How to Refinance a Wachovia Car Loan

Whether you are attempting to lower your monthly car payments or you are trying to get a lower your car loan interest rate auto refinancing might be right for you. Refinancing a Wachovia car loan can be time-consuming, but as long as you keep yourself informed and focused, the process can be fairly straightforward.

Instructions

1

Review your original auto loan documentation to see if you have any prepayment penalties or if there are any penalties for refinancing. If you are planning to refinance your existing Wachovia car loan with another loan from Wachovia, you should not have to worry about any penalties. You will also need these documents to record when your last payment was scheduled to be paid to Wachovia for your vehicle.

2

Obtain a copy of your credit report and credit score. Credit reports can be obtained once each year free of charge, but you will need to purchase your credit scores. Many companies offer free trials of credit monitoring services which will allow you access to your credit report for two weeks or one month.

Wait to obtain your credit score until shortly before you plan to call Wachovia to discuss you refinancing options. This will help ensure that you are up to date on your credit score and will help avoid any unpleasant surprises. Do not call Wachovia or any other bank without first knowing your credit score and any negative items that are listed on your credit reports.

3

Find out your current vehicles pay off amount. This amount will represent that amount that Wachovia has you owing on the vehicle. You will need to know this loan amount so that you know the amount that you are hoping to refinance. Do not guess at this amount and do not use your credit report to obtain this amount. Credit reports can be 30 or more days behind and, as a result, may not include a payment or two that have been made since your reports last update.

4

Call Wachovia dealer services and speak to a representative about refinancing your existing auto loan. Most representatives will try to get you to complete an application on the phone with them or will tell you to go online to complete an application. Before letting them complete and run an application on your behalf ask the representative for the minimum credit requirements.

Knowing the minimum credit score needed to be approved for refinancing will help you avoid being denied based on your credit score. If the minimum credit score quoted is higher than your current credit score, it is best to clean up your credit and try to apply later. Asking will save you an inquiry on your credit and will let you know if you should choose to seek financing with another finance company.

5

Complete an application on the phone with a Wachovia dealer services representative. If you meet the minimum credit requirements and your income to debt ratio are within reason you will be approved over the phone. If your credit report has a number of recent inquires or you have a high debt to income ratio your approval might be delayed.

Always get a number to call and record the name of the representative you are working with if you are asked to wait for a decision. Find out how long a credit decision should take and call back at that time to inquire. If you are refinancing application is denied ask for the reasons for the denial and ask for a reconsideration. In cases where your credit report is not reflecting current paid off debts or a considerable increase in income, you might be asked to fax additional documentation to verify any new information.

When you are approved, your representative will explain the new terms, including your new, lower, monthly payments and interest rate. New loan documents reflecting the changed interest rate, payment amount, and loan terms will be mailed, faxed, or (in a few cases) emailed to you for signature.