Advice

Auto Loan Refinancing FAQs

How do I know if it’s worth it to refinance my auto loan?

  • If you can get a lower interest rate, it makes sense to refinance. A lower rate means paying less for your car. Because the interest rate is part of the monthly calculated payments, your monthly payments should decrease. This can help your monthly cash flow. Plus, refinancing an auto loan with Emprise Bank comes with 90 days no payment.*

Does my vehicle’s year or mileage matter?

  • This answer can vary at each financial institution. At Emprise Bank, if the vehicle still has at least a $5,000 value to it, we will likely be able to refinance it.*

When can I refinance?

  • If you just financed your auto loan at another financial institution, there is no minimum amount of time you must wait before refinancing. You can even refinance immediately after buying. If you just financed through Emprise Bank and want to refinance, there are more restrictions.

What are the benefits of refinancing?

  • Refinancing can give you a potential lower interest rates and lower payments depending on where you are currently financed. A benefit of financing at Emprise Bank is 90 days no payment.*

Does refinancing impact my credit?

  • Technically yes, but it’s very minimal. There will be a new inquiry on your credit, but these only effect your credit in a major way if you have multiple in a short period of time.

Can you refinance more than one auto loan?

  • You can, but you can’t refinance multiple vehicles into one loan.

Can I refinance a current Emprise Bank auto loan?

  • Yes! However, the 0.50% discount is only available to auto loans that were financed at other institutions.**

Visit our Vehicle Loans page to view our current vehicle loan offers and apply for a loan online.

*All loan offers are subject to credit approval. The actual Annual Percentage Rate (APR) and payment may vary based on the specific terms of the loan selected and credit history. Minimum loan amount of $5,000. Financing the purchase of optional credit life/disability insurance and GAP insurance will increase the payment amount. No payments for 90 days. Debt already financed through Emprise Bank is not eligible for this offer.
**0.50% discount offer on all refinanced vehicle loans. Debt already financed though Emprise Bank is not eligible for this offer. 

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