Arizona Auto Refinancing

Learn about refinancing your car in Arizona including how to qualify, the steps you need to take to complete the refinance process, aligning financial goals, and Arizona refi FAQs.*

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Motor Vehicle Refinancing in Arizona

Are you attempting to refinance your motor vehicle in your state? We work with automobile lenders all around the nation including in your state and can help you find a car refinance offer near you.

We’re honored to work with car owners who call Arizona home and specialize in providing auto refinance info for secondhand and brand-new car owners all over the state. Whether you stay in Phoenix, around Tucson, close-by Mesa, or another place in Arizona, contact our lending partners to see if refinancing your car will help your personal financial scenario.

Auto Refinancing in Arizona Phoenix, AZ Suburbs

The Arizona Auto Refi Process

The vehicle refinancing procedure in your state can be quite uncomplicated. You also have to satisfy a number of criteria for both your car and yourself before you can complete your newly refinanced automobile loan.

Car Refinancing Qualification

Your car or truck in Arizona needs to be approved for the refinancing lending financial institution’s terms. These terms can differ by lender and usually involve vehicles which are physically located in Arizona, were made within the last 10 years old with clean titles, have less than 100k mileage, and have a positive loan-to-value (LTV) ratio. Get in touch with specific loan officers at institutions servicing Arizona for more info.

Personal Refi Qualification

Similar to your car qualification, you also have to qualify for refinancing by providing your personal information like income, co-signer, address, employer, and details when refinancing in your state. Lenders want to know your home address in Arizona, where you work, how much money you make, your credit score, info about other financial obligation you might have, and other related details. They use this info for things like finalizing a risk assessment as to how likely you are to return the refinanced motor vehicle loan.

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Arizona Auto Loan Refinance Calculator

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Credit Report Qualification

Your credit rating plays a part in your capacity to refinance your automobile. Your score is a measure of your potential to repay your outstanding debt. It is a number which can fluctuate as low as 300 to as high as 850. A very good rating is commonly deemed over 650ish. You can also have industry-specific credit scores which are separate from your standard credit score.

The particular credit rating you need to have for an automobile loan varies by lender. They take into consideration lots of things when determining your loan viability consisting of both the industry-specific score, basic score, assets, liabilities, income, and other details. To get the most desirable car loan interest rate, you might wish to keep your credit rating as high as possible and possibly take advantage of a co-borrower.

Lenders might require a credit score of 700 or greater if you are looking for a loan on a new automobile. If you are financing or refinancing a previously owned or secondhand automobile, a credit rating of over 600 may be enough.

About Credit Score Brackets in Arizona

Credit RatingPoints
Excellent780 to 850
Very Good720 to 779
Good680 to 719
Average580 to 679
Poor300 to 579
Credit rating brackets and point ranges come from various credit reporting sources including Experian, TransUnion and Equifax, but are not endorsed or certified by them.

Credit ranting numbers like the ones shown above can be lender specific. However, Experian also provides information on overall financing and origination trends as part of their quarterly State of the Automotive Finance Market presentation. The following categories were presented for the 2021 Q3 automotive credit vertical and lending channels. 

Credit Score CategoryPoint Range
Super Prime781 to 850
Prime661 to 780
Nonprime601 to 660
Subprime501 to 600
Deep Subprime300 to 500
These credit rating categories and point ranges come from the Experian State of the Automotive Finance Market, but are not endorsed or certified by them.

About Credit History

Your credit history is a record of your liabilities and debts along with measuring your capability to repay them. The lower your credit rating, the greater the financing risk to financial institutions.

The three main credit reporting bureaus are TransUnion, Experian, and Equifax. These bureaus record and track your credit details. While the credit-related information is reasonably similar, your credit score may be different by bureau. When you apply for lending including car financing or refinancing, Lenders run credit checks called pulls against your history.

Soft pulls and hard pulls are the two kinds of checks. Soft pulls do not affect your credit rating. They are done during early loan application phases like pre-qualification. Hard pulls do influence your credit rating. These pulls are performed later in the application process during the loan approval and finalization. This indicates you are actively looking for a brand-new line of credit and, therefore, the hard inquiry will impact your credit score. Check out some of our other credit associated resources to learn more.

Car Refinance Steps in Arizona

There are several specific steps you can follow to start the auto refinance process in Arizona. You can most likely refinance your vehicle loan by owning a car, SUV, truck, or other qualifying vehicle in Arizona, having a loan on that vehicle, matching loan provider requirements, and providing your loan and individual details. While these general concepts are the basics, there may be extra steps you encounter before you can complete the refi process. Check out the additional things listed below:

  1. Own a motor vehicle in Arizona.
  2. Have a car loan on your automobile
  3. Meet qualifying vehicle-related criteria like a current production year and great car value
  4. Meet personal qualifying criteria that include your credit report and income
  5. Look for automobile refinancing with a new lender in Arizona
  6. When approved, they can help you look for a replacement loan that includes a different interest rate and payment term
  7. Complete the vehicle refi procedure for the replacement lending institution to take control of your old loan
  8. Make payment amounts to your updated car loan financial institution
  9. Your refinanced auto loan is complete!

Top-Selling Vehicles in Arizona

Ram 1500 to 3500 1500 best selling truck in Arizona

Did you know the best selling automobiles in Arizona are Ram 1500 to 3500 trucks? These popular Ram trucks are the top-selling and most financed. Do you have a Ram 1500 to 3500 yourself? Do you also have a truck loan on it? Are you pleased with your monthly truck payments and interest rate? Find out about Ram refinancing options in Arizona.

New Car Buyer Financing In Arizona

Is it your very first time buying a car in your state? You may have financed your new vehicle through the car dealership, financial services division, bank, or local credit union. Take advantage of any special financing offerings when you buy the vehicle. Dealers will occasionally offer new car buyer incentives like 0% APR car loans, 0% down, cash back deals, and team member rates.

Later after you have owned the vehicle for a while, you might possibly save money by refinancing your car or truck and start saving money or pay your auto loan off faster by changing the payment term and interest rate. This depends upon your financial objectives and refinance options presented by lending institutions.

Reducing the interest rate can possibly help save you money on your monthly payments if your goal is to start saving money each month. On the other hand if your objective is to work towards being free of debt, shortening your loan payment term can increase your payments however allow you to repay the loan more quickly.

Arizona Auto Refinancing Rates and Trends

It’s never been a more suitable time to refinance your car, truck, SUV, or other motor vehicle while living in Arizona. Historical valuation trends can permit you to make the most of increased equity in your vehicle and may result in more suitable vehicle loan terms and rate of interest. Use our car refinance calculator to see forecasted cost savings when comparing your current monthly vehicle payment and estimated new refinanced payment rates.

About Auto Refinancing Pre-Approval in Arizona

Automobile refinancing pre-approval lets you look for and see probable refi rates much faster. The pre-approval system suggests lending institutions might have finished actions like checking your credit report and personal info, figuring out loan suitability, and knowing who you are. A soft credit check is often performed before you receive pre-approval status. As we learned earlier, soft credit inquiries do not influence your credit score.

Ready To Start The Refinance Process?

Start by thinking about your refinance goals, consider what you want to change about your auto loan, and connect with lenders.

About Loan Repayment Assistance

There are very few avenues offered for car loan payment support in Arizona. If you are having trouble paying off your car loan or making payments consider the following options:

  • Refinance the loan on your automobile with the intention of saving money in mind
  • Sell your present motor vehicle and find a more affordable car with an economical month-to-month payment

Arizona Car Refinancing and Financial Goals

Everybody generally has specific monetary objectives for refinancing their truck, SUV, or car. These goals relate to your life, household, increasing your savings, and plans for the longer term. They can include saving for critical things, qualifying to purchase a house, and getting out of financial debt. Ask yourself the following questions:

  • Is your month-to-month car payment or rate of interest excessive?
  • Does it feel like you have high-interest debt holding you back?
  • Do you intend to be debt free and repay your car faster?
  • Would saving more money help you pay the bills?
  • Are car estimates increasing in Arizona leading to more automobile equity?

If you answered yes to any of the above thoughts or feel like you need to better align your personal financial goals, think about finding out more about refinancing your vehicle and reaching out to one of our auto refinance partners to learn more. You may be able to save money. Use resources like our vehicle refinance calculator, learn more about the advantages of car refinancing, and possibly start saving $100s through reductions on your monthly payments.

Find Arizona Serving Lenders for Refinancing**

Refinance your vehicle with our Arizona serving partner lenders. Learn how you can save money on your car payments.

Find Car Insurance as a Arizona Driver

Learn about insurance coverage options as a Arizona driver and vehicle owner. Bundling insurance may save money.

Arizona Desert Road

Love Your Car Like You Love Arizona

Many people love where they live. You know this to be true if you are a fan of your state. But ask yourself the following questions. Do you enjoy the car you drive? If you have an automobile loan in your state, are you disappointed with your auto payments and rate of interest? Is your auto insurance coverage not sufficiently looking after your car or truck? There might be things you can do and state serving refinance firms you can deal with if you answered yes to any of these questions.

Learn About Refinancing

State Census Driver and Automobile Facts

Have you speculated how many individuals live in Arizona or the number of licensed vehicle drivers there are on the streets in the state? The U.S. Census Bureau provides insight for these data points and other similar vehicle statistics. We can use the reported census numbers to answer these questions. This information comes from Census Bureau Data for 2019-2020, but it is not endorsed or certified by the Census Bureau. For example, there were 5,369,210 licensed drivers in the state of Arizona. There were also 2,405,959 cars registered. Using the 7,278,717 population, we can calculate per capita ratios like 737.66 drivers and 330.55 registered cars per capita (1,000 people). Looking at both driver and vehicle numbers, there are 2.23 registered vehicle drivers per vehicle.

Arizona by The Numbers

Estimated Population: 7,278,717Registered Automobiles: 2,405,959
Automobiles Per Capita: 330.55Licensed Drivers: 5,369,210
Drivers Per Capita: 737.66Drivers Per Automobile: 2.23
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near Phoenix, Arizona

Arizona Motor Vehicle Refinancing FAQs

Looking for info about automobile refinancing in Arizona? Be informed and find answers to frequently asked questions! It is important to do your homework and understand how deciding to refinance your motor vehicle changes your finances. These questions can help you start to understand what is related to refinancing your SUV, car, or truck in Arizona.

Can I refinance my vehicle in Arizona?

Yes, you can refinance your car or truck in Arizona if you consult with an auto refi lender who services your state.

Will refinancing my car in Arizona save me money?

Perhaps. The amount you might save while refinancing your automobile in Arizona is dependent on many variables like being able to qualify for a lower APR or interest rate and terms, your credit report, outstanding liabilities, car details, where you live in Arizona and other things.

Is auto refinancing pre-approval guaranteed if I have a good credit score, clean credit report, and reside in Arizona?

No, refinancing is not ensured when refinancing in Arizona even if you have great credit. You have to send your individual info such as your address in Arizona for refinancing pre-approval and check loan alternatives with specific lending institutions.

What are good objectives to have when refinancing my vehicle?

Your car refinancing goals primarily depend on your financial situation. They can be monetarily related like starting to save money on payments or getting out of personal debt. Your end goals can also be personally targeted like wishing to do what is optimal based on household car needs. Refinancing can be situationally motivated and include wanting to adjust your vehicle loan details.

How do I know if refinancing my vehicle in Arizona will help me?

You usually need to begin the automobile refinancing process to see associated refinancing rates in Arizona. Up until then, you can use tools like our vehicle refinance calculator to roughly calculate financial savings or modified automobile loan payment rates. Go to Auto Loan Refinance Calculator

Why are vehicle payments in Arizona so expensive?

Vehicle loan providers and financial institutions calculate car payments based upon a number of factors including your credit history, liquid assets, outstanding liabilities, car storage location, and expected financing risk likelihood. Your physical location or residence address can also be taken into account. As an example, you might be extended a range of lending offers depending if you are living in the city of Tucson versus Phoenix or Mesa.

What is required to secure an automobile loan in Arizona?

To make an application for a vehicle loan in Arizona, you are not required to be a member of any particular bank, credit union, or other loan provider. You can easily start the application. Remember you will be required to qualify to complete the vehicle loan application process.

What credit score do I need to have to refinance my motor vehicle loan in Arizona?

If you have a credit score of 680 or higher, you can commonly refinance your automobile loan. Your opportunity to refinance depends upon the lender and your automobile. You might find car loan refinance opportunities with a credit score in the low 600s or even 500s depending on your loan-to-value ratio. Having greater equity built up in your motor vehicle can make this possible.

How do I refinance my car loan in Arizona?

You can refinance your auto loan by owning a SUV, car, truck, or other qualifying motor vehicle in Arizona, having a loan on that motor vehicle, matching loan provider requirements, and producing your loan and individual details. Refinancing your suv, car, or truck can be a great method to reduce your vehicle loan interest rate and the amount of money you pay towards monthly payments.

To finish the refinance process in Arizona, you will need state-issued documents like your valid driver’s license, an earnings confirmation record, car or truck documents and pictures showing mileage and VIN number, and your current vehicle loan info. You’ll be required to produce these things to the lender in the course of the loan application process.

The bank or credit union you pick will examine your personal and car or truck info, assess your credit history, and let you know about the offered new loan deals. You might get approved for a lower interest rate. If you have any concerns, you can normally speak to your loan officer or business agent to see if you can reduce your month-to-month automobile payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Arizona.**