Michigan Auto Refinancing

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

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Automobile Refinancing in Michigan

Are you attempting to refinance your car, truck, or SUV in your state? We work with auto lending institutions all around the region including in your state and can help you discover an auto refinance offer near you.

We’re honored to team up with SUV, car, and truck owners who call Michigan home and specialize in supplying vehicle refinance information for used and brand-new car or truck owners all over the state. Whether you reside in Detroit, around Grand Rapids, close to Flint, or elsewhere in Michigan, get in touch with our lending partners to see if refinancing your motor vehicle will accommodate your monetary situation.

Find Auto Refinancing in Chicago, Michigan

The Michigan Auto Refi Process

The vehicle refinancing procedure in your state can be fairly simple. You also have to satisfy particular requirements for both your vehicle and yourself prior to when you can complete your newly refinanced car loan.

Automobile Refinancing Qualification

Your automobile in Michigan needs to be approved for the refinancing lending institution’s terms. These terms can vary by loan provider and typically involve automobiles which are physically located in Michigan, were made within the last 10 years old with clean titles, have less than 100k mileage, and have a good loan-to-value (LTV) ratio. Check with specific loan providers servicing Michigan to learn more.

Personal Refi Qualification

Along with your motor vehicle qualification, you also have to qualify for refinancing by supplying personal information and details when refinancing in your state. Lenders need to know your address in Michigan, where you work, how much money you make, your credit report, information about other financial obligation you may have, and other relevant details. They record this info for things like completing a risk analysis as to how likely you are to make payments on the refinanced auto loan.

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Michigan Auto Loan Refinance Calculator

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Credit Score Qualification

Your credit score plays a part in your capability to refinance your car or truck. This score falls in a range between 300 and 850. Most lending institutions require a specific score to qualify for a loan. You can also have industry-specific credit ratings which are separate from your overall credit rating.

The specific credit rating you need to have for an automobile loan varies by lender. They take into account numerous things when identifying your loan suitability consisting of both the industry-specific rating, basic rating, assets, debt, income, and other information. To get the most ideal auto loan interest rate, you may want to keep your credit score as high as possible and possibly apply with a co-borrower.

Here are some credit rating examples you can use to generally get an idea based on your car ownership scenario. For instance, loan providers may require a credit rating of 700 or more if you are trying to find a loan on a new car or truck. A credit score of over 600 may be enough if you are financing or refinancing a previously owned or used automobile. Speaking with loan providers or beginning the application process are methods to specifically see if your score qualifies.

About Credit Score Brackets in Michigan

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 ability to repay them. The lower your credit score is between 300 to 850, the greater the loan risk to financial institutions.

The three significant credit reporting bureaus are TransUnion, Experian, and Equifax. These bureaus record and track your credit info. While the credit-related details are reasonably the same, your credit score might vary by bureau. Lenders run checks called pulls to check your history when you apply for lending including car financing or refinancing.

The two kinds of checks are called soft pulls and hard pulls. Soft pulls ascertain your preliminary viability. This report pulls your credit details to see your history. Soft pulls do not impact your credit rating. Hard pulls are initiated in the final approval stage of the financing process. This indicates you are actively seeking out a new credit line and will affect your credit rating. Check out some of our other credit related resources to find out more.

Automobile Refi Steps in Michigan

There are certain things you can do to start the vehicle refinance process in Michigan. You can most likely refinance your car loan by owning a truck, SUV, car, or other qualifying automobile in Michigan, having a loan on that automobile, meeting lending institution requirements, and providing your loan and individual information. While these building blocks are the basics, there may be additional steps you encounter before you can complete the refi process. Check out the additional info listed below:

  1. Own an automobile in Michigan.
  2. Have a vehicle loan on your vehicle
  3. Meet qualifying vehicle-related requirements like a current production year and excellent vehicle market value
  4. Meet personal certifying criteria such as your credit history and salary
  5. Obtain vehicle refinancing with a different lending institution in Michigan
  6. Once approved, they can help you find a different loan that includes a different annual percentage rate (APR) or interest rate and payment term
  7. Complete the automobile refi process for the different loan provider to replace your old loan
  8. Make payments to your new vehicle loan financial institution
  9. Your refinanced auto loan is complete!

Top-Selling Vehicles in Michigan

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

Did you know the best selling motor vehicles in Michigan 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 happy with your monthly truck payments and interest rate? Discover Ford auto refinancing opportunities in Michigan.

First Time Car Buyer Financing In Michigan

Is it your first time purchasing an automobile in your state? You might have financed your new automobile through the car dealership, financial services department, bank, or regional credit union. Take advantage of any special financing offerings at the time of your purchase. Car dealers will sometimes offer buyer incentives like zero-percent apr car loans, zero-down financing, cashback opportunities, and staff pricing.

Later on when you have owned the automobile for a while, you may be able to save money by refinancing your car and start saving money or pay your car loan off faster by changing the payment term and rate of interest. This depends upon your monetary goals and refinance choices provided by lenders.

If your plan is to save money monthly, lowering the rate of interest can sometimes save you money on your monthly payments. On the other hand if your objective is to work towards being debt free, reducing your loan payment term can increase your payments in the short term but permit you to pay off the loan faster.

Michigan Auto Refinancing Rates and Trends

It’s never been a better time to refinance your car, truck, SUV, or other automobile while residing in Michigan. Historic valuation trends can permit you to capitalize on increased equity in your car and can cause more suitable car loan terms and APR and interest rates. Use our auto refinance calculator to see calculated cost savings and differences between your present car payment and estimated replacement refinanced payment equivalents.

About Auto Refinancing Pre-Approval in Michigan

Vehicle refinancing pre-approval helps you pick and see possible refi rates more efficiently. The pre-approval approach signifies lenders may have performed credit history-related checks like checking your credit report and info, figuring out loan viability, and recognizing who you are. This step normally involves a soft credit pull which would not strike your credit rating. These soft pulls are compared to the hard pulls which are finished during 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 avenues available for vehicle loan payment support in Michigan. If you are having difficulty repaying your auto loan or making monthly payments think about the following choices:

  • Refinance the loan on your automobile with the objective of saving money in mind
  • Sell your existing car or truck and search for a more affordable car or truck with an economical monthly refi payment

Michigan Car Refinancing and Financial Goals

Everyone generally has particular financial goals for refinancing their car, truck, or SUV. These objectives are related to your life, family, increasing your savings, and preparing for the longer term. They can include saving for critical things, pre-qualifying to buy a home, and paying off financial debt. Ask yourself the following things:

  • Is your month-to-month automobile payment or APR or interest rate excessive?
  • Does it seem like you have high-interest financial obligations holding you back?
  • Do you want to be free of debt and repay your car earlier than the stated loan term?
  • Would saving more money help you meet your expenses?
  • Are vehicle costs climbing in Michigan resulting in more automobile equity?

If you answered yes to any of the above questions or feel like you want to better align your financial goals, consider finding out more about refinancing your car and reaching out to one of our refi partners to learn more. You may have the ability to save money. Use resources like our car refinance calculator, learn more about the benefits of vehicle refinancing, and possibly save $100s by reducing your regular monthly payments.

Find Michigan Serving Lenders for Refinancing**

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

Find Car Insurance as a Michigan Driver

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

Chicago Harbor and Observation Wheel in Michigan

Love Your Car Like You Love Michigan

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 where you live? Are you content with your loan’s month-to-month vehicle 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 providers if you responded yes to any of these questions.

Learn About Refinancing

State Census Driver and Motor Vehicle Facts

Do you ever ponder how many individuals reside in Michigan or how many licensed vehicle drivers there are on the roads in the state? The U.S. Census Bureau provides insight into these data points and other correlated motor vehicle statistics. We can use the reported census numbers to answer these questions. This data is tracked by Census Bureau Data for 2019-2020, but it is not endorsed or certified by the Census Bureau. For instance, there were 7,141,494 licensed drivers in the state of Michigan. There were also 2,831,499 vehicles registered. Using the 9,986,857 population, we can work out per capita ratios like 715.09 drivers and 283.52 registered automobiles per capita (1,000 people). In total, there are 2.52 registered drivers per motor vehicle.

Michigan by The Numbers

Estimated Population: 9,986,857Registered Automobiles: 2,831,499
Automobiles Per Capita: 283.52Licensed Drivers: 7,141,494
Drivers Per Capita: 715.09Drivers Per Automobile: 2.52
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near Detroit, Michigan

Michigan Car Refinancing FAQs

Have concerns about auto refinancing in Michigan? Get answers to commonly asked questions! It is essential to know what you are getting into and be aware of how deciding to refinance a vehicle affects your finances. These questions can help you start to understand what is related to refinancing your SUV, truck, or car in Michigan.

Can I refinance my vehicle in Michigan?

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

Will refinancing my vehicle in Michigan save me money?

Potentially. The amount of money you may save while refinancing your vehicle in Michigan is dependent on numerous variables including having the ability to get approved for a lower APR or interest rate and terms, your credit rating, outstanding debts, vehicle details, where you live in Michigan and other things.

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

No, nothing is ensured when refinancing in Michigan even if you have great credit. You have to submit your individual info consisting of your address, employer, and income in Michigan for refinancing pre-approval and check loan options with particular lenders.

What are good goals to have when refinancing my car?

Your automobile refinancing goals primarily depend upon your circumstances. They can be financially related like starting to save money on payments or paying down financial liabilities. Your objectives can also be personally targeted like planning to do what is best based on household car needs. Refinancing can be situationally motivated and include wanting to change your auto loan details.

How do I find out if refinancing my car in Michigan will help me?

You typically want to begin the auto refinancing process to see related refinancing rates in Michigan. Until then, you can use tools like our vehicle refinance calculator to approximate financial benefits or adjusted auto loan payment rates. Go to Auto Loan Refinance Calculator

Why are auto payments in Michigan so pricey?

Car loan providers and financial institutions calculate vehicle payments based upon a variety of things including your credit score, available assets and resources, owed liabilities, vehicle storage location, and projected financial risk. Your physical location or address can also play a part. For example, you might be offered a range of financing deals depending if you are residing in the city of Grand Rapids versus Detroit or Flint.

What is required to make an application for an auto loan in Michigan?

To make an application for an automobile loan in Michigan, you are not required to be a member of any specific bank, credit union, or other provider. You can quickly initiate the application. Keep in mind you will need to qualify to finish the auto loan application process.

What credit rating do I need to have to refinance my auto loan in Michigan?

You can commonly refinance your auto loan if you have a credit rating of 680 or greater. You might be able to find car loan refinance opportunities with a credit rating 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 auto loan in Michigan?

You can refinance your auto loan by owning a car, truck, or other qualifying automobile in Michigan, having a loan on that car, matching lending institution requirements, and supplying your loan and personal information. Refinancing your car, suv, or truck can be a good approach to reduce your vehicle loan APR or interest rate and the amount you pay towards month-to-month payments.

To finish the refinance process in Michigan, you will have to have state-issued documents like your valid driver’s license, an earnings confirmation record, automobile documents and pictures of the vehicle’s mileage and VIN number, and your present vehicle loan information. You’ll have to supply these things to the credit union during the loan application process.

The bank or credit union you choose will review your personal and car or truck details, examine your credit history, and let you know of the readily available new loan offers. You may get approved for a lower rate of interest. If you have any concerns, you can normally talk to your loan officer or service rep to see if you can reduce your month-to-month automobile payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Michigan.**