Car Refinance Requirements

Before you apply for a Car Refinance Loan you should know what the Car Refinance Requirements are before getting into it. We have included a list of what you need to have ready before you apply. A Lower Car Payment always is a good option for anybody, but making sure that you meet the minimum requirements will help you to increase the chance of your approval.

Car Refinance Loan

Debt-to-Income Ratio
It must be less than 50%. Calculate this ratio by dividing the sum of your total debt (e.g. car payments, credit card balances and unsecured loans; exclude mortgage or property debt) by the sum of your total income (e.g. all sources if income).

Credit Score
You must have a Credit Score of 600 or greater for single applicants or if you have a Credit Score of less than 600, a co-applicant with a Credit Score greater than 600. If you don't know your credit score, you should get a copy of your credit report.

Loan Amount
A Car Refinance Loan is typically between $8,000 and $50,000, depending on the length of the loan period.

Employment History
Having a steady employment is preferable. If you're self-employed, proof of two years minimum employment history must be provided with tax returns. You must have at least one year of continuance employement with the same employer.

Collateral
Any vehicle that is Refinaced must be no no older than 5 years old.

Vehicle Type
Most vehicles are accepted.

Mileage
Your vechile must have less than 80,000 miles on it. This is because the value of the car decreases with the more miles you have. Sorry, but if it has more than 80,000 miles on it then we cannot help you.

State-by-State
Car Refiancing is availlble nationwide.

Refinancing
When refinancing, your credit history must show that your current auto loan or mortgage loan payments are not more than 30 days overdue, within the last 12-month period.

Other Considerations
• Complete all fields on the application accurately with proper format and no typos.
• Apply online. It is secure and fast. Apply for Car Refinancing here.

Car Refinance

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