Auto Refinancing in South Carolina (August 2025)

Reduce your monthly payments with South Carolina auto refinancing

You may seek some financial flexibility for various reasons. And if you have auto loan payments, it will undoubtedly top the monthly expenditure list. South Carolina auto refinancing will help you in getting rid of a bad auto loan and improving your credit by.:

• Reducing your Annual Percentage Rate (APRs)
• Lowering your monthly car loan payments
• Revising co-signers or co-borrowers of your loan
• Taking a payment vacation or deferring your payment
• Changing your loan term
• Buying out your car lease towards the term end
• Getting bi-weekly payments and hardship plans

Auto Refinance in South Carolina - Unlock savings on your auto loan

Refinancing gives you a variety of options to choose from. Since there is a wide range of refinance lenders, you don't have to rush and sign the first deal you stumble upon.

• Refinancing an auto loan in South Carolina could help you save money on your interest rate and overall APR.
• The remaining balance of your old loan will be paid off by the new lender, and you will no longer be held accountable for the payments.
• The new loan will have more manageable payments, and depending on the interest rate, you could save around $100 or more on a yearly basis.

A refinance aggregator like Way.com can help you shop around with multiple lenders, compare rates, and choose the offer that fits you best.

Why should you refinance your South Carolina auto loan?

When you financed your car purchase through a bank or a dealership, you may have accepted an overly accommodating loan. Therefore, it is likely that your recurring payments are excessively expensive. This can adversely affect your financial budget. It is possible that you were advised that this was your best option, or that your credit was insufficient to qualify for a higher rate elsewhere.

Refinancing your South Carolina auto loan can have the following benefits:

• Lower APRs : Your interest rates will get reduced by 1-2%, which will help you save hundreds yearly.
• Lower monthly payments : You can save between $80 and $150 every month for more crucial expenses such as your home, student loans, and personal loans.
• Change co-borrower/co-signer : It's difficult to return a loan on your own, acquire a Parent, sibling, or spouse as a co-borrower in order to repay the amount promptly.
• Cash-out refinancing : With cash-out refinancing, you can use your car as collateral if you need cash for an emergency.
• Other benefits : Adding Guaranteed Asset Protection (GAP), Extended Warranty, and you can choose to buy out your lease at the end of the term.

How much can you save through auto refinance in South Carolina?

South Carolina auto loan refinancing companies may be able to lower interest rates by 1% to 2% on average. One can save as much as $1,850 annually if their credit rating is high. However, there are many factors to consider when refinancing a car loan, so your actual savings may vary, like:

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

When should you refinance your South Carolina auto loan?

Still waiting to know when it is the right time to refinance? Don't rush to a lender until you meet some of these criteria:

• At least 6-12 months passed since the start of your current loan.
• Your credit score has increased above what it was at 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 shopping around for the best auto refinance rates in South Carolina, it's helpful to have all of the official loan papers in hand. This will not only speed up the process, but it will also help you zero in on the ideal annual percentage rate.

Here's what you need:

Personal Financial Information

• Driver's License
• Credit score : Ideally, a credit score above 700 gets the best rates.
• Social Security Number
• Proof of Income : Pay stubs, bank statements, or tax returns can be considered 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 : The rest of the loan amount, including the principal and interest for the next 14 days, can be given to you by your lender.
• 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 : You should ideally have more than a year left on your debt.
• Prepayment penalty : If you pay off your loan early, some lenders will charge you a fee of up to 2% of the loan balance as prepayment penalty.

Vehicle Information

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

Auto refinance in South Carolina: Eligibility requirements

Your car will be eligible for auto refinance in South Carolina 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 South Carolina

*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 October, 2022.

How to refinance your South Carolina auto loan with Way.com

Step 1: Assess your savings

With the help of an online auto refinance calculator, find out if you can save money by refinancing. If at all possible, your new estimated payment will should certainly be less than your current payments.

Step 2: Search for multiple pre-qualified offers

Do your research, get pre-approved, and compare rates from different lenders before finalising which one is best for you.

Step 3: Select an offer and have a savings plan

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

Your credit score will get hit temporarily, if you refinance your car. However, you can refinance efficiently without hurting your credit in the following ways:

• Rate shop within a certain window : Multiple inquiries for the same reason will only be counted as one inquiry by credit risk companies. For example, VantageScore only gives you 14 days, while FICO gives you 45.
• Pre-qualify for offers using a soft credit pull : Luckily, soft inquiries don't do much on your credit 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 of 700 or more, the credit drop will be a lot smaller.

Why our South Carolina auto loan refinance program is great for you

At Way.com, we understand that financing and maintaining a vehicle in South Carolina can be challenging. You need all the help you can get to keep up with escalating gas prices, insurance premiums, and monthly loan payments.

That is why Way.com is making car ownership more accessible around 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
• Get access to 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.