Whether you have bad or good credit, you may be able to take advantage of the refinance option that most lenders provide under certain conditions. Holders of good credit don’t always come away with the best possible interest rates for their credit score bracket; if you discern this to be the case, you can head to a bank lender to restructure.
In the article to follow, we’ll compare top banks to refinance auto loans, so that you know where to start your research.
Bank of America as an Auto Lender
As one of the largest of the big banks, it should come as no surprise that Bank of America offers a host of options for prospective borrowers. Indeed – they are one of the few that allows you to use the loan to lease a vehicle, as well to purchase from private sellers. The car cannot have greater than 125,000 miles on it, nor be greater than 10 years old.
As for refinancing, there’s an auto refinancing calculator right on the Bank of America website that simply requires you to enter the state you’re buying in. As an example, for a loan of $20,000 for a new car, you can be paying $357 per month for 60 months at an interest rate of 2.69%. There are all manner of rewards for clients in their tiered system of gold, platinum and platinum honors; which are based on your standing in their investment accounts. The refinance calculator will tell you how much money you can expect to save.
The U.S. Bank Refinancing Option
At first glance, U.S. Bank’s overall car loan lending terms may seem a bit restrictive – they don’t allow cars that are older than six years or have more than 100,000 miles on the odometer – but when other factors are considered, they become quite competitive with other big banks. For example, absent is the automatic penalization of used-car buyers with higher interest rates. They have an environmentally conscious offer for electric and hybrid cars that reduce their carbon footprints, as well.
When it comes to the refinancing options they provide, the tools to see where you’ll stand are right on the website. They advertise a rate as low as 3.12% if you secure a term of greater than 36 months and a loan of at least $10,000. Decisions are made quickly, after which you must head to one of their local branches to finalize.
SunTrust Bank’s Lightstream
This bank is all about catering to the very best borrowers; which means that your credit should be excellent. In fact, they prefer people with high incomes as well, and include campers, Rvs and motorcycles in their vehicle loan suite.
Lightstream allows you to refinance and obtain a rate as low as 2.49% for any figure between $10,000 and $24,999 as of 2017. The term of the loan also faces a restriction in length between 24 and 36 months. There are other rates available if you want an auto loan of up to $100,000, however. Because they deal with high-value individuals, they also offer secured loans that won’t lead to vehicle repossession if you happen to default.