We have answers. Check out our customers' frequently asked questions.
I’ve heard of refinancing a mortgage. Can I really do the same thing for my car?
Most people are familiar with refinancing a mortgage, but you can also refinance auto loans! When you refinance an auto loan with MotoRefi, you often save hundreds- even thousands- of dollars in interest.
Many people refinance because they can get better terms than when they first purchased their vehicle. This saves people money over the lifetime of their loan, either with a lower monthly payment, interest savings, or both! When you refinance, you also have an opportunity to adjust the term of your loan.
When you apply for a refinance, we’ll need a few pieces of information about you and your vehicle. This information helps us find the best terms you qualify for, and helps us pair you with one of our lending partners.
I’m interested in checking my rates. What’s involved?
To check your rates with MotoRefi, you’ll fill out a short application that provides us with general information about you, your current auto loan, and your vehicle. Then our technology gets to work, finding the best refi loan options for you in seconds. You’ll see offers from our lenders with no obligation, no Social Security Number required, and no impact to your credit score.
No. When you check your rate with MotoRefi, we’re submitting a soft credit inquiry, which does not impact your credit score. When you choose to move forward with the refinance, MotoRefi will perform a hard credit inquiry, which will be recorded by credit bureaus.
When checking your rate, we’ll need either your VIN, license plate number or make/model/trim of your vehicle. This is because we’ll use the value of your vehicle to find you the best refi loan options available.
You can find your VIN where the dash and windshield meet on the driver’s side of your vehicle and on the end of the driver’s side door. You can also find your VIN on your vehicle’s registration paperwork and insurance card.
You can view your refi offers without submitting a Social Security Number (SSN). However, in order to complete your application and lock in your savings, we will need your SSN. Your privacy is important to us, and we use the latest security methods to ensure that your personal information stays safe.
To provide you with the best offers, our lending partners may require we confirm your income via documents you submit (e.g., a pay stub or W-2). To be approved, the income stated on your loan application must match what is reported in your submitted documents.
When refinancing, there are costs associated with processing documents and retitling your vehicle. MotoRefi charges a $399 fee to cover these costs, and the fee is included in your refinanced loan amount.
Does MotoRefi offer products that can preserve the value of my vehicle?
Yes. If your refi is eligible, you’ll have the option to select Total Loss Protection, Extended Vehicle Protection, Key Replacement, and other products! Visit our Products page to learn more about these tools to help you protect your investment.
To complete your refinance, you’ll e-sign your loan agreement on our online platform. Then, we will work with your old and new lender to fund your refi. This is the very last step in the refi process. After that, you can relax and enjoy your newfound savings!
How does payment work during and directly after the refi process?
While refinancing, you’ll continue paying monthly on your current loan, until your new lender pays off your old loan. Concerned that you overpaid on your old loan in the process? Don’t worry- your old lender is required to send you a refund if there is any overpayment.