With rising gas prices and vehicle expenses, it's an absolute crime to be overpaying on your car loan. Not to worry, though - auto loan refinancing can help you out!
By refinancing your Utah car loan with Way.com, you can:
If you're one of the many Utahans struggling to make monthly car loan payments, you're probably looking for a way out. While the prices of gas and vehicle services are not in your control, here's what you can control - the amount of money you pay on your auto loan!
Refinancing your Utah auto loan helps you take back control of your finances! Here's how:
Financing a car in Utah can be so stressful that it's hard to keep track of all the details. Between negotiating the vehicle's purchase price, finalizing a down payment, and signing the contract, you may settle for what seems like a good APR .
However, a few months later, the monthly payments could get unsustainable , or you could even find out that you deserve a lower APR for your credit score !
But don't fret - if your credit score and financial position have improved since then, you can refinance your Utah auto loan with the following benefits:
On average, borrowers with good credit who refinanced their Utah auto loans reduced their APRs by at least 1-2% and saved between $800-$1500 every year.
The exact amount saved by each person depends on their credit score, debt-to-income (DTI) ratio, the car's loan-to-value (LTV) ratio, remaining loan balance, and other factors.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
You can technically refinance your Utah auto loan any time after taking it. But just because you can doesn't mean that you should - there are certain conditions you should meet before applying for Utah auto loan refinancing.
Auto refinance rates simplified! Get answers to all your questions in our ultimate guide
Tired of scrambling for details every time you apply for a loan or refinance offer? Here's an exhaustive list of all the official documents you need to refinance your auto loan.
While each lender has different criteria, your vehicle will be eligible for auto refinance in Utah if it broadly meets these requirements:
| 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 | 3.24% | 4.31% | 4.99% | 7.48% |
| 48 months | 3.34% | 4.83% | 6.61% | 9.63% |
| 60 months | 3.39% | 4.69% | 6.39% | 9.43% |
| 72 months | 3.77% | 4.64% | 6.51% | 9.53% |
*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 calculate how much you can save with a new APR. A lower monthly payment can help you save thousands over the course of the loan.
To get the best auto refinance rates in Utah, always shop around with multiple lenders. You can do that using a refinance platform like Way.com, which lets you compare rates, pre-qualify, and get approved in just minutes!
When you choose an offer, be prepared for a hard credit inquiry from the lender. However, once that's done, you can get approved within 1-3 business days.
Refinancing your Utah car loan will affect your credit score by a few points. However, you can reduce the impact on your credit score in the following ways:
At Way.com , we understand that expensive car loans in Utah are bleeding folks of their hard-earned money. Every dollar saved on your car can be used for more important things - like repaying student debt, household finances, and daily necessities.
Way.com is simplifying car ownership across the country - starting with car payments! Our AI-enabled fintech marketplace allows you to:
... and much more!
Way.com is the country's #1 auto super app and all-in-one marketplace for car services. We're making car ownership affordable to millions of Americans, with more than 3 million satisfied customers so far.
You can save more than $1500/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!
Refinancing lets you pay off your current loan by taking a new one with a lower APR from a new lender. Once the new lender pays off the old lender, you will be paying more affordable payments on the new loan – which can lead to thousands saved in the long run.
There is no one specific lender that provides low refinance rates across the board in Utah. The refinance rates depend a lot on factors including:
When applying for refinancing, the lender will pull your credit score with a hard credit inquiry. Your credit score will drop by a few points, but you can easily make it up with consistent payments in the future.
Yes, you can refinance a car with the Same lender if they don’t have an official policy against it. However, there is no guarantee that you’ll get the best rates with the same lender. It’s best to shop around and compare rates from multiple lenders before deciding.
Yes, it’s best to wait for at least 6-12 months before refinancing your vehicle. This will give your credit score some time to recover.
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