Georgia Auto Refinancing

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

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Car Refinancing in Georgia

Are you seeking to refinance your car in your state? You have come to the ideal page! We partner with automobile finance companies throughout the nation including in your state and can help you find a car refinance deal near you. Check to see if you get approved for motor vehicle loan refinancing pre-approval below.

We’re honored to team up with motor vehicle owners who call Georgia home and focus on supplying vehicle refinance information for brand-new and secondhand car owners all over the state. Whether you stay in Atlanta, around Augusta, close to Savannah, or another place in Georgia, apply with our lending partners to see if refinancing your car or truck will serve to help your personal financial scenario.

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The Georgia Auto Refinance Process

The vehicle refinancing procedure in your state can be quite uncomplicated. You also have to meet several criteria for both your car and yourself prior to when you can finish your newly refinanced vehicle loan.

Car Refi Qualification

Your automobile in Georgia has to be approved for the refinancing loan provider’s terms. These terms can vary by loan provider and generally include vehicles which are physically located in Georgia, are newer than 10 years old with clean titles, have lower than 100k mileage, and have a favorable loan-to-value (LTV) ratio. Get in touch with specific lenders servicing Georgia to learn more.

Personal Refi Qualification

Along with your vehicle qualification, you also have to qualify for refinancing by providing your personal information and details when refinancing in your state. Lenders want to know your address in Georgia, where you work, how much money you make, your credit report, info about other financial debt you might have, and other associated details. They record this info for things like completing a liability analysis regarding how likely you are to repay the refinanced vehicle loan.

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Georgia Auto Loan Refinance Calculator

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Credit Report Qualification

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

The specific credit rating you need to have for a vehicle loan differs by lending institution. They take into consideration many things when determining your loan viability consisting of both the industry-specific rating, general score, assets, debt, income, and other information. To get the most desirable motor vehicle loan interest rate, you might wish to keep your credit report 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 upon your car ownership circumstance. For example, lenders may need a credit score of 700 or greater if you are searching for a loan on a new vehicle. If you are financing or refinancing a secondhand or pre-owned automobile, a credit score of over 600 may be enough. Talking with loan providers or beginning the application process are methods to specifically see if your score qualifies.

About Credit Score Brackets in Georgia

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 financial obligations along with measuring your ability to repay them. The lower your credit rating is between 300 to 850, the higher the loan danger to financial institutions.

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

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

Auto Refinance Steps in Georgia

There are several specific things you can do to start the auto refinance process in Georgia. You can attempt to refinance your vehicle loan by owning a car, truck, or other qualifying vehicle in Georgia, having a loan on that automobile, matching lender requirements, and producing your loan and individual details. While these things are the basics, there may be additional steps as well. Check out the additional steps listed below:

  1. Own a car in Georgia.
  2. Have a vehicle loan on your vehicle
  3. Meet qualifying vehicle-related requirements like a recent design year and good vehicle market value
  4. Meet personal qualifying criteria such as your credit score and salary
  5. Apply for automobile refinancing with a new lender in Georgia
  6. As soon as approved, they can help you look for a new loan which includes an updated rate of interest and repayment term
  7. Finish the car refi procedure for the replacement lender to take over your old loan
  8. Make payment amounts to your updated auto loan lender
  9. That is all – your auto loan is refinanced!

Top-Selling Vehicles in Georgia

Ford F-Series F-150 best selling truck in Georgia

Did you know the best selling vehicles in Georgia are Ford F-Series trucks? These popular Ford trucks are the top-selling and most financed. Do you have a Ford F-Series yourself? Do you also have a truck loan on it? Are you okay with your monthly truck payments and rate of interest? Find out about Ford refinancing opportunities in Georgia.

New Car Buyer Financing In Georgia

Is it your very first time purchasing an automobile in your state? That is fantastic news! You may have funded your brand-new vehicle from the dealer, financial services department, bank, or nearby credit union. Be sure you are making the most of any financing offerings at the time of your purchase. These change by the car dealer and can include 0% APR, zero down auto loans, cashback benefits, team member prices, and more.

Later after you have owned the automobile for a while, you may possibly save money by refinancing your automobile and save money or pay your car loan off quicker by changing the payment term and APR or interest rate. This depends upon your budgetary goals and refinance choices offered by lending institutions.

If your plan is to start saving money monthly, reducing the APR or interest rate can possibly save you money on your month-to-month payments. On the other hand if your goal is to work towards paying off your debt, reducing your loan payment term can increase your payments however enable you to pay off your debt and the loan more quickly.

Georgia 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 Georgia. Historic vehicle value patterns can make it possible for you to benefit from increased equity in your car and can result in better auto loan terms and rate of interest. Use our auto refinance calculator to see predicted cost savings and differences between your present monthly vehicle payment and calculated replacement refinanced payment costs.

About Auto Refinancing Pre-Approval in Georgia

Vehicle refinancing pre-approval lets you select and see possible refi rates much faster. The pre-approval approach indicates auto refinance companies may have finished checks like checking your credit report and relevant information, establishing loan suitableness, and understanding who you are. This step normally requires a soft credit pull which will not impact your credit score. These soft pulls are compared to the hard pulls which are finished at the time 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 very few methods offered for automobile loan payment assistance in Georgia. If you are having trouble paying off your auto loan or making monthly payments think about the following alternatives:

  • Refinance the loan on your car with the objective of saving money in mind
  • Sell your present automobile and find a more cost effective car with a less expensive monthly payment

Georgia Car Refinancing and Financial Goals

Everyone generally has specific financial objectives for refinancing their automobile. These goals relate to your life, family, increasing your savings, and preparing for the longer term. They can consist of saving for vital things, qualifying to buy a home, and paying down personal 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 prefer to be free of debt and repay your car faster?
  • Would saving more money allow you to pay the bills?
  • Are vehicle prices going up in Georgia resulting in more auto equity?

If you responded yes to any of the above questions or think that you want to better align your financial objectives, consider learning more about refinancing your automobile and connecting with one of our auto refi partners to find out more. You might be able to save money. Use resources like our automobile refinance calculator, learn about the advantages of vehicle refinancing, and potentially start saving $100s by reducing your monthly car payments.

Find Georgia Serving Lenders for Refinancing**

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

Find Car Insurance as a Georgia Driver

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

Statue in Downtown Atlanta, Georgia

Love Your Car Like You Love Georgia

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 your state? Are you content with your loan’s month-to-month car payments and APR? If you are disappointed with any of the above car loan factors, there may be things you can do. Learn about options from refinance providers if you responded yes to any of these things.

Learn About Refinancing

State Driver and Motor Vehicle Information

Ever ponder how many individuals reside in Georgia or how many licensed drivers there are on the highways in the state? The U.S. Census Bureau provides insight for these metrics and other related motor vehicle statistics. We can use the reported census numbers to answer these questions. This information is tracked by Census Bureau Data for 2019-2020, but it is not supported or accredited by the Census Bureau. For instance, there were 7,261,266 licensed drivers in the state of Georgia. There were also 3,499,520 motor vehicles registered. Using the 10,617,423 population, we can work out per capita ratios like 683.90 vehicle drivers and 329.60 registered motor vehicles per capita (1,000 people). In total, there are 2.07 registered vehicle drivers per automobile.

Georgia by The Numbers

Estimated Population: 10,617,423Registered Automobiles: 3,499,520
Automobiles Per Capita: 329.60Licensed Drivers: 7,261,266
Drivers Per Capita: 683.90Drivers Per Automobile: 2.07
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near Atlanta, Georgia

Georgia Motor Vehicle Refinancing FAQs

Looking for info about auto refinancing in Georgia? Here are some answers to frequently asked questions! It is important to know what you are getting into and understand how deciding to refinance a vehicle affects your life and finances. These questions can help you understand what is related to refinancing your automobile in Georgia.

Can I refinance my automobile in Georgia?

Yes, you can refinance your SUV, truck, or car in Georgia if you deal with a lender who services your region.

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

Possibly. The amount you may save while refinancing your car in Georgia depends on lots of factors involving having the ability to be approved for a lower rate of interest and terms, your credit history, outstanding liabilities, car details, where you live in Georgia and other factors.

Is automobile refinancing pre-approval guaranteed if I have an excellent credit score, clean credit report, and live in Georgia?

No, nothing is guaranteed when refinancing in Georgia even if you have great credit. You need to provide your personal details such as your address, employer, and income in Georgia for refinancing pre-approval and check loan options with specific loan providers.

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

Your automobile refinancing goals mostly depend on your financial situation. They can be monetarily related like starting to save money on payments or getting out of debt. Your end goals can also be personally specified like wishing to do what is best based on household car needs. Refinancing can be situationally encouraged and consist of wishing to change your auto loan details.

How do I understand if refinancing my auto in Georgia will help me?

You typically need to begin the vehicle refinancing process to see associated refinancing rates in Georgia. Until then, you can use tools like our car refinance calculator to roughly calculate savings or revised automobile loan payment rates. Go to Auto Loan Refinance Calculator

Why are vehicle payments in Georgia so pricey?

Vehicle loan companies and banks determine vehicle payments based upon a number of variables including your credit score, liquid assets and resources, outstanding liabilities, automobile physical location, and estimated borrowing risk. Your physical location or residence address can also be taken into account. For example, you may be extended different financing deals depending if you are living in the city of Augusta versus Atlanta or Savannah.

What do I need to secure an auto loan in Georgia?

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

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

If you have a credit rating of 680 or greater, you can commonly refinance your car loan. Your opportunity to refinance depends upon the loan provider and your car. You might be able to find car loan refinance opportunities with a credit rating in the low 600s or perhaps 500s depending upon your loan-to-value ratio. Having higher equity built up in your car can make this possible.

How do I refinance my vehicle loan in Georgia?

You can refinance your car loan by owning a car, truck, or other qualifying motor vehicle in Georgia, having a loan on that automobile, meeting loan provider requirements, and producing your loan and personal information. Refinancing your truck, car, or suv can be a great way to lower your auto loan interest rate and the amount of money you pay towards month-to-month payments.

To finish the refinance process in Georgia, you will need to have state-provided identification like your valid driver’s license, an income verification record, automobile documents and pictures showing mileage and VIN number, and your existing vehicle loan details. You’ll be required to supply these things to the bank while in the loan application process.

The bank or local credit union you select will evaluate your individual and vehicle information, assess your credit report, and let you know of the readily available new loan deals. You may get approved for a lower interest rate. If you have any questions, you can usually speak to your loan officer or service representative to see if you can reduce your monthly vehicle payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Georgia.**