirements for the new loan to refinance. Refinancing is possible immediately after buying—even before you make your first monthly payment.

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Where is the best place to refinance a car loan?

  • LendingTree: Best Marketplace for Refinancing Auto Loans.
  • rateGenius: Runner-up for Best Marketplace.
  • Autopay: Best for Refinance Options.
  • PenFed: Best Auto Refinance Rates.
  • Auto Credit Express: Best for Low Credit Auto Refinancing.
  • MyAutoLoan.com: Best for Fair Credit.
  • Lightstream: Best for Great Credit.
  • RefiJet.

Where can I get the lowest auto loan rate?

Compare the Best Auto Loan Rates

Lender Lowest Rate Terms
PenFed Credit Union Best Overall 0.99% 36 to 84 months
LightStream Best Online Auto Loan 2.49% 24 to 84 months
Bank of America Best Bank for Auto Loans 2.39% 12 to 75 months
Consumers Credit Union Best Credit Union for Auto Loans 2.49% 0 to 84 months

Are regions auto loans good?

Regions Auto Loan Review. … The best auto loan rates will go to existing Regions customers with excellent credit, but anyone may apply. With competitive rates and an easy online loan application process, Regions auto loans are worth considering when buying or refinancing a vehicle.

Does Refinancing a Car hurt your credit?

Refinancing a Car Can Temporarily Lower Your Credit Score

This typically causes a small reduction in your credit score. … Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount, its impact on your credit score is minimal.

How can I lower my car payment without refinancing?

Prepayment. Prepayment is one way to reduce your monthly payments and save money on interest. By paying a larger amount than what’s due, you’ll reduce the principal you owe. Dividing the smaller, remaining principal by the number of months left on your loan will result in a lower payment per month.

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Should I refinance my car or trade it in?

When a car trade-in makes sense

Downsizing to a lower-priced make, model, or size could bring your payment down lower than you’ll get by refinancing your current car loan. A trade-in may not make sense if you cannot find a dealer that offers you a decent trade-in value.

What credit score is needed to refinance a car with Capital One?

Popular Articles. Capital One offers a small range of auto loan interest rates, and rates start relatively low. With this lender, people with low credit scores could get a good deal, as long as the required minimum credit score of 500 is met.

How do I renegotiate my car loan interest rate?

How to lower APR on a car loan

  1. Check your credit reports and build credit. …
  2. Apply for refinancing. …
  3. Apply with a co-borrower or add a cosigner. …
  4. Shop around. …
  5. Think about shorter loan terms. …
  6. Negotiate APR and interest rate. …
  7. See if you can lower your APR in just a few minutes.


Is it worth refinancing a car loan?

Refinancing and extending your loan term can lower your payments and keep more money in your pocket each month — but you may pay more in interest in the long run. On the other hand, refinancing to a lower interest rate at the same or shorter term as you have now will help you pay less overall.

What are the disadvantages of refinancing a car loan?

Cons of auto refinancing

  • You might pay refinancing fees. There are a variety of fees you can run into including transfer, exit and upfront fees. …
  • You could pay more interest over the life of the loan. It’s true that getting a lower interest rate can save you money.
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What banks offer refinance auto loan?

  • LightStream.
  • Capital One.
  • Bank of America.
  • AutoPay.
  • USAA.
  • LendingClub.
  • Consumers Credit Union.
  • FAQs.

What is a good auto refinance rate?

Who has the best auto refinance rates?

Lender/Lending Platform Lowest APR for refinance (as of Dec. 1, 2020)
Autopay 1.99%
LightStream 2.49%
MotoRefi 1.49%
PenFed Credit Union 2.14% (model year 2019 and 2020) 2.99% (model year 2018 or older)
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