By refinancing your Ram with Way.com, you could:
Nothing says ‘dependable’ like owning a Ram pickup! However, while your truck may be your pride and joy, paying expensive loan payments every month can hurt – especially if you know that you can qualify for a lower rate!
Ram refinancing allows you to replace your current truck loan with a new one by finding a new lender who will help you pay off the remaining loan balance. The new lender will typically charge you a lower APR, a lower monthly payment, and better terms and conditions.
Refinancing your Ram truck with the right lender can save you as much as $1500 per year.
It’s normal for all of us to make mistakes when buying a vehicle. If you financed your Ram from a bank or dealership, you could’ve been overcharged on your loan! A high APR might mean higher payments, which might be harder to keep up with rising car costs.
However, if your credit has improved, you can refinance your Ram to get lower rates and save money! By refinancing, you could:
Most car owners will agree that every penny saved on a vehicle is precious! With the average auto monthly payment in the US crossing $600, it’s never been more important to save on your loan.
If you refinance with the right lender and have a great credit score, you can slash your monthly payment easily and save up to $1500 every year. That’s more than $100 saved every month – think of how you can use that money! You can also use cashback auto refinancing to borrow funds with your Ram truck as collateral.
Don’t rush into refinancing your Ram as soon as you find out you’re overpaying. While costly payments may hurt, refinancing must only be done if several criteria that fall into place.
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 Ram 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:
While different lenders have different eligibility requirements, your Ram will typically pre-qualify for refinancing if:
Use an online auto refinance calculator to find out how much you can save every month. Punch in your desired APR, and if the new estimated payment is lower than what you’re paying right now, then refinancing is a good option.
When refinancing, it’s best to shop around, pre-qualify first, compare rates and only then shortlist the lender you want. Pre-qualification lets you identify what rates you can get with just a soft credit pull.
Once you decide on a lender and get pre-approved, you can formally apply by submitting the required documents. There will be a hard credit inquiry – so be prepared for a drop in your score by a few points.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
While it’s always best to refinance with good credit, you can also refinance a vehicle with bad credit. This option is exclusively for borrowers with previous bankruptcies, repossessions, defaults, or late payments on their credit records.
However, you may have to settle for less-than-great conditions like:
You can find lenders who specialize in bad loans using refinance aggregators like Way.com as well.
At Way.com, we understand that financing and maintaining a Ram truck costs money – a lot of money. With rising average auto loan payments, vehicle costs, and fuel prices, your finances could be stressed to the max – why should owning a Ram be such a struggle?
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 only all-in-one car services marketplace and auto super app you need, 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 $1500/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 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.
Yes, you can refinance a Ram truck if you want to get a lower interest rate, lower monthly payments, or want to save money in general. You can even get cash back auto refinancing from certain lenders by using the equity you own in your Ram truck.
It would help if you had a higher credit score than the last time you applied for a loan. However, if you want to get the best rates, try building up your score to above 660. FICO and VantageScore consider scores above this to be ‘good’.
The late fee for a Ram truck loan depends on what lender you choose. Some lenders won’t charge you a fee, while others may charge you anything between $15-$30. However, try to make your payments in time and avoid late fees.
While there is no legal limit to how many times you can refinance your Ram truck, it’s best not to do so more than two times. 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. Refinancing too many times can also seem financially irresponsible.
There will be a slight drop in your credit score whenever you apply to refinance a Ram truck. Lenders usually make a hard credit inquiry to identify if you are creditworthy enough. However, you can rate shop with multiple lenders within a certain window and it will only count as a single inquiry.
Yes, you can borrow an amount based on the resale value of the Ram. You can borrow up to 125% of the resale value of the Ram, pay off your current loan, and use the remaining cash for emergency needs.
An auto equity loan is a type of personal loan where you can borrow an amount equal to or more than the equity you own in the truck. The equity is the difference between the Ram’s resale value and the loan balance. You can only take out an auto equity loan if you have positive equity in the truck.
Yes, you can refinance your Ram loan to remove yourself from a joint or co-signed loan. If you have an individual car loan, you can refinance to first add a co-borrower, and then a few months down the line refinance once again to remove yourself from the title.
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