FREQUENTLY ASKED QUESTIONS

Want to know more about the refinance process? Read on to see the answers to the questions we get asked all the time. Contact us at 844-454-2251 or save@autopay.com and we can answer any questions we haven't covered here.


PRE-QUALIFICATION

 

+ WHAT IS THE GENERAL REFINANCE PROCESS?

The process is simple and can all be done online.

  • Qualify – Get pre-qualified by giving us just some basic information about you and your car (no SSN needed).

  • Customize – Customize your new loan from several options to get the loan that is right for you.

  • Verify – Complete the application process by confirming some additional information so we can lock in your new rate and savings.

  • Finalize – Upload some required docs and sign your loan documents electronically.

+ WILL PRE-QUALIFYING AFFECT MY CREDIT?

No. Seeing if you prequalify does not impact your credit score.

+ WHAT IS PRE-QUALIFICATION?

Pre-qualification is a process that allows us to review your application and determine if you pre-qualify, all with no impact to your credit score. If you do qualify, you will see rates, terms, and estimated monthly payments that you qualify for. You can then select the loan that is right for you.

+ ARE THERE APPLICATION FEES?

There is no application fee to get your rate and check your savings.

+ DO I NEED TO PUT CASH DOWN?

Depending on your current vehicle value and loan amount, you might need to put cash down. Most refinancing does not require cash down, however.

+ IS THERE A PREPAYMENT PENALTY?

All loans are simple interest and can be paid off at anytime without penalty.

+ HOW MANY PAYMENTS DO I NEED ON MY CURRENT LOAN TO REFINANCE?

There is no minimum number of payments needed to refinance.

+ HOW LONG DOES IT TAKE TO GET A DECISION?

You can get pre-qualified instantly online. Applications are approved instantly or within minutes, in most cases.

+ CAN I RECEIVE CASH BACK WHEN I REFINANCE MY CAR?

If you are pre-qualified, you may be eligible to receive cash back. Any cash back provided will be added to your loan amount and repaid over time.


VERIFICATION AND FINALIZATION

 

+ WHEN WILL MY CREDIT BE RUN?

Once you complete the verify section and submit the application to lock in your selected savings, the lender will run a hard inquiry on your credit, which could affect your credit score.

+ WHAT DOCUMENTS ARE NEEDED TO REFI MY CAR?

  • Driver’s License

  • Current Proof of Insurance

  • Current Registration

  • Proof of Income (in certain instances)

  • Additional documents could be needed, as required by the lender

+ WHAT HAPPENS TO MY CURRENT LOAN?

We will pay off your existing lienholder, and transfer the lien (title) into the name of the new lender.


GENERAL

 

+ HOW CAN REFINANCING MY CAR BENEFIT ME?

Refinancing might allow you to reduce your interest rate and lower your monthly car payment.

+ MY CREDIT SCORE HAS IMPROVED. SHOULD I REFINANCE?

If you think your credit situation has improved since you first received your loan, you could reduce your interest rate by refinancing, which could save you hundreds or thousands of dollars over the life of your loan.

+ WHO IS HOLMAN TOYOTA?

Holman Toyota in Mount Laurel, NJ treats the needs of each individual customer with paramount concern. Our dealership is located near the Marlton and Cherry Hill area. We know that you have high expectations, and as a car dealer we enjoy the challenge of meeting and exceeding those standards each and every time. Allow us to demonstrate our commitment to excellence!

+ WHO IS AUTOPAY?

AUTOPAY is a technology and service provider that assists in connecting consumers and lenders throughout the auto lending process. AUTOPAY is not a lender, and does not make lending decisions on behalf of it lending partners. AUTOPAY has a network of lenders that ensure consumers are always getting the lowest rate and payment possible.