Ensuring Auto Loan
Pay close attention to these important points, because you would hate to get rejected for making a stupid clerical error.
- Auto refinance loan applications need to be in the same names (with exact spelling) as the names on your current auto loan. This is important because that is how your current auto loan is identified and found. Have your car loan account number ready. If you give them a name with a different spelling, they cannot find your current loan, and you get rejected. Sounds like a no brainer, but...
- You must refinance more than $7500. Any less and it's not worth the auto refinance company's time.
- It's also important to have all the vehicle information accurate so that Capital One Auto Finance and HSBC Auto Finance can price out the car to make sure it meets Loan to Value ratio guidelines. Enter the year and model and enter the 17 digit VIN (Vehicle Identification Number), found on your dashboard or registration.
- Your auto refinance loan amount should not be higher than the value of the car. Just like home refinancing, where the bank won't lend you more than the value of the house. You might want to check your values first to make sure your car has retained a reasonable amount of value relative to the amount you still owe on it.
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