Are expensive monthly loan payments eating into your wallet? Refinance your New Jersey auto loan with Way.com and save thousands over your loan term!
Unlock the benefits of auto loan refinancing like:
Every car owner knows how costly it's becoming to maintain a vehicle - especially if you live in any of the Tri-State Area states. Every day, more New Jerseyites find themselves locked into bad car loans - with high APRs, monthly payments, and inflexible loan terms.
That's no reason to continue with it - replacing your auto loan is now effortless with New Jersey auto refinancing!
Financing your vehicle from a bank or dealership may not give you much choice of APR. You'll have to settle for what seems like a fair deal - only to find out much later that the monthly payments are too expensive to keep up!
However, if your credit score and financial position have improved, you can refinance your New Jersey auto loan and get the following benefits:
On average, borrowers who refinanced their New Jersey car loans have reduced their APRs by at least 1-2% and saved between $800-$1500 every year. However, this can vary depending on each borrower's credit score, payment history, loan-to-value ratio, debt-to-income ratio, and more.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
While there is nothing to stop you from refinancing your New Jersey car loan as soon as you take it, don't rush to do that. Experts recommend waiting until you meet certain conditions, like:
Rather than scramble for documents when applying, it's best to keep everything necessary for refinancing ready beforehand. We've made a list of all the essential loan documents you need to keep ready before refinancing your car loan in New Jersey:
Your car will likely be eligible for auto refinance in New Jersey if it meets these criteria:
| LOAN TERM | Excellent
Credit Score (750-850) |
Good
Credit Score (700-749) |
Fair
Credit Score (640-699) |
Poor
Credit Score (639 or less) |
|---|---|---|---|---|
| 36 months | 3.22% | 4.29% | 4.50% | 7.47% |
| 48 months | 3.32% | 4.81% | 6.60% | 9.62% |
| 60 months | 3.37% | 4.67% | 6.37% | 9.42% |
| 72 months | 3.75% | 4.62% | 6.50% | 9.52% |
*The above rates are averages: individual rates may vary based on credit scores, risk profile, payment history, loan balance, and more. Borrowers with excellent credit may get even lower rates than shown.
Punch your desired APR into an online auto refinance calculator to find your estimated savings. If this amount less than what you're currently paying
To get the best auto refinance rates in New Jersey, shop around with multiple lenders. Refinance platforms like Way.com help you pre-qualify for several offers and choose one that's right for you!
When you apply to your preferred lender, they will make a hard credit inquiry. While this may impact your credit score, you'll be able to build it up quickly after approval!
If you have a bad credit score, you may not want to ruin it further when applying for New Jersey auto loan refinancing. However, a slight dip in your credit score is inevitable when applying.
You can reduce the impact on your credit score in the following ways:
At Way.com, we understand that owning and maintaining a car in New Jersey can be very expensive. Every dollar you overpay on your car loan can be put to better use repaying your mortgage, student debt, paying for the household, or daily necessities.
That's why Way.com is simplifying car ownership across the country - starting with car payments! Our AI-enabled fintech marketplace allows you to:
... and much more!
Way.com is the country's #1 car super app and marketplace for car services. We're making car ownership affordable to millions of Americans, with more than 3 million satisfied customers so far.
You can save more than $1500/year through our auto services like:
Way.com has a 4.5 rating on Trustpilot, a 4.7 rating on Google Play and 4.9 on the iOS app store.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
The refinance rates in New Jersey do not depend on just the lender, but also on other factors like:
You can get the lowest rates if you meet all the criteria set by the lender.
When you apply to refinance your car, the lender will pull your credit score to check your financial position. While this might impact your credit score by a few points, you can easily build it up by being consistent in your payments.
The goal of refinancing is to get a lower APR than what you currently have. This will help you save money over the course of the loan. For starters, try to score an APR 1-2% lower than your current one.
The quickest ways to Payoff your loan include:
Do you find Auto refinance complex? Here is the ultimate Auto Refinance FAQ Guide with answers to all your questions!
Save up to $1850 per Year