Refinance your Auto loan Fast and Easy with Way.com!
Save up to $1850 per Year
APR as low as 2.99%
View your pre-qualified rates* in under a minute!
Nothing beats the stress of knowing that your car loan payments have become too expensive. If you're looking to save money, you're in the right place!
With auto refinancing, you can get out of a bad Florida car loan and get a better one in just a few minutes. Some of the benefits of refinancing include:
Did you finance your car loan from a dealership or a bank? Then it's possible that you didn't have too many offers to choose from, and signed on for a high APR.
If you're stuck in such a 'bad' car loan, auto loan refinancing is one of the easiest ways to save money.
When you first bought your car, it's possible that you settled for the first APR offered. Perhaps your credit score was bad; perhaps your dealer/bank convinced you that you're getting a good deal; perhaps the payments seemed manageable then.
However, you may actually deserve a lower APR, especially if your credit score has improved. Don't fret - you can refinance your Florida auto loan and get out of the bad loan with the following benefits:
The exact amount you can save depends on your personal credit profile. However, on average, borrowers who refinanced their auto loans in Florida state have been able to reduce their APRs by at least 1-2% lower than their current APR and save up to $1500 every year.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
Even if you find out that you're overpaying, don't rush to refinance right away. Ask yourself the following questions to identify if it's the right time to refinance.
When applying for the best auto refinance rates in Florida, it's best to keep all the official loan documents ready. Here's what you need:
Your car will likely be eligible for auto refinance in Florida if it meets these criteria:
LOAN TERM | Excellent
Credit Score (750-850) |
Good
Credit Score (700-749) |
Fair
Credit Score (640-699) |
Poor
Credit Score (639 or less) |
---|---|---|---|---|
36 months | 3.30% | 4.37% | 4.98% | 7.55% |
48 months | 3.40% | 4.89% | 6.68% | 9.70% |
60 months | 3.45% | 4.75% | 6.45% | 9.50% |
72 months | 3.83% | 4.70% | 6.58% | 9.60% |
*The above rates are averages: individual rates may vary based on credit scores, risk profile, payment history, loan balance, and more. Borrowers with excellent credit may get even lower rates than shown.
Input your desired APR into an online auto refinance calculator to quickly find out how much you can save. You can go ahead and refinance if your new estimated payment is less than your current payment.
The advantage of using a lending platform like Way.com is that you can shop around, compare multiple rates, and pre-qualify for offers with a soft credit pull.
Once you choose an offer, be prepared for a hard credit inquiry. Though your credit score may drop by a few points you can easily build it back in a matter of months! All you need to do is submit the required documents, and the lender will take care of everything else!
Be prepared for a dip in your credit score by at least a few points when applying for refinancing. However, you can reduce the magnitude of the drop in the following ways:
At Way.com, we understand that rising vehicle and maintenance costs in Florida and other states have made life hard for car owners. You deserve to get the best deal on your auto loan, without bleeding money on it.
Way.com is simplifying car ownership across the country - starting with car payments! Our AI-enabled fintech platform allows you to:
... and much more!
Way.com is the country's leading car services marketplace and auto super app, making car ownership affordable to millions of Americans. You can save more than $1500/year through our auto services like:
Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way.com app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
When refinancing your Florida car loan, try to aim for a lower APR than what you currently have. The new APR should be at least 1-2% lower than your original APR. For that, you’ll need to have a better credit score than when you first applied.
Almost all refinance lenders offer low rates for good credit borrowers. The auto refinance rates in Florida can vary depending on the credit profile of the borrower. Some factors that go into determining your rates include:
Yes, before signing on for a refinanced car loan, you can pre-qualify, compare rates, and negotiate with your chosen lender to get preferred APRs. You’ll have more success negotiating lower rates if you have excellent credit (more than 740).
When you apply for auto refinance, the lender will do a hard credit inquiry, which can impact your credit score by a few points. However, you can make up for the credit drop by being consistent in your future payments, which will help you build it up quickly.
Yes, you can buy out your car lease by refinancing it at the end of the term.
Do you find Auto refinance complex? Here is the ultimate Auto Refinance FAQ Guide with answers to all your questions!