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Frequently Asked Questions

Auto Refinancing FAQs

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Refinance 101

How long before I can refinance my auto loan?

No matter how eager you are to refinance, you likely have to wait at least until the title legally transfers from the manufacturer or previous owner before considering refinancing your car loan. In fact, most lenders won’t even consider offering you a refinancing offer until this important legal milestone has been reached.

However, even if you have good credit, the best advice is to wait at least six months before refinancing your auto loan. That’s because the process of getting your auto loan, which added a lot of debt, has likely impacted your credit score. Getting a loan too soon means you won’t be able to get as good an interest rate on your refinanced auto loan, which will cost you much more in the long run than making a few extra payments at the higher rate.

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Refinance 101

Can I trade in my car after refinancing?

After refinancing your car loan, you have a lien on it, the same as you did when your car had its initial loan. This means that the bank or other institution making the loan has a “hold” on the car, and you can’t sell it or trade it in without first resolving that hold by paying off the loan.

If you have a bad loan on your car, refinancing can help get you into a better situation, making it easier to pay down your loan more quickly so that you can eventually trade in the vehicle.

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Refinance 101

Do I need a down payment to refinance a car loan?

In most instances, you will not need a down payment when refinancing your car loan. However, there are certain situations when you may need to provide an upfront cash payment in order to qualify for refinancing. This most commonly occurs when you have:

  • Negative equity in the vehicle
  • A poor credit history

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Refinance 101

Can I refinance my car loan if I have negative equity in my vehicle?

Negative equity, also known as being upside-down or underwater in your loan, is when you owe more on your vehicle than it’s worth. You can refinance a car loan when you have negative equity in the vehicle, but it’s not easy. Many lenders are hesitant to refinance a car loan with negative equity unless you have an excellent credit score.

To be able to refinance in this situation, you’ll need:

  • Excellent credit
  • Little to no additional debt
  • Relatively high income
  • Help finding just the perfect lender

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Refinance 101

What is the difference between a soft credit pull and a hard credit pull?

When a lender pulls your credit report in response to an application for a new home mortgage, car loan, student loan, line of credit or credit card, it is called a hard inquiry. ​Whenever a hard inquiry is made, it signals the potential that you will take on new debt. This will temporarily lower your credit score by a small amount until you demonstrate that you can successfully pay off the new debt. Due to the potential negative impacts on your credit score, it’s best to limit hard credit inquiries.

Soft inquiries occur when your credit report is pulled for purposes unrelated to receiving a loan. Since these soft credit inquiries don’t indicate a greater risk of repayment (you’re not increasing your debt as result of them), they don’t lower your credit score. For this reason, you don’t have to worry about soft credit inquiries having a negative impact on your credit.


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How do I provide the documents you need from me?

We send you a link to a easy-to-use and secure document portal. This allows you to simply snap a picture of any documentation you need from your mobile device and upload.  Super easy and secure.


I was approved. What do I need to do now?

CONGRATULATONS! Your Loan Consultant will let you know if we need any additional items as well as set up time to review the loan documents. The entire document process can take as little as 5 minutes! 


Do you confirm my employment and verify my income?

We will discuss your income sources. Since every situation is different, the verifications and paperwork needed can vary as well. Your Loan Consultant will give you all the details that you will need to provide. 


What information do you need to get from me?

The first and most important piece of information we get from you comes in the form of a question: “What are your goals for car refinancing?”.  It’s important to iLending to understand your goals so we can work to find a unique solution to your unique goals and situation.

Once we know your goals, during our initial discussion, we will then quickly collect details on your vehicle (VIN, mileage, trim), your employment and income information as well as verifying some personal details about you and your situation.  


Do you need my social security number?

We don’t need your social security number in order to discuss your situation and come up with a few ideas. In order to submit a formal application, your SSN does need to be provided in order to obtain your credit history. 

Rest assured, we take numerous precautions to ensure your information is secure and safe.


What are the fees associated with my refinance?

iLending does not charge an application fee. Receiving a quote is completely free, completing your refinance requires no out-of-pocket costs. The cost of refinancing your auto loan with iLending includes admin/doc fees, title transfer fees, and state fees (if applicable). An iLending Loan Consultant will provide you with an itemized breakdown as part of your completed auto loan refinance package.


Is the information that I provide secure and safe?

Absolutely! Our systems are all up to date and compliant in order to protect and guard your information. 


Will applying for a car loan refinance affect my credit score?

During the initial application, your credit score will never be impacted. Should you choose to move forward with the loan process, the lender will complete a formal credit inquiry that will show on your credit history. 

In most instances, refinancing your car loan will temporarily lower your credit score. However, your credit rating should bounce back quickly as you make your monthly payments. In the long run, the financial benefits associated with car loan refinancing usually outweigh the drawbacks of this temporary reduction in your credit score.

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How long does it take to apply?

Applying is easy. Simply input your information online and one of our highly trained Loan Consultants will reach out to you to complete the necessary information. The entire application process can be completed in just a few minutes. 

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What is a GAP Waiver?

A GAP Waiver protects the customer in the event of a total loss. If the customer experiences a total loss on their vehicle (act of nature, theft, car accident) then the GAP Waiver will pay the difference between the net amount the customer owes on the loan and what the insurance company is willing to pay.  Learn more by talking to your Loan Consultant.

iLending does not offer gap in New York state.


What will I need to sign? Can I do it electronically?

Most of the loan documents will be signed electronically. This includes a security agreement, credit application, odometer statement, authorization for payoff, and an insurance coverage acknowledgement.  All title documents will need to be signed with blue or black ink.


Do I need to go to the DMV?

A large majority of the time you do not need to go to the DMV.  Only if you are adding or removing a borrower to your loan in the following states: Alabama, Louisiana, or Mississippi, would you be required to do so.

We work hard at iLending to make this easy for you!


How long will it take for me to gather all of the documents needed?

This will only take a few minutes!

GeneralCar Refinancing

What is a VIN and where can I find it?

Every vehicle on the road has a VIN (Vehicle Identification Number). Depending on your vehicle’s make and model, the VIN is commonly displayed on the driver’s side dashboard (viewable through the windshield) or on the driver’s side door jamb (looks like a sticker).  You may also find the VIN on your insurance card or registration and title records.

Car Refinancing

Does iLending have low interest rates? How do you get them?

We partner with banks and credit unions all over the country to make sure we have multiple options to help you save money on your auto loan. Our financial institution partners work with us to find the very best rates available. We are constantly searching for new banks and credit unions to continue to give you a wide variety of financing options.

Refinance 101

Do I need good credit in order to refinance?

Many of our customers have credit scores they feel could be much higher. Part of the reason we work with so many banks and credit unions is to do our homework and find a financial partner to get you qualified for a refinance. If you can’t get qualified, iLending will work with you to help you get qualified. There are many ways we can teach you to begin to improve your credit immediately.

Refinance 101

Why should I refinance my car loan? What’s in it for me?

You can experience a wide range of benefits from refinancing a car loan:

  • Lower your monthly payment
  • Lower your interest rate
  • Lower the overall cost of your car
  • Remove someone from the loan
  • Skip a payment or two

At iLending we save our clients an average of $145 a month when they refinance with us. You can use this additional money in your budget to make your life easier in many ways. Some things you can use this money for include working fewer hours, paying off other debt, eating out more often, saving for a big purchase, or putting money towards a down payment on a new home.

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Refinance 101

What is Car Loan Refinancing?

Refinancing a car loan is the process of replacing your existing car loan with a new loan that provides you with better terms (lower interest rate, lower monthly payments, etc.). When you refinance, the new loan pays off the old loan, and you will only have to make payments on the new loan.

Because your new loan is a different contract, you have the ability to craft the terms in a way that addresses your specific needs at this time. For example, you can change the repayment term, add or remove cosigners, or choose several other features which will make your life easier.

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I have a friend who is interested, do you have a referral program?

Yes, if you have recently refinanced with iLending, we have a Referral Program that could earn both you and your friend a Gift Card.


Can I refinance a motorcycle, RV or even a boat?

Yes! Anything you drive or ride that you have a loan on can be refinanced:

  • Car
  • Truck
  • SUV
  • Van
  • RV
  • ATV
  • Motorcycle
  • Boat


I received a piece of direct mail with an offer on it, what do I do?

Excellent.  Because you received a direct mail offer, you have been pre-qualified!.    You now have two easy options to begin your refinance:

#1 – Call the number on the direct mail and provide your unique PIN to a Loan Consultant.

#2 – Simply go to and click on “Received a Mailer?”.  This will direct you to an area you can input your unique PIN and begin the refinance process easily and quickly.


Why should I choose iLending over other options to refinance?

What makes iLending different is our dedication to building a personal relationship with our clients and the expert, in-depth training our Loan Consultants receive. When you work with iLending, you will have a personal Loan Consultant who cares about you and the right loan for you.

Our Loan Consultants go through an extensive 6-week training program to learn the best ways to assist our customers.

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