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Auto Refinance in Florida (July 2023)

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!



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Save On Your Car Loan with Auto Refinancing in Florida

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:

Auto Refinance in Florida - Start Saving Money Today

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.

  • Auto refinancing in Florida replaces your existing loan with a new loan -typically with better terms and conditions.
  • The new lender will sign you on for a lower APR while repaying the remaining loan balance to the existing lender. This lets you to start paying reduced monthly payments on the new loan.
  • Besides a lower APR and reduced monthly payments, the biggest advantage of refinancing your car is the benefit of choice.
  • Where earlier you had to make do with the first offer you got, refinancing lets you compare offers from multiple lenders before deciding on the best one.

Why Should You Refinance Your Florida Auto Loan?

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:

  • Get lower APRs: A reduction by 1-2% can save you hundreds over the loan term.
  • Reduce your monthly payment: You can use the money saved for more important expenses.
  • Add or remove a co-borrower/co-signer: You can add a spouse or parent as a co-borrower to help you repay the loan on time.
  • Get cash-out refinancing: If you need cash for an emergency, put up your car as collateral with cash-out refinancing.
  • Include more benefits in your loan: Add Guaranteed Asset Protection, Vehicle Service Contract, and other benefits to your refinanced loan.
  • Buy out your lease at the end of the term.

See what you could save on auto refinance

How Much Can You Save Through Auto Refinance in Florida?

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.

 

Your estimated monthly loan payment is

$684.10/mo

Monthly savings

$55.90

Difference in interest

$2683.20

When Should You Refinance Your Florida Auto Loan?

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.

  • Have at least 3-6 months passed since the start of your current loan?
  • Has your credit score increased above what it was at the start?
  • Do you want to reduce your monthly payments and save money on your auto loan?
  • Do you want to get rid of certain terms/clauses in the auto loan?
  • Do you want to add/remove a co-signer or co-borrower to your loan?

What Documents Do You Need to Refinance Your Auto Loan?

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:

Personal Financial Information

  • Driver's License
  • Credit score: Ideally, try building your score above 700 to get the best rates
  • Social Security Number
  • Proof of Income: You can use pay stubs, bank statements, or tax returns as income proof.
  • Proof of Residence: You can submit mortgage statements, auto insurance policies, utility bills, or property tax bills.

Current Loan Information

  • 14-day payoff amount: Call your lender and ask for the remaining loan balance, including the next 14 days' principal and interest.
  • Car Loan-to-value ratio: The LTV will tell you if you are 'underwater' on your car loan (i.e., owe more than the car is worth). Refinancing is not a good idea if you're underwater/upside down.
  • Loan term remaining: You should have at least a year remaining on your loan term, and at least 6 months should have passed since the start of the loan.
  • Prepayment penalty: Some lenders will penalize you up to 2% of the loan balance if you close early. Make sure such conditions aren't a part of your current loan.

Vehicle Information

  • Make and Model
  • Year (Age)
  • Title
  • Vehicle Identification Number (VIN)
  • Proof of Car Insurance

Auto Refinance in Florida: Eligibility Requirements

Your car will likely be eligible for auto refinance in Florida if it meets these criteria:

  • The car is less than 10 years old (varies depending on the lender)
  • The 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

Average Auto Refinance Rates in Florida

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.

See what you could save on auto refinance

How to Refinance Your Florida Auto Loan with Way.com

Step 1: Estimate your savings

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.

Step 2: Match with multiple pre-qualified offers

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.

Step 3: Choose an offer and start saving

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!

How to Refinance Without Hurting Your Credit

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:

  • Try rate shopping within a certain window. Credit risk companies allow multiple inquiries to be clubbed together as one inquiry - if done within a certain period. For example, VantageScore has a rate shopping window of 14 days, while it is 45 days for FICO.
  • Pre-qualify for offers using a soft credit pull. You'll make a better decision if you compare pre-qualified offers rather than as a shot in the dark.
  • Check your credit score regularly and build it to a good level before applying. Ideally, a score above 700 will get you great rates.

Why our Florida Auto Loan Refinance Program is Great For You

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:

  • Find and connect to the best refinance lenders
  • Compare the best offers and choose the best
  • Refinance lease buyouts
  • Include additional benefits like insurance, extended warranty, etc
  • Refinance even with bad credit

... and much more!

What is Way.com?

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.

Auto Refinance Data Methodology

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!

Auto Refinance in Florida: Frequently Asked Questions

What is a good APR for refinancing a Florida car loan?

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.

Which lender provides the best auto refinance rates in Florida?

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:

  • Credit score
  • Length of loan term remaining
  • Loan balance remaining
  • Payment history

Can you negotiate car refinance rates in Florida?

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).

Does refinancing a car hurt my credit?

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.

Can I refinance my car lease?

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!


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