Auto Refinancing in New York (August 2025)

Reduce your monthly payments with New York auto refinancing

Your dream car might have cost a ton already but your expenses doesn't stop there. If you took a loan for it, then your monthly payments can be pretty hefty. If you want to get out of a bad car loan and boost your credit, New York auto refinancing can assist you to:

• Reduce your Annual Percentage Rate (APRs)
• Get lower monthly car loan payments
• Add or remove co-signers or co-borrowers to your loan
• Take a payment vacation or defer your payment
• Have control over your loan term
• Buy out your car lease at the end of the term
• Get bi-weekly payments and hardship plans

Auto Refinance in New York - Unlock savings on your auto loan

In New York, borrowers can use New York auto refinancing to switch out their high-interest loan for a new one with a new, much lower APR.

• Your old loan will be paid off in full by the new lender, and you will no longer be responsible for making payments on it.
• With the new loan, your monthly payments will be more manageable, and depending on the interest rate, you might save between $80-$150.
• Refinancing offers are extremely flexible. And there are enough options for you to choose from so you don't have to blindly go with what the first lender has to offer.

A refinance aggregator, such as Way.com, can assist you in shopping around with multiple lenders, comparing rates, and selecting the best offer for you.

Why should you refinance your New York auto loan?

If you financed your auto loan through a dealership or a bank, it might fall on the hefty side. This means that you may be paying more than necessary on a monthly basis. It's possible that you were convinced that its's the best you can get with your current credit score.

Refinancing your New York auto loan comes with a lot of benefits like:

• Lower APRs : With refinancing you can get a 1-2% reduction in interest rates on an annual rate.
• Lower monthly payment : Between $80 and $150 should be set aside each month for expenses such as a mortgage, student loans, and personal loans.
• Change co-borrower/co-signer : A option to help you acquire a parent, sibling, or spouse as a co-borrower to ensure prompt repayment.
• Cash-out refinancing : With cash-out refinancing, you can use your car as collateral if you need cash for an emergency.
• You get more benefits like adding Guaranteed Asset Protection (GAP), Extended Warranty, and buy out your lease at the end of the term.

How much can you save through auto refinance in New York?

Currently on average, a 30-year fixed interest rate in New York is at 6.31% and a 15-year fixed rate is at 5.53%. New York auto loan refinancing can help you cut APRs by up to 2%. If your credit score is great, you can save up to $1,850 annually.

However, keep in mind that refinancing your auto loan involves multiple variables, so the savings for each individual will vary. Such as:

• Credit score
• Loan amount
• Loan term remaining
• Age of vehicle

When should you refinance your New York auto loan?

Want to know when the best time is to refinance? Don't go to a lender right away unless you meet some of these requirements.:

• At least 6-12 months passed since the start of your current loan
• Your credit score improved when compared to the start
• You want 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 looking for the best auto refinance rates in New York, it's best to have all the official loan documents ready. That will not only speed up the process, but it will also help you figure out what APR you should be aiming for.

Here's what you need:

Personal Financial Information

• Driver's License
• Credit score : A credit score above 700 gets the best rates ideally.
• Social Security Number
• Proof of Income : You can use pay stubs, bank statements, or tax returns as income proof.
• Proof of Residence : Mortgage statements, auto insurance policies, utility bills, or property tax bills can serve as proof of residence.

Current Loan Information

• 14-day payoff amount : Your lender can provide you with 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 'upside-down' on your car loan (i.e, owe more than the car is worth). If so, it will be harder to refinance.
• Loan term remaining : Ideally, you should have more than a year left on your loan.
• Prepayment penalty : Some lenders will penalize you up to 2% of the loan balance if you close early.

Vehicle Information

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

Auto refinance in New York: Eligibility requirements

Your car will be eligible for auto refinance in New York if it meets the following broad 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

The criteria may vary depending on the lender. Ensure you consult with them before deciding to refinance.

Average auto refinance rates in New York

*The rates given above are averages: actual 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. These rates are current as of February, 2023.

How to refinance your New York auto loan with Way.com

Step 1: Know your savings

You can first determine if it's worthwhile to refinance your car by using our convenient Online refinance calculator. You should aim to have your new estimated payment be lower than your current one.

Step 2: Consider multiple pre-qualified offers

Shop around, get pre-approved, and compare rates from different lenders before deciding which one is best for you.

Step 3: Decide on an offer and start saving

Once you decide on an offer, you need to formally apply by sending in the necessary documents. Be ready for the lender to have a hard credit inquiry on your credit.

How to refinance without hurting your credit

Refinancing your car will cause a temporary drop in your credit score. However, you can reduce the magnitude of the drop in the following ways:

• Rate shop within a certain window : Credit risk companies will count multiple inquiries made for the same reason as one inquiry. For instance, VantageScore gives you a 14-day window, but FICO gives you 45 days.
• Pre-qualify for offers using a soft credit pull : It only does a soft inquiry into your credit, so it won't hurt your score. It can help you find the best few offers and keep you from getting hit with multiple credit hits.
• Check your credit score regularly : If you get your credit score up to more than 700, the credit drop will be a lot smaller.

Why our New York auto loan refinance program is great for you

At Way.com, we understand that financing and maintaining a vehicle in New York can be difficult. You require as much assistance as possible to manage rising gas expenses, insurance premiums, and monthly loan payments.

That's why Way.com is simplifying car ownership across the country. 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 perks such as insurance, warranty extension, etc.
• Refinance even with bad credit

... and much more!

What is Way.com?

Way.com is the country's leading car services marketplace and #1 auto super app, making car ownership affordable to millions of Americans. You can save more than $1500/year through our combined 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.