By refinancing your GMC with Way.com, you could:
If you were to choose a dependable truck/SUV in the market today, chances are that a GMC will be at the top of the list! Owning a GMC truck or SUV may be a great experience, as long as you aren't paying expensive monthly payments.
Unfortunately, most GMC owners are locked into bad loans that are affecting their finances. That's where refinancing helps you save!
Here's a compelling reason why - you save thousands over the course of the loan! If you financed your GMC loan from a bank or dealership, you may have signed on for a high APR, which might be costing you a chunk of your finances every month.
But if your credit has improved since then, you can apply to refinance your GMC and get a better loan instead! By refinancing, you could:
Depending on your credit profile, remaining loan balance, loan term, and more, you can save anything between $1000-1850 annually. If you think that's a small amount, think again, because the average auto monthly payment in the US has now crossed $600.
You can also use cashback auto refinancing to borrow funds with your GMC truck as collateral.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
Consider refinancing only if you meet some of the following criteria:
| Lender | Est. APR | Loan amount | Min. credit score |
|---|---|---|---|
| RefiJet | 3.49 - 28.00% | $6,000 - $120,000 | 560 |
| Caribou | 5.99 - 38.00% | $12,000 - $135,000 | 630 |
| RateGenius | 4.99 - 22.00% | $9,000 - No max. | 560 |
| LendingClub | 5.99 - 25.99% | $5,000 - $65,000 | 670 |
| Consumers Credit Union | 6.54 - 22.24% | $8,500 - $600,000 | 630 |
| Upstart | 12.17 - 30.99% | $6,000 - $70,000 | 520 |
| MyAutoloan | 1.99 - 22.00% | $6,000 - $110,000 | 585 |
| Ally | 9.54 - 24.49% | $8,500 - $100,00 | 530 |
| LightStream | 9.74 - 17.19% | $6,000 - $110,000 | 670 |
| Tresl | 4.99 - 22.00% | $9,000 - No max. | 560 |
| Autopay | 4.99 - 22.00% | $9,000 - No max. | 570 |
| OpenRoad | 5.29 - 29.00% | $8,500 - $110,000 | 510 |
| iLending | 5.74 - 24.00% | $8,500 - $160,000 | 570 |
| Gravity Lending | 5.49 - 15.99% | $11,000 - $210,000 | 590 |
| Lending Arts | 6.44 - 22.00% | $6,000 - $160,000 | 560 |
| PenFed Credit Union | 6.29 - 18.99% | $11,000 - $110,000 | Did not disclose |
| Bank of America | Not available | $8,500 - Max. not disclosed | Did not disclose |
| Digital Federal Credit Union | 7.24 - 15.99% | $3,500 - $600,000 | 610 |
| Alliant Credit Union | 7.52 - 27.40% | $5,000 - $1,200,000 | Did not disclose |
| Navy Federal Credit Union | 5.54 - 19.00% | $253 - No max. | Did not disclose |
You can refinance almost any GMC truck in the market today. Some popular models in the country include:
Keep these details and documents ready - it will help you breeze through the refinance process.
Also keep your personal details ready, like:
Your truck must meet certain vehicle criteria to be eligible for refinancing.
Use an online auto refinance calculator to determine how much you can save every month.
When refinancing, it's best to shop around, pre-qualify first, compare rates and only then shortlist the lender you want.
Once you decide on a lender and get pre-approved, you can formally apply by submitting the required documents.
While it's always best to refinance with good credit, you can also refinance a vehicle with bad credit. Some borrowers might have previous bankruptcies, repossessions, defaults, or late payments on their credit records.
However, you may have to compromise on some things like:
You can find lenders who specialize in bad loans using refinance aggregators like Way.com.
At Way.com, we understand that financing and maintaining a GMC truck costs money - a lot of money. But all you need is a bit of guidance to navigate the expensive car payments, insurance premiums, vehicle costs and much more.
Way.com is simplifying vehicle ownership in America - starting with your car payments! With Way.com, you can easily:
... and much more!
Way.com is the country's #1 auto super app and car services marketplace working to make vehicle ownership affordable to millions of Americans. Whether you own a sedan, sports car, hatchback, truck, motorcycle, or RV, the Way.com auto super app can help you save more than $1850/year through our following services:
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.
The auto refinance rates published in this guide are based on the results of research completed by Way.com’s data team. Using public data, we averaged these rates across various segments. Given these auto refinance rates are averages, please contact our agents for a personalized quote to you.
If you're stuck in an expensive GMC loan, here are a few ways to pay it off and close the loan:
Before applying to refinance your GMC loan, ensure you build up your credit score to a good level. Ideally, it should be higher than what it was when you applied for the GMC loan. As a rule of thumb, try to improve your score to above 660. Both FICO and VantageScore consider these to be in the 'Good' category.
Yes, refinancing with the right lender is worth it because it lets you save more money in the longer run. If you can reduce your APRs by just 1-2%, it translates into savings of between $80-150 per month. That's more than $1000 saved every year!
You cannot directly take over payments from the current owner if you're buying a used GMC truck. If the owner still has a pending loan balance, it's best if he added you as a co-borrower first. That way, your name will be added to the title. Then, with the owner's consent, you can refinance once again to remove their name from the title.
The late fees depend on the lender you've taken a loan from. While some lenders don't charge any late payment penalties, others can charge you between $15-30 in late fees.
There's isn't a specified limit to the number of times you can refinance. However, in reality, it's not easy to refinance multiple times - primarily because it makes you look financially irresponsible. Lenders will be hesitant to sign on someone who has refinanced more than once.
Additionally, each time you refinance, your credit score will take a hit - and it will take you at least 6 months to rebuild it to what it was.
Yes, there will be a slight drop in your credit score whenever you apply to refinance a GMC truck. This is unavoidable because the lender will conduct a hard credit inquiry to identify if you are creditworthy enough. But you can easily build it up in the next few months.
Do you find Auto refinance complex? Here is the ultimate Auto Refinance FAQ Guide with answers to all your questions!
Save up to $1850 per Year