It sucks to be trapped in a bad car loan, paying one expensive monthly payment after another. If you're one of the many Rhode Islanders 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:
Living in the Ocean State is expensive even without the rising prices in the economy! As a car owner, you may be extremely stressed by the skyrocketing prices of new cars and the high APRs charged on car loans. If you have already signed on for a high interest rate, you can refinance the loan with a new lender for a lower rate - provided you have good credit!
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.
If you financed your car through a bank or a dealership, you're likely paying a higher interest rate for your credit score. Let's face it, most financial institutions only care about the bottom line and will try to sign you on for a high APR. It's up to you to do your research, compare rates, and take the best deal for you.
If you're already in a high-APR loan, don't worry! You too can save more by refinancing your Rhode Island auto loan for the following benefits:
On average, Rhode Islanders who refinanced their auto loans were able to reduce their APRs by at least 1-2% and save between $800-1850 every year. The exact savings may vary based on each individual's financial information like:
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
Don't rush to refinance immediately. Take your time, do your research, and build your credit score before refinancing your Rhode Island auto loan. Here's when you know it's the right time to refinance:
When applying for auto refinance rates in Rhode Island, it's best to keep all the official loan documents ready. Here's what you need:
Personal Financial Information
Current Loan Information
Vehicle Information
Different lenders will have different criteria for refinancing loans. However, some broad eligibility criteria are as follows:
| 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 | 3.34% | 4.41% | 4.98% | 7.59% |
| 48 months | 3.44% | 4.93% | 6.72% | 9.74% |
| 60 months | 3.49% | 4.79% | 6.49% | 9.54% |
| 72 months | 3.87% | 4.74% | 6.62% | 9.64% |
*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 punch in your desired APR and see how much you can save. Ideally, the new estimated payment should be less than your current one.
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 reviewal. Once approved, you're ready to get funding!
Refinancing will need a hard credit check, which will temporarily affect your credit by a few points. While you cannot avoid it, it is possible to reduce the magnitude of the drop by:
It's not easy being a car owner in Rhode Island - especially given the rising gas prices, insurance premiums, and loan costs. At Way.com, we are on a mission to get you as much car savings as we can! You deserve to get the best deal on your auto loan, without bleeding money on it.
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. While banks used to be the go-to option in the past, there are online lenders and dealerships that help people with bad credit get adequate financing.
Every lender in Rhode Island claims to provide the lowest rates. However, individual rates depend on a variety of factors like:
Some popular refinance lenders in Rhode Island include Rhode Island Credit Union, People’s Credit Union, OpenRoad Lending, LightStream, DCU, etc.
To get the most benefit from refinancing, you should aim for a credit score more than what you had at the time you applied for the loan. To get the best deals, aim for a score above 700.
Pre-qualification allows you to check whether you are likely to get your desired APR through a soft credit inquiry. This will not affect your credit score, and is a good way to shortlist potential lenders.
There will be a temporary fall in your credit score whenever you apply for refinancing. That’s because the lender will conduct a hard credit inquiry to gauge your credit worthiness. The good news is that you can easily build it up in just a few months.
Yes, you can buy out a car lease at the end of the lease period. You can do that either by paying the buyout amount as a lump sum, or by asking for a refinance loan from a lender.
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