Refinance Your Car With USAA
USAA, also known as the U.S. Automobile Association, is a membership bank that United States soldiers own, operate and use. As long as you are in the U.S. Army or you have a close family relation to a soldier, you can take advantage of the products provided by USAA. One such product you can enjoy is an auto loan. If you find that USAA offers a lower interest rate than your existing auto loan, you can also refinance with USAA.
Instructions
1. Call your bank that holds your auto loan. Acquire your 10-day payoff amount (the amount including fees, interest and principal that you will owe in the next 10 days).
2. Gather your employment and income information in one place, so you can quickly refer to the data as you fill out the refinancing application. You must include all forms of income including retirement, Social Security and child support.
3. Visit the USAA website (usaa.com) and log in. If you do not have your log in information, call a USAA representative and have your log in information reset. Once you can log in, search for the term auto loan in the upper right hand corner of your account page.
4. Click on the Auto Loan Information option on your search results. This will load a new page that gives you some information about the loan options, but you need to click Get Started option. A menu will appear below the button with two options listed (select the Refinance an Auto Loan option on the drop down menu).
5. Click the Apply Now option at the lower right hand side of the new screen. This will take you to the application page. As a USAA member, USAA already has your contact information, so you need to review it and ensure it is correct.
6. Click on the correct bubbles at the top of the application page. You cannot refinance your car if you are currently leasing it. When you select the No option on the Is the car currently leased? question, some more questions will appear that you must answer (for example, the application asks how much you pay to the bill monthly and what your 10-day payoff amount is).
7. Choose whether your new refinancing loan will be a joint account (shared with you and one or more acquaintances) or if you will hold the rights and responsibilities of the loan alone. If you choose to share the rights of the loans with other people, the loan information will affect their credit report as thoroughly as it will on yours.
8. Click the green next option at the lower right hand side of the screen.
9. Fill out the employment and income information you find on the next page. You need to include all forms of income (including those outside of your regular employment). Include the income information of any people you will add as secondary account holders.
10. Fill in the information about your monthly housing payment below your income information. If you rent, include your monthly rent bill. If you pay a mortgage bill, include the amount you pay each month.
11. Review the information on the next page of the application. If anything is incorrect and needs to be changed, hit the Previous option at the bottom of the page and edit the information. If all the information is correct, select the square button under the Important Application Information header. This gives USAA license to contact you about the application.
12. Click the Submit option at the lower right hand side of the screen once you are ready to submit the application. This part of the application process will check your credit report to determine if you are eligible to refinance your auto loan. You will either receive an approval on the next page, a notice to contact USAA (so it can gather more information) or a decline notice.
Tips Warnings
Keep an eye on the message center in the upper right hand corner of your USAA homepage. If a consumer care representative from USAA needs more information, he is likely to contact you through your message box or telephone.
If you have trouble filling out the online application, you can call one of the consumer care representatives at USAA and have him help you with the application process. The number is 800-531-8722.
You must be a member of USAA before you can use any of their banking products.
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