SAVE MONEY WITH AN AUTO REFINANCE LOAN
Benefits of Refinancing Your Auto Loan With Drummond
We structure our car refinance loans around your needs. Our team of lenders will work with you to offer something that will complement your goals. We can work with you on options such as:
- Down Payment
- Interest Rate
- Sources of Repayment
FAQs About Refinancing Auto Loans
When is Refinancing Your Car Loan a Smart Choice?
If you purchased your vehicle with an auto dealer loan or through another bank, your rate may be higher than it has to be. Rates change regularly, so shopping around for a better rate is always a smart choice. Check your rate with Drummond Community Bank and compare it to your current auto loan.
When should you refinance your car loan?
You should wait at least 6 months after getting your original loan so your credit score is recovered from any temporary drops associated with opening a new credit account. If your goal is to get a lower interest rate through refinancing, you may also want to take steps to raise your credit score before beginning the refinance process.
Does refinancing a car hurt your credit?
Because refinancing your auto loan means taking out a new loan, your credit score could temporarily dip as it would with any new credit application. But there shouldn’t be a long-term impact on your credit score.
What is a good interest rate for a car?
Interest rates on car loans vary depending on the age of the vehicle and your financial information such as income and credit score.
Where is the best place to refinance a car?
At Drummond Community Bank, we are proud to bring you the best possible auto refinance loan terms and features such as fast loan approval, flexible loan terms, and a convenient online application.
1. When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
2. Your loan amount will be determined based on your credit, income, the outstanding balance of your current auto loan, and certain other information provided in your loan application. Not all applicants will qualify for the full amount.
3. Subject to credit approval. Available for residents of Florida, Georgia & Alabama only. No origination or application fee. Drummond Auto Loans feature rates no greater than 17.99% Annual Percentage Rate (APR), with available terms ranging from 2 years (24 months) to 6 years (72 months). Rate and term are based on creditworthiness, income, and information provided in your loan application. For example, if you are approved for a $20,000 loan at 13% APR for a term of 48 months, you will pay $536.55 a month and a total of $25,754.40 over the 48-month life of the loan. Your rate and loan amount may differ from the provided example. Longer repayment terms may have higher rates.