Florida Auto Refinancing

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

Have an auto loan on your Car, Truck, or SUV?

Check refinancing options and see if you can pre qualify with lenders. You may be able to save money on your auto loan.

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Motor Vehicle Refinancing in Florida

Are you trying to refinance your automobile in your state? You have indeed come to the right page! We partner with car loan companies throughout the country including in your state and can help you find an automobile refinance offer near you. Submit your information to see if you qualify for motor vehicle loan refinancing pre-approval below.

We’re proud to deal with car owners who call Florida home and focus on offering auto refinance info for new and pre-owned car or truck owners all over the state. Whether you stay in Miami, around Tampa, close to Orlando, or in another city in Florida, consult our lending partners to see if refinancing your auto will accommodate your personal financial circumstances.

Auto Refinancing in Miami, Florida

The Florida Auto Refi Process

The auto refinancing experience in your state can be fairly straightforward. To get started, you simply are required to have a couple of related vehicle documents. Check out the refi step-by-step checklist below. You also will need to satisfy various qualifying criteria for both your motor vehicle and yourself prior to finishing your new, refinanced auto loan.

Motor Vehicle Refinancing Qualification

Your car in Florida needs to be approved for the refinancing lender’s terms. These terms can differ by lending institution and commonly involve vehicles which are physically stored in Florida, are newer than 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 providers servicing Florida to learn more.

Individual Refi Qualification

Along with your motor vehicle qualification, you also have to qualify for refinancing by supplying your personal info and details when refinancing in your state. Lenders need to know your address in Florida, where you work, what amount of money you make, your credit history, info about other financial obligation you might have, and other associated details. They use this information for things like finishing a risk analysis regarding how likely you are to repay the refinanced auto loan.

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Florida Auto Loan Refinance Calculator

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Credit Score Qualification

Your credit rating plays a part in your ability to refinance your car. This score is measured within a range between 300 and 850. Most lending institutions require a minimum rating to qualify for a loan. You can even have industry-specific credit ratings which are separate from your basic credit rating.

The particular credit rating you need to have for an automobile loan differs by lending institution. They take into consideration numerous things when identifying your loan viability consisting of both the industry-specific rating, general rating, resources, debt, earnings, and other information. To get the most favorable vehicle loan rate of interest, you might wish to keep your credit rating as high as possible and potentially apply with a co-borrower.

Here are some credit rating examples you can use to typically get an idea based on your automobile ownership circumstance. Loan providers might need a credit rating of 700 or greater if you are looking for a loan on a brand-new vehicle. A credit rating of over 600 might be enough if you are financing or refinancing a previously owned or secondhand car or truck. If your score qualifies, talking to lending institutions or beginning the application process are methods to actually see.

About Credit Score Brackets in Florida

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

Credit history is a very large subject. There is far too much info to get into here, but we can cover some of the essential concepts. Your credit history is a record of your liabilities and financial debts together with measuring your capacity to repay them. Lenders check with credit bureaus to measure the risk of loaning you cash. The lower your credit score, the higher the borrowing danger to lenders.

Experian, TransUnion, and Equifax are the three notable credit reporting bureaus. These bureaus record and track your credit information. While the credit-related details are relatively the same, your credit rating may differ by bureau. Lenders run checks called pulls through these bureaus against your history during the loan application process.

Hard credit checks and soft credit checks are the two kinds of credit checks. Soft pulls do not affect your credit rating. They are done during early application steps like pre-qualification. Hard pulls do impact your credit rating. These pulls are done later in the application process during the loan approval and finalization. This implies 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 find out more.

Auto Refinance Steps in Florida

There are certain things you can do to start the automobile refinance process in Florida. You can attempt to refinance your vehicle loan by owning a truck, SUV, car, or other qualifying automobile in Florida, having a loan on that motor vehicle, matching lender requirements, and supplying your loan and personal details. While these things are the basics of what is needed for refinancing, there may be lender-specific steps as well. Check out the additional things listed below:

  1. Own a vehicle in Florida.
  2. Have an automobile loan on your car
  3. Meet qualifying vehicle-related requirements like a current year of manufacture and great automobile valuation
  4. Meet individual certifying criteria such as your credit report and salary
  5. Request car refinancing with a new lender in Florida
  6. Once your application is accepted, they can help you get a replacement loan which includes a different interest rate and payment term
  7. Finish the vehicle refi procedure for the new lender to take over your old loan
  8. Make monthly payments to your new vehicle loan financial institution
  9. Your refinanced auto loan is complete!

Best-Selling Vehicles in Florida

Toyota Corolla SE best selling sedan in Florida

Did you know the best selling automobiles in Florida are Toyota Corolla sedans? These popular Toyota sedans are the top-selling and most financed. Do you have a Toyota Corolla yourself? Do you also have a sedan loan on it? Are you satisfied with your monthly sedan payments and APR? Discover Toyota refinancing opportunities in Florida.

First Time Car Buyer Financing In Florida

Is it your very first time purchasing a car in your state? That is exciting news! You might have paid for your new car or truck through the dealer, financial services department, bank, or local lending institution. Make sure you are taking advantage of any finance offerings at the time of your purchase. These vary by the car dealership and can consist of zero interest car financing opportunities, zero-down financing, cashback opportunities, staff rates, and more.

In the future once you have had the car or truck for a while, you may possibly save money by refinancing your vehicle and start saving money or pay your car loan off quicker by adjusting the payment term and interest rate. This depends on your budgetary goals and refinance alternatives provided by lending institutions.

If your objective is to save money monthly, reducing the interest rate can possibly save you money on your month-to-month payments. On the other hand if your objective is to work towards paying down your auto debt, reducing your loan repayment term can increase your payments however enable you to pay off the loan faster.

Florida Auto Refinancing Rates and Trends

It has never been a more suitable time to refinance your car, truck, SUV, or other automobile while residing in Florida. Historical vehicle price trends can enable you to benefit from increased equity in your car and may cause more desirable auto loan terms and APR and interest rates. Use our car refinance calculator to see estimated cost savings and differences between your current car payment and expected new refinanced payment equivalents.

About Auto Refinancing Pre-Approval in Florida

Auto refinancing pre-approval lets you discover and see prospective refi rates much faster. The pre-approval process suggests auto refi providers might have undertaken credit history-related checks like assessing your credit report and info, determining loan suitableness, and recognizing who you are. This phase normally includes a soft credit pull which will not influence your credit history. These soft pulls are compared to the hard pulls which are finished at the time of the last steps in the refinancing procedure.

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 repayment support in Florida. If you are having trouble settling your car loan or making monthly payments think about the following options:

  • Refinance the loan on your vehicle with the intention of saving money in mind
  • Sell off your current car or truck and choose a more inexpensive motor vehicle with a budget-friendly month-to-month payment

Florida Car Refinancing and Financial Goals

Everybody usually has particular personal financial objectives for refinancing their SUV, truck, or car. These objectives relate to your life, household, savings, and plans for the longer term. They can focus on saving for crucial things, qualifying to buy a home, and paying off personal debt. Ask yourself the following questions:

  • Is your recurring car payment or APR or interest rate too high?
  • Does it feel like you have high-interest financial obligations holding you back?
  • Do you wish to be free of debt and repay your vehicle earlier?
  • Would saving more money help you meet your expenses?
  • Are motor vehicle costs increasing in Florida leading to more automobile equity?

If you answered yes to any of the above questions or believe that you want to better align your personal financial objectives, think about finding out more about refinancing your car and reaching out to one of our refi partners for more information. You might have the ability to save money. Use resources like our car refinance calculator, find out about the advantages of car refinancing, and potentially start saving $100s through reductions on your monthly car payments.

Find Florida Serving Lenders for Refinancing**

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

Find Car Insurance as a Florida Driver

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

Miami Beach, Florida

Love Your Car Like You Love Florida

Do you love where you live? If you love your state, ask yourself the following question. Do you love your vehicle loan as much as your state? Are you content with your loan’s monthly automobile payments and APR? If you are unhappy with any of the above car loan factors, there might be things you can do. Learn about options from refinance firms if you responded yes to any of these questions.

Learn About Refinancing

State Quick Driver and Car Information

Ever consider how many people reside in Florida or how many licensed car drivers there are on the streets in the state? The U.S. Census Bureau provides insight around these data points and other corresponding driving stats. We can use the reported census numbers to find answers. This information comes from Census Bureau Data for 2019-2020, but it is not endorsed or accredited by the Census Bureau. For example, there were 15,560,628 licensed drivers in the state of Florida. There were also 7,841,189 vehicles registered. Using the 21,477,737 population, we can calculate per capita ratios like 724.50 drivers and 365.08 registered vehicles per capita (1,000 people). Overall, there are 1.98 registered drivers per vehicle.

Florida by The Numbers

Estimated Population: 21,477,737Registered Automobiles: 7,841,189
Automobiles Per Capita: 365.08Licensed Drivers: 15,560,628
Drivers Per Capita: 724.50Drivers Per Automobile: 1.98
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near Miami, Florida

Florida Motor Vehicle Refinancing FAQs

Have questions about car refinancing in Florida? Get answers to commonly asked questions! It is important to do your homework and be aware of how opting to refinance your car impacts your life and finances. These questions can help you begin to understand what is related to refinancing your truck, car, or SUV in Florida.

Can I refinance my vehicle in Florida?

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

Will refinancing my car in Florida help to save me money?

Perhaps. The amount you may save while refinancing your automobile in Florida depends on many aspects involving having the ability to be approved for a lower rate of interest and terms, your credit rating, debts, car details, where you live in Florida and other factors.

Is auto refinancing pre-approval certain if I have an excellent credit rating and live in Florida?

No, being able to refinance is not guaranteed when refinancing in Florida even if you have good credit. You have to send your personal information such as your address, employer, and income in Florida for refinancing pre-approval and check loan alternatives with particular lenders.

What are the best end goals to have when refinancing my automobile?

Your auto refinancing goals primarily depend on your scenario. Refinancing can be situationally inspired and consist of desiring to adjust your car loan details.

How do I understand if refinancing my vehicle in Florida will help me?

You normally need to start the vehicle refinancing process to see comparable refinancing rates in Florida. Up until then, you can use tools like our automobile refinance calculator to roughly calculate financial savings or adjusted automobile loan payment rates. Go to Auto Loan Refinance Calculator

Why are car payments in Florida so expensive?

Vehicle loan lenders and financial institutions calculate car payments based on a number of things including your credit history, available assets and resources, outstanding liabilities, car storage location, and projected financial risk likelihood. Your physical location or residence address can also be a factor. For example, you might be extended a range of refinance offers depending if you are dwelling in the city of Tampa versus Miami or Orlando.

What is required to apply for an automobile loan in Florida?

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

What credit rating do I need to have to refinance my vehicle loan in Florida?

You can usually refinance your automobile loan if you have a credit score of 680 or higher. Your ability to refinance depends upon the financial institution and your vehicle. You may find vehicle loan refinance opportunities with a credit rating in the low 600s or perhaps 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 vehicle loan in Florida?

You can refinance your car loan by owning a truck, car, SUV, or other qualifying motor vehicle in Florida, having a loan on that motor vehicle, matching loan provider requirements, and producing your loan and personal details. Refinancing your truck, suv, or car can be a good solution to reduce your car loan rate of interest and the amount you pay towards month-to-month payments.

To finish the refinance process in Florida, you will have to have state-issued documents like your valid driver’s license, an earnings confirmation record, automobile documents and pictures showing mileage and VIN number, and your existing auto loan information. You’ll be required to produce these things to the credit union in the course of the loan application process.

The bank or lending institution you choose will review your individual and motor vehicle information, inspect your credit rating, and let you know of the available new loan offers. You might receive a lower interest rate. If you have any concerns, you can normally talk to your loan officer or business agent to see if you can reduce your regular monthly car or truck payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Florida.**