Auto Refinancing in Virginia (August 2025)

Reduce your monthly payments with Virginia auto refinancing

Even if you don't consider the car expenses, the stakes are high. In this case, your car loan payments can easily be the icing on the cake. Virginia auto refinancing can help you get rid of a bad car loan and improve your credit by:

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

Auto Refinance in Virginia – Unlock savings on your auto loan

The best thing about refinancing is that it gives you choices. Since there are so many refinance lenders to offer you auto refinancing in Virginia, you don't have to settle down with the first offer you get.

• By refinancing a car loan in Virginia, borrowers could save money on their interest rate and overall APR.
• Your old loan's remaining balance will be paid off by your new lender. You will no longer have to make payments on that loan.
• Your new loan will have payments that are easier to manage, and depending on the interest rate, you could save up to $100 or more each year.

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 Virginia auto loan?

Financing your car purchase with a bank or a dealership, can put you in the shackles of a ridiculously generous loan. That being said, it's possible that your regular payments are too much. Or maybe you were told this was your best bet, or that you couldn't get a better interest rate anywhere else because of your current credit score.

Refinancing your Virginia auto loan can have the following benefits:

• Lower APRs: Reducing your interest rate by just 1-2% can save hundreds yearly.
• Reduced monthly payment: 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 Virginia?

Virginia 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 Virginia auto loan?

Don't rush to a lender immediately for auto refinancing in Virginia just because it seems profitable. The real trick is to figure out the right time to refinance. Well, it is not until your answer is “yes” to the following:

• Have at least 6-12 months passed since the start of your current loan?
• Has your credit score increased above what it was at the start?
• Do you want to reduce your monthly payments and save money on your auto loan?
• Do you want to get rid of certain terms/clauses in the auto loan?
• Do 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 you are in search for the best auto refinance rates in Virginia, 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 APR.

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 Virginia: Eligibility requirements

Your car will be eligible for auto refinance in Virginia if it meets the following 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 Virginia

*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, 2023.

How to refinance your Virginia auto loan with Way.com

Step 1: Consider taking an account of your savings

Use our online auto refinance calculator to find out if you can save money by refinancing. If at all possible, your new estimated payment should be less than what you pay now.

Step 2: Get multiple pre-qualified offers

Ask around, get pre-approved, and compare rates from different lenders before deciding which one is best for you.

Step 3: Select an offer and start saving

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 temporarily decline 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 Virginia auto loan refinance program is great for you

At Way.com, we understand that financing and maintaining a vehicle in Virginia 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.