Rateworks auto loan refinance
April 21, 2023

RateWorks' Refinancing Application Walk-Thru

Refinancing a car can be a smart financial move, but the application process can seem daunting. Our step-by-step guide breaks down the essential steps to refinance a car, making the process smoother and more manageable. By following our tips, you can save money on your monthly car payments and improve your overall financial health.

Person on their phone walking through RateWorks refinance application
Written by

Sarah T.

Refinancing application walk-thru

RateWorks is a direct lender, focused on refinancing your auto loan. We create our own rates, process our own applications, service our own loans, and conduct our own payment processing. This means we can make things easier on you than other lending options. 

If you bought a car with financing, the car is younger than 10 years old, has fewer than 140,000 miles on it, and if you’ve made at least three payments on the loan so far, then we can help you lower your monthly payments

So what are the steps to refinance a car? 

“Easy to communicate with. Quick response from the RateWorks team relating to questions or concerns. Great online tools in preparing documents and very easy to use.”-- Catherine Puente 

 Step One: Basic information

We’ll need to go over your first and last name, email address, phone number, birth date, and where you live. We help customers in twenty states currently, so telling us your location gives us a chance to get you the best rate available to us in your state. Once you confirm your state, you can provide your credit score, annual income, how long you’ve lived at your home, and whether you rent or own your own house. 

At this point, we will only be doing a soft pull on your credit score to show you relevant rates and information. This will have *no* impact on your credit score, so you won't need to worry about your number going down.

Basic RateWorks Refinance Quote Screen

Step Two: Tell us about your existing loan

Many people refinance in order to lower their interest rates. Others want to remove a co-signer. Still others want to adjust their monthly payments to make room for any of life’s obstacles. So let’s find out what you’re working with. Enter in details about your current loan–interest rates, monthly terms, etc.

Existing loan screen

Step Three: Information about the vehicle in question

Next, we want to know about the vehicle the loan is for. We want to know how old the car is, how many miles it has, what kinds of features or modifications it has, and any other pieces of information that will help us find you the best rate possible. 

You can enter this information manually, but it might be easier to search by the vehicle’s VIN number or enter the vehicle’s license plate number. Those numbers will bring up information about the vehicle. 

“I was refinancing my car and Rateworks got me the best offer. They was so helpful and friendly and definitely suggest them to finance anything you are trying to get. They are great!” – Jacob Wells

Vehicle information screen

Step Four: Browse a list of possible rates

Based on the information you’ve given us, we’ll pull up a list of rates that we can offer you. We’ll have used all the information you’ve given us to give you options that fit your needs. 

Remember that at any point you can call a member of our team for help. Our customer service agents are here to listen to you and help you understand this process. 

Choose a rate that is good for the future you want to build. Make sure the new rate helps you align better with your monthly budgeting goals. 

Payment options screen

Step Five: Get your documents in order and finish up

Before you submit your application, we’ll ask you any other lingering questions, and you’ll need to upload several key documents to help us complete our end of the process. 

If you have a refinancing co-signer, now’s the time to add their information, too. We’ll need the same information from them as we need from you. You might want to add a co-borrower if you know your credit score is only so-so, and you want the chance to find better rates. A co-borrower with a good credit score can buoy your application. 

You’ll need your driver’s license, proof of insurance, and vehicle registration. These documents allow us to ensure the loan in question is for the correct car and the driver (you) is the right person to be on this loan. Your insurance and vehicle registration must be up to date, too, so make sure you’ve got the most up to date versions of those documents. 

Uploading your documents can be as simple as taking a picture of the front and back of your license and then uploading that file into our system. If you need help to complete this step, you can not only talk to one of our agents, but you can also go to your local library or computer center for help scanning documents.

Step Six: Submit your application

When you submit your application, you’re claiming that rate. Even if that rate disappears for others tomorrow, you’ll still be able to take advantage of it. 

This stage will do a hard pull of your credit report, and this hard pull will affect your credit report in the short term. 

If everything looks good, you’ll then just sign the contract documents. We’ll tell you about anything else that needs to be completed at this time. Again, if you’re having trouble, talk with one of our agents to get one on one help.


Application submission screen

“Best customer service! Seamless from start to finish thanks to Nick who was always willing to help us and answer any questions and get us the best rate possible.” –Julie

Step Seven: Take a break, you’ve earned it!

You’ve finished setting up your new, refinanced loan with zero fees, and have gone through all the steps to refinance a car. Because we service our loans directly, we can offer you better deals than others–saving you money and letting you get on with the rest of your life. Get started today here!