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.*

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Automobile Refinancing in Florida

Are you attempting to refinance your SUV, truck, or car in your state? We work with vehicle loan providers all around the nation including in your state and can help you locate a car refinance deal near you.

We’re proud to team up with automobile owners who call Florida home and specialize in providing vehicle refinance information for new and previously owned motor vehicle owners all over the state. Whether you stay in Miami, in proximity to Tampa, close to Orlando, or in another town in Florida, contact our lending partners to see if refinancing your motor vehicle will serve to help your monetary circumstance.

Auto Refinancing in Miami, Florida

The Florida Auto Refinance Process

The car refinancing procedure in your state can be kind of straightforward. To begin, you simply are required to have several related personal documents. Explore the refinance step-by-step list shown below. You also will need to comply with various qualifying criteria for both your car and yourself before you can finish your freshly refinanced car or truck loan.

Auto Refinance Qualification

Your automobile in Florida needs to be approved for the refinancing lender’s terms. These terms can differ by lender and commonly include cars which are physically located in Florida, were made within the last 10 years old with clean titles, have lower than 100k mileage, and have a good loan-to-value (LTV) ratio. Get in touch with specific loan providers servicing Florida to find out more.

Personal Refi Qualification

Similarly to your car qualification, you also must qualify for refinancing by including your personal information like co-borrower, income, address, employer, and other details when refinancing in your state. Lenders want to know your home address in Florida, where you work, how much money you make, your credit rating, info about other personal debt you might have, and other associated details. They use this information for things like completing an opportunity analysis as to how likely you are to repay the refinanced car loan.

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Florida Auto Loan Refinance Calculator

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Credit Rating Qualification

Your credit score plays a part in your capability to refinance your car. This rating is measured within a range between 300 and 850. Most loan providers require a minimum rating before you can be approved for a loan. You can also have industry-specific credit ratings which are different from your overall credit score.

The particular credit rating you need to have for a vehicle loan varies by loan provider. They take into account numerous things when determining your loan suitability including both the industry-specific score, general score, properties, liabilities, income, and other details. To get the most ideal auto loan interest rate, you might want to keep your credit score as high as possible and possibly use a co-borrower.

Here are some credit score examples you can use to typically get an idea based upon your car ownership circumstance. For example, lending institutions may require a credit score of 700 or higher if you are trying to find a loan on a brand-new automobile. A credit rating of over 600 might be enough if you are financing or refinancing a previously owned or secondhand car. Speaking to loan providers or starting the application process are ways to actually see if your rating qualifies.

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 really big topic. There is far too much information to get into here, however we can cover some of the fundamentals. Your credit history is a record of your liabilities and financial obligations together with determining your capability to repay them. Lenders run reports with credit bureaus to measure the uncertainty of lending you cash. The lower your credit score, the higher the loan hazard to financial institutions.

The three primary credit reporting bureaus are TransUnion, Experian, and Equifax. These bureaus record and track your credit information. While the credit-related details are comparatively similar, your credit score may be different by bureau. Lenders run checks called pulls versus your history when you get loans including car financing or refinancing.

The two types of credit checks are called hard pulls and soft pulls. Soft pulls ascertain your preliminary appropriateness. This report pulls your credit information to see your history. Soft pulls do not influence your credit history. Hard pulls are completed in the final stages of the finance process. This implies you are actively searching for a new credit line and will affect your credit report. Check out a few of our other credit related resources to find out more.

Auto Refinance Steps in Florida

There are certain things you can do to refinance your automobile in Florida. You can attempt to refinance your auto loan by owning a SUV, car, truck, or other qualifying motor vehicle in Florida, having a loan on that car, meeting loan provider requirements, and furnishing your loan and personal details. While these things are the basics, there may be lender-specific steps you encounter before you can complete the refi process. Check out the additional steps listed below:

  1. Own an automobile in Florida.
  2. Have a car loan on your automobile
  3. Meet qualifying vehicle-related requirements like a current model year and great vehicle market value
  4. Meet personal qualifying requirements such as your credit history and income
  5. Look for auto refinancing with a different lending institution in Florida
  6. When your application is accepted, they can help you get a different loan that includes an updated annual percentage rate (APR) and repayment term
  7. Complete the vehicle refi process for the new loan provider to replace your old loan
  8. Make agreed payments to your new car loan lending institution
  9. Your refinanced auto loan is complete!

Top-Selling Vehicles in Florida

Toyota Corolla SE best selling sedan in Florida

Did you know the best selling vehicles 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 okay with your monthly sedan payments and rate of interest? Learn more about Toyota auto refinancing opportunities in Florida.

New Car Buyer Financing In Florida

Is it your first time purchasing a motor vehicle in your state? That is amazing news! You may have funded your brand-new motor vehicle through the dealership, financial services department, bank, or local lending institution. Make sure you are making the most of any finance offerings at the time of your purchase. These change by the car dealership and can include zero percent financing for cars, zero-down financing incentives, cash back deals, staff member rates, and more.

Later on after you have had the automobile for a while, you may be able to save money by refinancing your car or truck and save money or pay your auto loan off earlier by adjusting the payment term and APR or interest rate. This depends upon your personal financial goals and refinance choices presented by lending institutions.

Lowering the interest rate can potentially help to save money on your monthly payments if your objective is to save money each month. On the other hand if your goal is to work towards consolidating debt, shortening your loan repayment term can increase your payments in the short term however make it possible for you to settle the loan faster.

Florida Auto Refinancing Rates and Trends

It has never been a better time to refinance your car, truck, SUV, or other automobile while living in Florida. Historic value trends can make it possible for you to capitalize on increased equity in your vehicle and may result in better auto loan terms and APR or interest rates. Use our auto refinance calculator to see forecasted cost savings when comparing your existing car or truck payment and calculated replacement refinanced payment equivalents.

About Auto Refinancing Pre-Approval in Florida

Car refinancing pre-approval serves to help you discover and see potential refi rates much faster. The pre-approval approach means loan providers might have performed steps like evaluating your credit report and personal information, determining loan suitability, and identifying who you are. This step generally incorporates a soft credit pull which will not strike your credit score. These soft pulls are compared to the hard pulls which are executed in the course of the final 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 few opportunities provided for car loan repayment support in Florida. If you are having difficulty repaying your car loan or making monthly payments think about the following alternatives:

  • Refinance the loan on your motor vehicle with the objective of saving money in mind
  • Sell your present automobile and look for a more affordable car or truck with a budget-friendly monthly payment

Florida Car Refinancing and Financial Goals

Everybody generally has specific monetary objectives for refinancing their car. These goals can be directly related to your life, household, increasing your savings, and plans for the longer term. They can consist of saving for crucial things, qualifying to buy a house, and paying off personal debt. Ask yourself the following questions:

  • Is your monthly car payment or rate of interest too expensive?
  • 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 allow you to pay the bills?
  • Are motor vehicle rates climbing in Florida resulting in more car equity?

If you answered yes to any of the above questions or feel like you want to better align your personal financial objectives, think about finding out more about refinancing your automobile and reaching out to any of our refi partners to learn more. You may manage to save money. Use resources like our vehicle refinance calculator, learn about the benefits of auto refinancing, and possibly save $100s through reductions on your monthly 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 auto loan as much as where you live? Are you content with your loan’s monthly automobile payments and rate of interest or APR? If you are dissatisfied with any of the above car loan factors, there may be things you can do. Learn about options from refinance companies if you answered yes to any of these things.

Learn About Refinancing

State Quick Driver and Vehicle Info

Do you ever ponder how many individuals reside in Florida or the number of licensed vehicle drivers there are on the streets in the state? The U.S. Census Bureau offers insight into these data points and other important vehicle stats. We can use the reported census numbers to discover answers. This data is tracked by Census Bureau Data for 2019-2020, but it is not endorsed or accredited by the Census Bureau. For instance, there were 15,560,628 licensed drivers in the state of Florida. There were also 7,841,189 motor vehicles registered. Using the 21,477,737 population, we can work out per capita ratios like 724.50 vehicle drivers and 365.08 registered cars per capita (1,000 people). Looking at both driver and vehicle numbers, 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

Looking for info about automobile refinancing in Florida? Here are some answers to commonly asked questions! It is crucial to do your research and be aware of how choosing to refinance your vehicle impacts your finances. These FAQs can help you begin to understand what you can do to refinance your SUV, car, or truck in Florida.

Can I refinance my automobile in Florida?

Yes, you can refinance your car or truck in Florida if you coordinate with a lender who services your area.

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

Potentially. The amount of money you may save while refinancing your vehicle in Florida depends on numerous aspects involving being able to get approved for a lower rate of interest and terms, your credit report, outstanding debts, automobile details, where you live in Florida and other factors.

Is car refinancing pre-approval guaranteed if I have an excellent credit rating and reside in Florida?

No, refinancing is not guaranteed when refinancing in Florida even if you have excellent credit. You need to submit your personal info consisting of your address, employer, and income in Florida for refinancing pre-approval and check loan options with specific lenders.

What are good end goals to have when refinancing my vehicle?

Your auto refinancing end goals mostly depend on your circumstances. They can be financially related like saving money on payments or paying off financial obligations. Your objectives can also be personally specific like wishing to do what is best based on household automobile needs. Refinancing your car can be situationally motivated and include wanting to adjust your automobile loan details.

How do I find out if refinancing my automobile in Florida will benefit me?

You normally want to begin the car refinancing process to see associated refinancing rates in Florida. Until then, you can use tools like our vehicle refinance calculator to calculate financial savings or revised auto loan payment rates. Go to Auto Loan Refinance Calculator

Why are auto payments in Florida so pricey?

Automobile loan companies and financial institutions determine automobile payments based upon a number of things including your credit score, liquid assets and resources, outstanding liabilities, car area of use, and calculated financial risk. Your physical location or residence address can also be taken into account. As an example, you might be extended different refinance offers depending if you are dwelling in the city of Tampa versus Miami or Orlando.

What do I have to do to secure an automobile loan in Florida?

To look for an auto loan in Florida, you are not required to be a member of any specific bank, credit union, or other loan provider. You can easily create the application. Keep in mind you will need to qualify to complete the auto loan application process.

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

You can often refinance your automobile loan if you have a credit score of 680 or greater. You might be able to find car loan refinance opportunities with a credit score in the low 600s or even 500s depending on your loan-to-value ratio. Increasing your vehicle equity can improve your opportunity to refinance.

How do I refinance my car loan in Florida?

You can refinance your car loan by owning a SUV, car, truck, or other qualifying vehicle in Florida, having a loan on that automobile, meeting lender requirements, and supplying your loan and individual information. Refinancing your car, truck, or SUV can be a good solution to bring down your auto loan interest rate and the amount you pay towards regular monthly payments.

To finish the refinance process in Florida, you will need state-provided identification like your valid driver’s license, an income verification record, car or truck documents and pictures showing mileage and VIN number, and your existing auto loan information. You’ll have to produce these things to the lender during the course of the loan application process.

The bank or cooperative credit union you pick will evaluate your personal and automobile information, evaluate your credit history, and let you know about the readily 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 company agent to see if you can reduce your monthly car payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Florida.**