Common Auto Loan Refinancing Questions & Answers
The Basics
- Why would I want to refinance my vehicle?
- Can I refinance my car without extending the term of my existing loan?
- What types of vehicles does Umbrella Auto refinance?
- Can I refinance my car if it's a company vehicle?
- What will it cost me to refinance my car?
- Do I need to keep making my current loan payments while I'm waiting for Umbrella Auto to refinance my vehicle?
Submitting a Request
- Will it take long to refinance my vehicle?
- It is necessary for me to provide Umbrella Auto with my social security number?
- Do I need to know my VIN number, odometer reading and other information?
- What if I can't locate the VIN number?
- Does my employment status affect my ability to get refinancing?
About Credit
- How did Umbrella Auto know that I have a car loan?
- Why is it necessary to do a credit check?
- Will requesting a quote from Umbrella Auto impact my credit score?
- What steps are taken to protect the privacy of my information?
- Why is a credit check necessary if I already know my credit score?
- Will I be provided a copy of my credit score?
Joint Applicants
- Is it possible to add or remove a co-applicant from my existing vehicle loan?
- Will I be able to add someone else to my new loan when I refinance my current loan?
- Can I submit my co-applicant's information on their behalf?
- Do the submission rules change if my co-applicant doesn't speak English?
- What do I do if my co-applicant is stationed overseas with the military?
- Will you contact my co-applicant to retrieve their information?
The Basics
Q: Why would I want to refinance my vehicle?
A: Refinancing is done for various reasons, including a desire to secure a lower rate, extend the term of the existing loan, skip one or more payments, or change the status of a co-applicant. For more information on how to refinance your vehicle, see Refinance Process. [back to top]
Q: Can I refinance my car without extending the term of my existing loan?
A: In most cases, you may refinance your current auto loan for the amount left in the existing term. This means that a loan with 24 months left in the current term will be refinanced at 24 months, but at a lower interest rate. As a result, you'll pay less over the same period of time. It's also possible, based on your particular refinance needs, and financial situation, to shorten or lengthen the term of your existing auto loan. [back to top]
Q: What types of vehicles does Umbrella Auto refinance?
A: Umbrella Auto only refinances loans for cars, trucks and SUVs. [back to top]
Q: Can I refinance my car if it's a company vehicle?
A: If your car was purchased under a company name, it may be refinanced through Umbrella Auto. [back to top]
Q: What will it cost me to refinance my car?
A: Umbrella Auto doesn't charge you for our services. When refinancing through Umbrella Auto, the only out-of-pocket expense that you are likely to incur is a Title Transfer Fee that you pay to your state. These fees can vary from less than $10 to over $60, depending on state in which your car is registered. [back to top]
Q: Do I need to keep making my current loan payments while I'm waiting for Umbrella Auto to refinance my vehicle?
A: Yes, you will still need to make your normal payments while going through the loan refinancing process. Once your new loan is approved and funded, your new lender will send a pay-off check to your current lender. Only after the entire refinance process has been completed and your current lender has been paid off, will you then be to stop making payments on your old loan. [back to top]
Submitting a Request
Q: Will it take long to refinance my vehicle?
A: Each loan is different, but the sooner all of your paperwork is completed and sent to Umbrella Auto for review, the sooner you will receive a decision on your loan request. The good news is that the online application only takes a few minutes to complete once you have all of your information ready. See Securing Auto Loan Refinancing for more details. [back to top]
Q: It is necessary for me to provide Umbrella Auto with my social security number?
A: Without your social security number, Umbrella Auto won't be able check your credit history. Your privacy and security are of paramount concern to Umbrella Auto. That's why we go to great lengths to protect all of the information in our system relating to your loan request. See Security Statement [back to top]
Q: Do I need to know my VIN number, odometer reading and other information to complete an application?
A: While it's true that all the required information will need to be provided eventually, we recommend that you provide us with whatever information you have now and we can work with you to obtain the remaining information as it becomes available. Prior to leaving the online application, we strongly encourage you to write down your application ID, which is featured on the screen. You will need to have this number handy when you return to Umbrella Auto.com to continue the application process. Once you are logged into our system, you'll be able to change information that was previously provided, as well as add new information. [back to top]
Q: Where can I find the VIN number?
A: Your vehicle's 17-digit VIN can be found in multiple places, including your auto insurance card, vehicle registration card, original dealership paperwork, and on your vehicle's dash or along the inside of the driver's door. In some cases, the VIN is also referred to as the vehicle serial number or ID. [back to top]
Q: Does my employment status affect my ability to get refinancing?
A: You must provide proof of a steady household income. Self-employed persons must provide proof of their net monthly income, which is defined as income after taxes and deductions, as opposed to gross monthly income. It may be advantageous for certain individuals, such as retirees and part-time employees, to include a co-applicant in order to meet certain income requirements. [back to top]
About Credit
Q: Why is it necessary to do a credit check?
A: In order to provide you with the best interest rate, it's necessary for us to check your credit history. [back to top]
Q: Will requesting a quote from Umbrella Auto impact my credit score?
A: If you apply for too many financial accounts (credit cards, home equity loan, etc.) in a short period of time, it may negatively affect your credit score. On the other hand, you may actually improve your credit by refinancing your car loan at a lower rate and paying off your current auto loan. [back to top]
Q: What steps are taken to protect the privacy of my information?
A: See our Privacy Policy. [back to top]
Q: Why is a credit check necessary if I already know my credit score?
A: Credit scores can change over time, so it's necessary to check your credit history in order to provide you with the best interest rate for your auto loan. [back to top]
Q: Will I be provided a copy of my credit score?
A: Umbrella Auto cannot provide you with a copy of your credit score due to certain restrictions placed on us by the credit reporting agencies. However, you will be provided a phone number and address that you can use to obtain a free copy (once per year) of your report from the reporting agencies. [back to top]
Joint Applicants
Q: Is it possible to add or remove a co-applicant from my existing vehicle loan?
A: You can add or remove a co-applicant from your current auto loan as long as your state of residence allows you to do so under state law. [back to top]
Q: Will I be able to add someone else to my new loan when I refinance my current loan?
A: You can add a co-applicant as long as you meet the dual requirements that the co-applicant is over the age of 18 and you live in a state that allows the addition of a co-applicant under state law. [back to top]
Q: Can I submit my co-applicant's information on their behalf?
A: You can only submit a co-applicant's information if you are his or her spouse, parent or have been granted power of attorney for that individual. [back to top]
Q: Can I act as a translator if my co-applicant doesn't speak English?
A: Yes, but the co-applicant must be present, either online or by phone, when the application is submitted. [back to top]
Q: What do I do if my co-applicant is stationed overseas with the military?
A: You must either be the co-applicant's spouse or have Military Power of Attorney for that individual. [back to top]
Q: Will you contact my co-applicant to retrieve their information?
A: Due to privacy concerns, Umbrella Auto won't call a co-applicant. However, he or she can call our toll free number and provide a customer service representative with their application information, provided that you have given the applicant your application ID. Without the ID, it won't be possible to complete the application process, so be sure to write it down prior to exiting the online application. [back to top]