Auto Refinancing in Georgia (August 2025)

Unlock car loan savings with Georgia auto refinancing

If you're one of the many Georgians stuck in a bad car loan, then auto refinancing is something you should definitely consider! Here's what you get by refinancing with a new lender:

• Lower your Annual Percentage Rate (APRs)
• Reduce your monthly car loan payments
• Add or remove co-signers/co-borrowers to your loan
• Take a payment vacation/ defer your payments
• Extend or shorten your loan term
• Buyout your car lease at the end of the term
• Choose bi-weekly payments and hardship plans

Auto Refinancing in Georgia Explained

Living in the Peach State is costly even without the added stress of expensive car loan payments! With skyrocketing prices, new cars have become extremely pricey. The more the price, the more your auto loan - and the higher your monthly payments!

• Auto refinancing in Georgia replaces your expensive existing loan with a new loan - typically with a lower APR and monthly payment.
• You can do this by picking a new lender who will pay off your old loan and sign you on for a new one.
• The new APR will typically be much more affordable, and result in lower monthly payments for you.

Refinancing can help you save much more in the long run - as much as $1850/year! In addition, if you sign up with a refinance aggregator like Way.com, you could also benefit from multiple deals and offers to choose from!

Why Should You Refinance Your Georgia Auto Loan?

Let's face it - you don't exactly make the best decisions when shopping for a new car! Between the loan terms, the dealer's persuasion tactics, and your excitement, several details might slip your notice.

You will be told that the APR you signed on for is the best you can get - especially for your credit score. However, it's only once you start paying the monthly amounts that you realize otherwise! There's no need to worry - you too can save more by refinancing your Georgia auto loan for the following benefits:

• Lower your car loan interest rate: Reduce your loan rates by 1-2% and save more than $800 every year.
• Reduce your monthly payment: Find more money to spend on your student debt, mortgage, or even monthly expenses.
• Add or remove a co-borrower/co-signer: You can add a spouse, parent, or sibling as a co-borrower to help you repay the loan on time.
• Find lenders who offer payment vacations: Get more flexible plans that allow you to defer payments in an emergency.
• Get cash-out refinancing: Put up your car as collateral and borrow an amount up to 80% of the car's resale value, with a part in cash.
• Include more benefits in your loan: Add Guaranteed Asset Protection, Extended Warranty, and other benefits to your refinanced loan.
• Sign up for hardship plans or biweekly payments

How Much Can You Save Through Auto Refinancing in Georgia?

On average, those who refinanced their Georgia auto loans were able to reduce their APRs by at least 1-2% and save between $800-1850 every year. The exact amount of savings you can make depends on several factors like:

• Your credit score
• The loan amount
• The new loan term
• Your payment history

When Should You Refinance Your Georgia Auto Loan?

Take your time, do your research, and build your credit score before refinancing your Georgia auto loan. It can be tempting to do so immediately when you find that you're overpaying! However, we recommend caution, as you will only get the most benefit if the time is right.

Here's when you know it's the right time to refinance:

• At least 6-12 months should have passed since the start of your loan
• Your credit score should have increased by several points
• You aim to reduce your monthly payments and save money on your auto loan
• You want to get rid of certain terms/clauses in the auto loan
• 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 auto refinance rates in Georgia, it's best to keep all the official loan documents ready. Here's what you need:

Personal Financial Information

• Driver's License
• Credit score
• 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: This is the remaining loan balance, including the next 14 days' principal and interest. Your lender can tell you how much you owe.
• Car Loan-to-value ratio: The LTV will tell you if you are 'underwater' or 'upside down' on your car loan. That means that you owe more than what the car is worth.
• Loan term remaining: You should have at least a year remaining on your loan term for refinancing to make sense.
• Prepayment penalty: Some lenders can charge up to 2% of the remaining loan balance as a prepayment penalty.

Vehicle Information

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

Auto Refinance in Georgia: Eligibility Requirements

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

• The car is less than 10 years old (can go up to 12 years depending on the lender)
• The car has a mileage of less than 100,000 (can go up to 150,000 miles 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 Georgia

*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.

How to Refinance Your Georgia Auto Loan with Way.com

Step 1: Estimate your savings

Use an online auto refinance calculator to punch in your desired APR and see how much you can save.

Step 2: Match with multiple pre-qualified offers

With Way.com, 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, send in your supporting documents for reviewal. Once approved, you're ready to get funding!

How to Refinance Without Hurting Your Credit

Unfortunately, it isn't possible to refinance without hurting your credit score. Lenders will always check your credit score before approving your new loan. However, it is possible to reduce the magnitude of the drop by:

• Rate shopping within a certain window: Credit score rating companies like VantageScore and FICO allow multiple inquiries to be clubbed as one inquiry - if done within a certain range and for the same reason.
• Pre-qualifying using a soft credit pull: It's smarter to pre-qualify with multiple lenders, shortlist a few, and then apply to your most preferred lender to reduce multiple credit hits.
• Check your credit score regularly and build it to a good level before applying.

Why our Georgia Auto Loan Refinance Program is Great For You

At Way.com, we understand that the rise in vehicle and maintenance costs 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 #1 auto super app and car services marketplace, making car ownership affordable to millions of Americans. You can save thousands every year through our auto services like:

• Auto insurance and refinance
• Airport parking and city parking
• Car wash services
• Roadside assistance and Cashback on gas

Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.