Car Refinancing

Frequently Asked Questions

• Why apply for car refinance?

  Circumstances change. Perhaps you had bad credit when you took out your car loan. Whereas now you've been consistently repaying your loan, with no issues, for 12 months.

  If you’re in a better financial position now, compared to when you took out your loan, you may be eligible for a new loan that features a lower interest rate. By switching loan or lender, you may be able to save a significant amount on your monthly repayments and on your overall loan costs.

• What are the other benefits of refinancing?

  Depending on your situation, car loan refinancing may offer you a range of benefits. For example, if you switch from a variable rate car loan to a fixed rate loan, you can enjoy the peace-of-mind of knowing that your new interest rate will not change.

  Or, if you move to a loan with more flexible repayments options, you may be able to repay your loan faster, and get out of debt quicker. Speak to a Rapid Finance specialist to find out exactly which benefits will apply to you and your situation.

• What is the refinancing process?

  At Rapid Finance, our specialists have access to a wide range of car loan options. Your dedicated specialist will assess your application, compare a variety of loans and seek out a solution that matches your situation.

  Your specialist will be your personal guide through the refinancing process. They can assist you with everything from reviewing your credit history, to collecting your documentation. Chat to someone today on 1300 467 274.

• When should I refinance?

  If you've been successfully repaying a high interest rate car loan for 12 months, then now is the time to consider refinancing. Many financiers will look favourably upon a year’s worth of good payment history. So you may have considerably more options now, compared to when you took out your car loan.

  12 months into your original loan is the ideal time to refinance – provided you've successfully repaid your loan obligations over the past year. The older your car, the less it is worth. The lesser the car’s worth, the lower its value to the lender. Therefore, the older the car, the more difficult your car loan will be to refinance.

• Are there fees associated with refinancing?

  Yes, there are fees associated with refinancing. These may include early exit or break fees, as well as relevant application fees. While it is important to consider all fees when refinancing, it’s worth looking at your costs in the long term. Additional fees now, may lead to considerable savings on the overall price of your loan.

  For the most accurate information regarding refinancing costs call us on 1300 467 274

• Can I refinance if I'm self-employed or receiving Centrelink benefits?

  We've been able to help many people who were either self-employed or receiving Centrelink benefits. Whether you will be eligible to refinance, will depend on your individual circumstances, and your credit history. To discuss your situation and refinancing options, call one of our friendly staff on 1300 467 274

• When can I get approved?

  Every application will be different. Exactly how long your approval will take, will depend on your individual situation. You can quicken the process by having all relevant documentation ready-to-go before you apply - this includes ensuring information is complete and up to date.

• Why refinance with Rapid Finance?

  At Rapid Finance, we have more than a decade's experience specialising in car loans and refinancing. When you apply with with us, we assign you a dedicated loan specialist who can guide you through the entire refinancing process - from start to finish.

  Your loan specialist will help you with everything from reviewing your credit history, to collecting your documentation. They'll make your application and assessment fast and easy.

• How do I apply?

  To get started, submit an application on our website or over the phone. One of our team members will be in touch shortly to discuss your refinancing options.

  If your financial history is a little complex, that’s okay. Our finance specialists are experts in negotiating deals with lenders. In some cases, they're also able to correct errors on your credit history – free of charge.