Auto Refinancing in Hawaii (August 2025)

Get lower interest rates with the best auto refinancing in Hawaii

Feel like you've been overpaying on your Hawaii auto loan? In these times of rising prices, you can't afford to waste your hard-earned money. Get your finances in order - by refinancing your car to a lower rate!

By refinancing your Hawaii car loan with Way.com, you can:

• Lower your Annual Percentage Rate (APRs)
• Get more affordable monthly payments
• Shorten or lengthen your loan term
• Defer your monthly payment/take a payment vacation
• Buy out your car lease at the end of the term
• Add a co-signer or co-borrower to your new loan
• Get plans with bi-weekly payments or hardship plans

Auto Refinance in Hawaii - Start Saving Money Today

If you're struggling to make monthly car loan payments and are staring at an empty wallet, you may be stuck in a bad car loan. Rising car maintenance costs could only make it worse!

Refinancing your Hawaii auto loan lets you take back control of your finances by reducing your monthly payments.

• Auto refinancing in Hawaii allows you to take on a new loan, typically from a new lender and with better terms and conditions.
• The new lender will pay off the remaining loan balance with the old lender, closing that loan and allowing you to start paying reduced monthly payments on the new loan.
• Besides a lower APR and monthly payments , the new Hawaii auto refinance rates give you the benefit of choice - especially if you use a refinance platform like Way.com.
• Compare multiple refinance offers and choose the best one for you - instead of settling for the first one you get!

Why Should I Refinance My Hawaii Auto Loan?

Financing a car in Hawaii can be a stressful affair because of the many things you need to keep track of. Your mind would be buzzing with details like the car's price, the down payment needed, the interest rate given, and more.

In the excitement of getting behind the wheel of your new car, you may settle for what seems like a fair deal. However, a few months later you find out that you deserve a much lower APR!

If your credit score and financial position have improved since then, you can refinance your Hawaii auto loan and get the following benefits:

• Get lower APRs: On average, you can reduce your APRs by 1-2%. Borrowers with a score more than 660 can get standard rates, while scores above 740 will get the best rates.
• Reduce your monthly payment: Even a $50 reduction in monthly payments can add up to a huge amount in a year!
• Add or remove a co-borrower/co-signer : If you're finding it hard to pay off a loan yourself, you can add a spouse, parent, or close friend to share responsibilities.
• Get cash-out refinancing: Need cash for emergencies? Refinance for an amount equal to your car's value, and get the difference between that and your loan balance in cash.
• 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.

How Much Can You Save Through Auto Refinance in Hawaii?

On average, borrowers in Hawaii who refinance their car loans were able to reduce their APRs by at least 1-2% and save between $800-$1500 every year!

Your new refinance rate will depend on several factors like your current credit score, debt-to-income (DTI) ratio, the car's loan-to-value (LTV) ratio, remaining loan balance, and more.

When Should You Refinance Your Hawaii Auto Loan?

While you can technically refinance your Hawaii auto loan any time after taking it, that might not be the best way out. To get the most benefit, you should only refinance when your financial situation has improved.

Before researching Hawaii refinance rates, ask yourself these questions:

• Have at least 90 days passed since you took your current loan?
• Has your credit score increased above what it was at the start of the loan?
• 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?

Auto refinancing in Hawaii will go smoothly if you have 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: Lenders will accept pay stubs, bank statements, or tax returns as income proof.
• Proof of Residence: Lenders will accept property tax bills, mortgage statements, auto insurance policies, and utility bills.

Current Loan Information

• 14-day payoff amount: Find out how much you have left to pay - including the next two weeks' interest - by calling up your lender and asking for the payoff amount.
• Car Loan-to-value ratio: You won't be able to refinance if you are 'underwater' or 'upside down' on the loan i.e, owe more than what it is worth.
• Loan term remaining: Ideally, you should have more than a year left on your current loan.
• Prepayment penalty: Some lenders will penalize you up to 2% of the loan balance if you close early - so get that clarified with your lender.

Vehicle Information

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

Auto Refinance in Hawaii: Eligibility Requirements

Your car will likely be eligible for auto refinance in Hawaii 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 100,000 (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 Hawaii

*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 Hawaii Auto Loan with Way.com

Step 1: Estimate your savings

Use an online auto refinance calculator to input your desired APR and loan term. If your estimated new loan payment is less than your current one, refinancing will be a good option for you.

Step 2: Pre-qualify for multiple offers and shop around

To get the best auto refinance rates in Hawaii, try shopping around with multiple lenders. Refinance platforms like Way.com can help you do that in just one step. Simply enter your basic details and compare all the lenders you pre-qualify for.

Step 3: Choose an offer and start saving!

When you finally choose your preferred offer, be prepared for a hard credit inquiry. After that, all you need to do is submit the required documents, and we'll take care of everything else! And don't worry about the credit drop - you can easily make it up with consistent payments in a few months.

How to Refinance Without Hurting Your Credit

Refinancing your Hawaii car loan will result in a drop in your credit score by a few points. However, you can reduce the impact to your credit score in the following ways:

• Most credit bureaus allow borrowers to 'rate shop' i.e, apply with multiple lenders within a certain window. For example, FICO allows a rate-shopping window of 45 days and VantageScore allows for 14 days . All hard inquiries in this window will be treated as one inquiry.
• You can also pre-qualify for offers using a soft credit pull. Since a soft credit inquiry does not affect your credit, it can help you shortlist and compare offers before applying formally.
• The higher your credit score , the less impacted it will be by a hard credit inquiry. Use the one free credit report provided every year by credit bureaus to keep track and build your score before applying.

Why our Hawaii Auto Loan Refinance Program is great for you

At Way.com , we understand that expensive car loans in Hawaii are bleeding Hawaiians of their hard-earned money. Every dollar saved on your car can be used for more important things - like repaying student debt, household finances, and daily necessities.

Way.com is simplifying car ownership across the country - starting with car payments! Our AI-enabled fintech marketplace allows you to:

• Find the best refinance lenders
• Pre-qualify for multiple offers and compare rates
• Refinance lease buyouts
• Include additional benefits like GAP, Extended Warranty, etc
• Refinance your car with bad credit

... and much more!

What is Way.com?

Way.com is the country's #1 auto super app and all-in-one marketplace for car services. We're making car ownership affordable to millions of Americans, with more than 3 million satisfied customers so far.

You can save more than $1500/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.