By refinancing your Jeep with Way.com, you could:
Despite all the fun of driving a Jeep around, paying high auto loan payments on it every month can be pretty stressful! With Jeep refinancing, you can get out of a bad loan by taking on a new one with better terms and conditions - typically with a lower APR and lower monthly payments.
Your new lender will pay off the remaining loan balance with the old lender, leaving you free to start paying affordable amounts on the new loan. If done right, refinancing can help you save more than $1000 every year and ease the strain on your wallet!
When first buying a Jeep, you may have been too excited to consider if the APR on offer was suitable for you. A poor credit score or payment history might've also hamstrung you.
However, after a few months, you may realize that you were overcharged on your loan, and that the monthly payments are too expensive! If you deserve a lower APR and better loan terms, Jeep refinancing is your best choice.
By refinancing your Jeep, you could:
Let's face it - it's becoming increasingly expensive to own a car these days! The average monthly payment in the US is crossing $600, and you need all the help you can get to save money! Refinancing your Jeep at the right time can reduce your APR by as much as 2% and save as much as $1500 every year.
cash-back auto refinancing is also a nifty option to get quick cash in hand by putting up your Jeep as collateral.
Don't rush to refinance your Jeep just because you realized you're overpaying. Several factors need to align if you want a lower interest rate. Refinancing right after taking a loan can even worsen your credit score in the future!
Consider refinancing your Jeep in the following situations:
| 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 Jeep model currently being sold. The most popular Jeep models in the US are:
Before applying for refinancing, have all the necessary documents ready. This will help you avoid confusion and delay during the process. Ideally, you should have the following ready for reference:
Also keep other details ready, like:
Unless your Jeep is very old and badly damaged, it will pre-qualify for refinancing. To be safe, ensure your vehicle meets the following eligibility requirements:
Estimate your annual savings by inputting your desired APR and loan term into an online auto loan refinance calculator. If the estimated monthly payment is lower than your current payment, then refinancing your Jeep makes absolute sense!
The best way to get great APRs is to shop with multiple lenders. Use Way.com to compare rates from multiple trusted lenders simultaneously and choose the one that fits your budget! You can also pre-qualify with some lenders based on a soft credit pull.
Once you find an offer you like, submit all the supporting documents and complete the application. At this point, the lender will conduct a hard credit inquiry which will temporarily affect your credit score by a few points. However, you'll be easily able to make it up with consistent payments in future.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
If your original Jeep loan did not have certain benefits, you can add them to the new, refinanced loan. Some popular add-ons include:
Though we'd always recommend refinancing with a good credit score, you can also refinance a vehicle with bad credit. However, you'll have to meet certain criteria to qualify for bad credit refinancing, like:
Take a few months to build your credit score before looking to refinance. You can also find bad-credit refinance lenders on platforms like Way.com.
At Way.com, we understand how hard it is to finance and maintain your Jeep. The joy of owning a Jeep shouldn't be overshadowed by high monthly loan payments, rising gas prices, and maintenance costs!
That's where we come in - to make car ownership simplified. And we're starting with lowering your car payments! With Way.com, you can easily:
... and much more!
Way.com is the country's leading car services marketplace, working to make car ownership affordable to millions of Americans. You can also save more than $1500/year through our super auto app and website that offers:
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.
Many refinance lenders allow you to pre-qualify for offers based on a soft credit pull. You can compare multiple rates and see if the APRs are satisfactory before refinancing.
You can also use an online auto refinance calculator to estimate what your monthly payments look like. If there is a possibility to lower payments, the refinancing is worth it.
Try to build your credit score to above 660 before applying for Jeep refinancing.
Refinancing will temporarily lower your credit score by a few points. However, you can easily make it up by being consistent in your monthly payments.
There is no limit to how many times you can refinance your Jeep. However, if you refinance multiple times you may come across as financially irresponsible to prospective lenders in the future.
Yes, you can use your Jeep as collateral in order to access auto equity loans, auto title loans, and more.
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