Refinancing Checklist:
Vehicle make, model and year
Vehicle mileage
Vehicle Identification Number (VIN)
Any vehicle features and special options
Copy of vehicle registration
Car insurance information
The lien holder's name (this is the bank or lender to which you are making payments)
The account number for your current car loan
Additional documents may be requested:
Proof of income (for example, most recent paystubs and W2s)
Identity verification
Proof of residence (for example, a copy of a utility bill)
Hours
- Monday 9AM-7PM
- Tuesday 9AM-7PM
- Wednesday 9AM-7PM
- Thursday 9AM-7PM
- Friday 9AM-6PM
- Saturday 9AM-5PM
- Sunday Closed
Everybody likes to save money. Here are a few reasons why you may want to consider refinancing your car loan. Contact Brad Yardis - (203) 355-1719
Lower your interest rate. Interest rates may have dropped since you purchased your car or your credit situation may have improved. Refinancing may be a way to save money by getting a lower interest rate that reduces your overall payments. With our loan calculator, you can estimate your savings through refinancing.
Shorter Loan Duration. Reducing your loan term can save you money in interest. It may also be possible to refinance at a lower rate and pay off your car loan in a shorter period of time without significantly increasing your monthly car payments.
Lower your monthly payments. Lower payments let you do more with your life. Unexpected bills, medical emergencies and other financial issues can create a need to reduce monthly expenses. Refinancing your car loan may reduce your monthly car payments - either through a lower interest rate, extended loan term or both.
Lower your interest rate. Interest rates may have dropped since you purchased your car or your credit situation may have improved. Refinancing may be a way to save money by getting a lower interest rate that reduces your overall payments. With our loan calculator, you can estimate your savings through refinancing.
Shorter Loan Duration. Reducing your loan term can save you money in interest. It may also be possible to refinance at a lower rate and pay off your car loan in a shorter period of time without significantly increasing your monthly car payments.
Lower your monthly payments. Lower payments let you do more with your life. Unexpected bills, medical emergencies and other financial issues can create a need to reduce monthly expenses. Refinancing your car loan may reduce your monthly car payments - either through a lower interest rate, extended loan term or both.
Lower payments let you do more with your life-travel, nights out or spending time with family.
Understanding used car loans and some steps to take to help get better loan terms:
Loans for newer used cars generally have lower interest rates than loans for older used cars. When determining interest rates, our lenders take many things into consideration - including the model year and mileage of the used car being financed. For refinancing this usually means the sooner the better.
Why are there typically higher rates for used car loans?
Older used cars can pose a greater financial risk so our lenders may charge higher interest rates to finance loans for these vehicles. Since your car has already begun to depreciate, it is possible for its value to become lower than the remaining balance of the loan. However, older cars normally depreciate at a slower rate than new cars do.
I'm ready to refinance, what should I do to apply for a car loan?
There are a couple of ways you to apply for a new loan. You can visit us here or you can apply online from the comfort of your home. Generally, our finance director will contact you to discuss the next steps. Here's what you can expect us to ask for:
Basic personal information (your name, address, birth date and social security number)
Note: The social security number is used to obtain a copy of your credit report.
Employment history
Income information
Verification of residence
Vehicle make, model, year, mileage, identification number (VIN) and any special options
Proof of car insurance
Keep in mind that one of the keys to getting the best loan possible is preparation. Here are some steps you can take to increase your chances of finding the best loan for your situation:
Take a close look at your income and expenses. If it looks like you may have to cut back on your spending in order to meet your auto loan obligation, having a budget handy will let you know what non-essential expenses can be trimmed or eliminated. It will also tell you what sort of payment you need to meet your goals.
Take the time to use our loan calculator. This will help make the process of figuring out how a change in the interest rate, down payment or loan term can affect your monthly payments. Subaru Stamford offers a loan calculator that you can use to estimate your monthly payment.
Loans for newer used cars generally have lower interest rates than loans for older used cars. When determining interest rates, our lenders take many things into consideration - including the model year and mileage of the used car being financed. For refinancing this usually means the sooner the better.
Why are there typically higher rates for used car loans?
Older used cars can pose a greater financial risk so our lenders may charge higher interest rates to finance loans for these vehicles. Since your car has already begun to depreciate, it is possible for its value to become lower than the remaining balance of the loan. However, older cars normally depreciate at a slower rate than new cars do.
I'm ready to refinance, what should I do to apply for a car loan?
There are a couple of ways you to apply for a new loan. You can visit us here or you can apply online from the comfort of your home. Generally, our finance director will contact you to discuss the next steps. Here's what you can expect us to ask for:
Basic personal information (your name, address, birth date and social security number)
Note: The social security number is used to obtain a copy of your credit report.
Employment history
Income information
Verification of residence
Vehicle make, model, year, mileage, identification number (VIN) and any special options
Proof of car insurance
Keep in mind that one of the keys to getting the best loan possible is preparation. Here are some steps you can take to increase your chances of finding the best loan for your situation:
Take a close look at your income and expenses. If it looks like you may have to cut back on your spending in order to meet your auto loan obligation, having a budget handy will let you know what non-essential expenses can be trimmed or eliminated. It will also tell you what sort of payment you need to meet your goals.
Take the time to use our loan calculator. This will help make the process of figuring out how a change in the interest rate, down payment or loan term can affect your monthly payments. Subaru Stamford offers a loan calculator that you can use to estimate your monthly payment.
