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Auto Refinance - Information Needed to Obtain an Auto Refinance

February 26, 2012 | Comments: 0 | Views: 178

Chances are when you applied for your auto loan the interest rates were higher than they are currently. If you are finding it difficult to make your car loan payments, or are noticing that interest rates are lower than when you entered into your loan agreement you may want to consider a refinance car loan. Applying for an auto refinance can end up saving you hundreds of dollars and lower your monthly payments. Before you can apply for a car refinance there are a few things you will need to gather so the bank or financial institute you are applying at can determine if you qualify for a refinance.

The first items you will need to gather are old tax return statements. Most banks and financial institutes will require that you show proof of past income to determine if you qualify for an auto refinance loan, and old tax return statements are a great way to show this information. Showing tax return statements for the past three years should provide enough information for the bank or financial institute. If you did not save your old tax return statements, you can contact the IRS and they will send you old statements at little or no cost.

Depending upon the bank or financial institute you are applying for the auto refinance through you may be required to provide personal or/and professional references. Friends, co-workers, and neighbors can all be used as a form of personal reference. Family members are rarely allowed to be listed as personal references when applying for a car loan or car refinancing. Only under extreme cases can family members be provided as a personal reference. Professional references can be anyone that you worked with in the past. While many car financing companies no longer rely upon references, it is a good idea to come prepared with this information when trying to finance a car or refinance auto loans.

The last piece of information you will need to gather when applying for an auto refinance is two forms of identification. Two forms of ID are required to ensure the company offering the loan or auto refinance is working with the right people. The companies financing a car loan or refinance will list what forms of ID are accepted. However, forms of IDs such as birth certificates, government issued IDs, school IDs, work IDs, and passports are typically accepted by most creditors. Learning how to refinance a car and provide the necessary information can help you speed up the process, and start saving you money.

About the Author: Chris Goodman has been in the auto refinance and lending business for more than 20 years and has assisted thousands of consumers with their car loan needs. He is an expert on auto loans and car financing. Find more information at online at OpenRoadLending.com and see how easy it is to get your next car loan.

Source: EzineArticles
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