Owning a car in the Buckeye State can be troublesome if you're in a bad car loan. High APRs and expensive monthly payments can stress out your finances! If you're one of the many Ohioans in such a situation, then auto refinancing can help you out with great savings!
Here's what you get by refinancing with a new lender:
Auto refinancing is the process of taking out a new car loan to replace your existing one. This is usually done so that you can get a lower APR and lower monthly payments.
The new lender will free you from your old loan by paying off the remaining loan balance and signing you on for a new one with themselves.
If you refinance with the right lender and at the right time, you can save up to $1850/year! You can also use a refinance aggregator like Way.com to shop and compare rates to get the best deals.
Though Ohio has a lower cost of living than the national average, car loan payments can eat into your finances faster than anything. If you have a mortgage or student debt, you could be feeling the burn even more!
If you financed your car through a bank or a dealership, you're likely paying a higher interest rate than what you deserve. After all, banks and dealerships are more interested in their profit margins!
If you're already in a high-APR loan, you too can save more by refinancing your Ohio auto loan for the following benefits:
How Much Can You Save Through Auto Refinance in Ohio?
On average, Ohioans who refinanced their auto loans could reduce their APRs by at least 1-2%. This resulted in savings of between $800-1850 every year.
The actual savings may vary based on each individual's financial information like:
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
You should never rush to refinance your auto loan just because you found that you're overpaying. Take your time, do your research, and build your credit score before refinancing your Ohio auto loan.
Here's when you know it's the right time to refinance:
Auto refinance rates simplified! Get answers to all your questions in our ultimate guide
When applying for auto refinance rates in Ohio, keep the following official loan documents ready.
Personal Financial Information
Current Loan Information
Vehicle Information
While the eligibility criteria vary based on the lender, there are some broad requirements that should be fulfilled for your car to qualify for refinancing.
| LOAN TERM | Excellent
Credit Score (750-850) |
Good
Credit Score (700-749) |
Fair
Credit Score (640-699) |
Poor
Credit Score (639 or less) |
|---|---|---|---|---|
| 36 months | 3.20% | 4.24% | 4.93% | 7.40% |
| 48 months | 3.34% | 4.82% | 6.60% | 9.61% |
| 60 months | 3.37% | 4.67% | 6.35% | 9.37% |
| 72 months | 3.72% | 4.59% | 6.48% | 9.49% |
*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.
Use an online auto refinance calculator to find your new estimated monthly payment. If it is lower than your current amount, then refinancing makes sense.
With Way.com, you can shop around, compare multiple rates, and pre-qualify for offers with a soft credit pull.
Once you choose an offer, send in your supporting documents for review. Once approved, you're ready to get funding!
Unfortunately, it's not possible to refinance your car without at least a slight drop in your credit score. However, you can reduce the magnitude of the drop by:
Getting out of a bad loan may seem hopeless – you need all the help you can get! At Way.com, we are on a mission to get you as much car savings as we can by reducing your insurance premiums, loan payments, and monthly costs.
Way.com is simplifying car ownership across the country - starting with car payments! Our AI-enabled fintech platform allows you to:
... and much more!
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:
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 here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
You can choose from a variety of car financing options these days. Each one has pros and cons, so it’s always good to know what kind of financing you’re looking for before signing up with a lender.
Refinancing can be very subjective, because it depends on several factors and not just the lender. Some of these factors include:
Some popular refinance lenders include Credit Union of Ohio, Ohio University Credit Union, OpenRoad Lending, LightStream, DCU, etc.
You should look to refinance your loan only if:
Yes, there will be a temporary fall in your credit score whenever you apply for refinancing. The lender will conduct a hard credit inquiry to gauge your credit worthiness and only then approve you for the loan. However, all it takes is a few months of consistent payments for you to rebuild it.
Second-chance car loans are also called sub-prime car loans and help people with poor credit access financing. However, such loans will have higher APRs and safety mechanisms like tracking software in order to offset the lender’s risk. You can find second-chance car loans through aggregators like Way.com, which offer you the best deals for your budget.
A bad car loan is one that ends up being more expensive than originally intended. This could be because of high APRs, inflexible terms, ‘upside down’ loan conditions, and more. You can get out of a bad car loan by:
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