Auto Refinance FAQs

1. I picked my refinance loan option. What's next?

After picking the refinance loan option that suits you, you must secure your offer and proceed for pre-approval.

2. How do I upload my documents?

Once you have accepted the best offer, you'll be contacted via email, and you can share your documents with the requested Agent Portal.

3. What are the documents required for the refinance process?

For refinancing your auto loan, you'll need documents and information such as:

Driver's license
Social Security Number
Your credit score
Proof of income
Proof of residence
Vehicle identification number (VIN)
Make and model
Year
Title
Proof of car insurance
14-day payoff amount
Car loan-to-value ratio
Loan term remaining
Prepayment penalty

Additional documentation may be required based on the lender's requirements, your credit history, and the specific loan terms you are applying for.

4. Does Way.com offer products that can preserve the value of my vehicle?

Yes. If you qualify for refinancing with Way.com, you will be offered various products such as protection against total loss (GAP), extended vehicle protection, key replacement, etc.

5. What is the overall auto refinance process?

When refinancing with Way.com, you'll be asked to provide basic vehicle and loan information to get you an estimated offer. Later, you'll be contacted via email to provide more info about getting a final offer. Once you have accepted the offer, you can apply for a loan and get your current loan refinanced.

6. What are the basic loan and vehicle requirements?

Here are some of the basic loan and vehicle requirements to refinance with Way.com:

Your current credit score is above 600.
Your car should be less than ten years old (varies depending on the lender).
Your car has a mileage of less than 150,000 (varies depending on the lender).
You have a verifiable income source.
You have a valid driving license.
You have a valid registration.
You have full coverage insurance.
You have a consistent payment history on your current loan.

7. What is prequalification?

Prequalification means a lender has assessed your financial situation and found that you meet some of their requirements for loan approval.

8. Does prequalification affect my credit score?

No. Prequalification doesn't affect your credit score as the lenders do a soft inquiry. But your credit score will dip if you formally apply for a credit check.

9. Will I need to put cash down?

No. When you refinance, you don't need to put cash down. But if you have a low credit score, you might have to consider making a down payment to secure a lower APR than your current rate.

10. Are there any fees?

No. There are no fees for refinancing. But you might have to pay transaction fees and other potential charges, depending on your choice of lender.

11. Are there any prepayment penalties for paying off my loan?

It depends on the lender. Usually, when you have a car loan, the lender has the right to charge you a prepayment penalty of up to 2% of the amount you still owe on the loan.

12. When will I hear back a decision for prequalification and my credit application?

When you apply for an auto refinance online, you can easily submit a prequalification application and expect to get a reply within 24 hours.

13. Can I refinance my existing auto loan?

Yes, you can refinance your existing auto loan for better interest rates and save on monthly loan payments.

14. Will refinancing change the names listed on my title and who owns the car automatically?

No. Refinancing your auto loan will not change the registered owners listed on your title automatically.

15. I still can't find my answer. Can I call someone?

Even if you don't have any answer now, you can contact our customer support (+1 (408)598-3338 ) to get clarity.

16. What happens after I pre-qualify?

If you pre-qualify, you can see your anticipated monthly payments, terms, and APRs.

17. When does my refinance offer expire?

Your refinance offer expires six months after getting it.

18. Why can I not extend it longer than 12 months?

Ideally, you shouldn't. The more you wait, the more you will stay on your current loan.

19. I want to move forward with my prequalification offer. What are my next steps?

You have to go through the estimates you received once again and proceed with the formalities to apply for refinancing.

20. Will the terms on my prequalification offer change after I submit the credit application?

Usually, it doesn't. Some charges may vary depending on the lender that you choose. Please communicate with your lender before completing your paperwork.

21. What happens after I submit the credit application?

Your data will be processed for its validity. Then, once you receive word from your lender, you can proceed with the paperwork.

22. How soon will I receive my refinance loan package?

It usually takes 30 to 45 days as refinancing can take between 5–7 weeks to complete with most traditional lenders.

23. What if I make a mistake in completing my loan documents?

You can contact us and send your correct documents while it's being processed.

24. Will refinancing change the names listed on my title and who owns the car automatically?

No. Nothing will change. It's just that you will be held accountable for paying back the loan.

25. What is the title transfer process?

Depending on where in the United States you reside, you can transfer ownership with the title at your state's Department of Motor Vehicles or Secretary of State office. Know that the purchaser is responsible for paying the title, registration fees, license plates, and any necessary sales taxes.

26. I still show a balance with my previous lienholder, and a payment is due. Do I need to pay for it?

When you refinance, the new lender will close your existing loan. And you will not be liable to your previous lender. If such an error shows up, please contact your current lender and get it clarified.

27. What happens if I paid my previous lienholder and now I have overpaid?

As long as the transaction was legal and recorded, you should be reimbursed for that overpayment.

28. How do I sign in to view my account or make a payment?

You can sign into your Way account normally and then go to your profile. It will list down all the services you have opted for with Way. Select refinancing, and you will be guided down the line. You can use the same account to track your auto refinance payments.

29. When will my first monthly loan payment be due?

In most cases, you can estimate it by adding a month to the closing date, at which point you can determine that your payment is due on the first of the month after.

30. How can I check the status of my application or any documentation requests?

You can use your Way account to track your auto-refinance payments or processes.

31. How will I know that you received the documentation that I submitted online?

You will receive an email of confirmation based on the data received.

32. How do I provide Proof of Residence?

Your utility bill, lease, mortgage statement, auto insurance policy, etc., are considered as proof of residence.

33. How do I provide Proof of Income?

Regardless of whether you work full- or part-time, you will be requested to produce your past three pay stubs to verify your income. You can bring pay stubs from each of your part-time jobs if you have several.

34. I'm interested in checking my rates. What's involved?

You must visit our Refinance page and enter some of the necessary details to get your rates.

35. I've heard of refinancing a mortgage. Can I really do the same thing for my car?

Yes, you certainly can. That's what auto refinancing is all about.

36. Why should I refinance my vehicle?

Refinancing can be the best option if you have trouble with an unfavorable interest rate or a hefty monthly payment.

37. What kind of vehicles can I refinance through Way.com?

You can refinance your car with Way.com. Visit our auto refinance page for more info.

38. Can I refinance my lease through Way.com?

No. You can't refinance your lease through Way.com.

39. How can I learn more about auto refinancing?

Our blog section is dedicated to all the info you need about auto refinancing.

40. Where can I find my VIN?

You can find your VIN on the driver's side dashboard.

41. Do you need my social security number?

Yes, we do need your SSN to process your requests.

42. Will I need to confirm my income?

Yes, you must confirm your income, as it is part of the process.

43. Are there any fees involved with my refi?

No. Legally, you don't have to pay to get an auto refinance, but it might not be the same with all lenders. You might be asked to pay some charges.

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