Frequently Asked Questions

Have questions about how to refinance car loans through Trinity? We have you covered in this section.

What is an auto refinancing loan and how does it work?

Much like a home refinance, you are also able to refinance your auto loan through car refinance companies like Trinity. An auto refinance loan would pay off your existing loan with the proceeds from a new loan in order to take advantage of lower monthly payments and/or lower interest rates. Trinity would help you find a new lender who specializes in refinancing auto loans with better loan options than your existing loan. Typically, we refinance your current loan amount and start your new loan at the loan term you have remaining at a lower interest rate and/or payment. However, we do offer a range of loan terms, up to 60 days no payments, and products such as GAP and VSC to best fit your needs.


Why should I refinance my current Auto Loan?

There are several reasons to refinance your Auto Loan. The First and most common reason is to refinance is to simply save money. This is the age of saving, not spending. Others to include but not limited to: Removing an unwanted co-signer, adding a cosigner to improve their credit, financial hardship (loan extension), Loan term reduction (You have Financial Goals of being debt free) and cash pull ( Equity advantage to pull you out of a jam).


What will my payment be?

Your loan payment is determined by several variables. To include but not limited to: The number of months the bank approved you for, the approved interest rate and the loan amount the bank approved you for. After you have gone through our application process, we will have the final approval ready for you within 24 hours. The key to finding out is to apply now.


What annual percentage rate (APR) will I receive?

Refinancing auto loan rates and the APR offered is based upon the applicant’s year of vehicle, term, loan-to-value and credit score. APR’s may vary based on loan characteristics, including but not limited to, automatic debit of payments, amount of the loan, and other factors. Your loan officer will explain the annual percentage rate and term options that you qualify for once your application has been approved.


Are there any auto requirements or limitations?

Most lenders finance new and used autos.

The following list represents the general qualification for the successful processing of an application.

You and/or co-qualifier must be at least 18 years of age.

No open bankruptcies.

Financing or Refinancing more than $5,500.00

Note: These guidelines are Trinity's general qualifying guidelines and not those of participating lenders.

These guidelines are subject to change with out notice at any time. You can still apply and submit an application for consideration even if you do not meet one or all of the above guidelines. Meeting these guidelines does not guarantee approval or acceptance of a loan product by Trinity or participating lenders.


Can I get a loan if I've filed for Bankruptcy?

In any and all cases, your Chapter 7 or Chapter 13 bankruptcies must be discharged or dismissed before you apply.


I've had previous credit problems. Can I still apply?

Yes - Some of our lenders specialize in financing for consumers who have had previous credit problems. We may be able to help you when other lenders have said no.


How much money can I borrow?

Each and every situation is different and depends upon credit history, income, amount requested and number of months for the loan.


Do I have to pay any fees to Trinity for the refinance service?

Unlike other refinancing companies, Trinity does not charge any service, application fees origination fees or early payoff fees.


Will I have to give my social security number / ITIN to apply for the refinance?

Yes, your social security number or ITIN is necessary in order to determine your credit history. Our lender(s) will need it to perform a credit check/inquiry in order to make a decision on the application and get you the best possible refinancing auto loan rates.


What determines if my application will get approved or not?

Credit underwriting decisions are based on information in your credit history including, but not limited to, your debt-to-income ratio as well as your employment history.


How long does the process take once I am approved?

Once a loan officer has reviewed loan options with you, loan documents will be delivered to you either electronically or via priority mail. If via priority mail, you will typically receive the documents within 2-3 business days.


Will the loan be a fixed rate loan, and will I be penalized if I pay the loan off early?

All of the loans we offer are simple interest, fixed rate loans with no pre-payment penalty if the loan is paid in full early.


Can I pay extra towards the principal balance of the loan at any time?

Yes, anything above the minimum payment due will be applied to the principal balance, less any late fees (if any).


Am I obligated to accept the offer you give me once I have applied?

Absolutely not! You are not obligated to accept anything we have to offer you. You will have the opportunity to review all documents in the comfort of your own home, and decide whether you would like to move forward with the refinance or not. We are one of few no-pressure car refinance companies out there.


What does “Up to 90 days, no payments” mean to me?

You have the option to skip up to 90 days without a payment due on your loan! This can free up some extra cash to use for something else immediately. With this deferred payment option, interest will accrue during the deferred period. The deferred payment period of 90 days may not be available with all lenders.


I want to purchase a new car. Can I originate a loan through Trinity with the dealership?

No, at this time we do not originate loans. However, once you have purchased a new vehicle and registered it with the state you reside, we would be very happy to assist with refinancing the loan for you at a lower rate. We can refinance car loans rather quickly after the original loan is originated, and there is no requirement to hold an original loan for an extended period of time before deciding to refinance.


Am I able to refinance more than one vehicle?

Yes, you can apply and refinance car loans for as many vehicles as you like!


What is GAP protection?

GAP protection pays the difference between what you owe, and what the actual wholesale value of the vehicle is at the time of loss. The GAP protection we provide also pays your insurance deductible up to $1000 in most states. GAP protection is optional and not a requirement to obtain a line of credit.


What is a Vehicle Service Contract (VSC) ?

A Vehicle Service Contract (VSC), also referred to as an extended warranty, provides extended coverage for the mechanical breakdown of your vehicle during the contract period you choose. There are several different program terms and levels of coverage. To find out more, simply ask your loan officer to provide more details. A VSC is optional and not a requirement to obtain a line of credit.


How do I start saving money on my auto loan?

It’s simple! Complete our simple and secure online application. If you prefer to speak with one of our Application Specialists, just call our toll free number at 1-800-4Trinity and select option #1.