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Q&A - We are here to help!

You've got questions, we've got answers!

General Questions

When I decide to refinance, will I have to extend the term of my loan or completely restart the term?

You can extend or shorten your term based on your refinance needs. Swap My Rate can refinance the amount you owe in your current term, meaning if you have 36 months left, we refinance that to a lower interest rate so you’ll pay less in the same amount of time. Another option may be to lower your rate and extend your term so that you could reduce your monthly auto payments even further.

Are vehicle loans the only refinance you consider?

Correct – for right now our primary focus is refinancing vehicles such as cars, trucks, and SUVs with at least a minimum loan balance of $10,000. Soon, we will begin to offer refinances on many other items such as Boats, RVs, Motorcycles, Mortgages, Investment Properties, Signature Loans, Furniture Loans, etc. Our mission is to continually expand our product offering so that we can bring maximum value to our clients! 

Can I refinance if my vehicle is under my company name?

As long as the individual has company authorization, Swap My Rate can refinance the vehicle into a personal loan. Commercial vehicles and heavy equipment machinery are not eligible for refinance.

What’s the charge to refinance my vehicle?

The amount of fees may vary depending on the collateral associated with the refinance request. In most cases, there are prepaid finance charges and lien entry fee assessed by the state or entity in which the security interest is to be filed by the lender. We’ll always keep you updated and disclose any fees associated with your refinance request.

Can I stop making payments on my current loan if I’m working with Swap My Rate to refinance my loan?

No, during the application phase you are still obligated to continue to make payments on your current loan. Swap My Rate does not advise applicants to stop making payments on their current loan until their refinance request has been fully completed. Your SWAP lending specialist will advise you when you have fully completed the process and will let you know if your request has been approved.

Application Process

How long is the application process?

Only a few minutes. Within 48 hours, you will have an answer.

Do you require my social security number?

Yes, your social security number is required to pull your credit. Do know that your privacy and protection is one of our highest priorities. All your information is safely guarded in our system. 

Where can I find my VIN number?

Your VIN number is a 17-digit sequence can be found on the driver’s side door, on the dash of your vehicle, original purchase paperwork, or on your insurance card.

I don’t have all the information needed to refinance may vehicle (VIN number, mileage, etc).

Not a problem! Simply enter any information that you do have and you can complete the application later. Be sure enter your best contact number on your application, this will allow a Swap My Rate representative to contact you if more information is needed to complete the refinance. They’ll reach out via phone or email.

If I’m unemployed, part-time, retired, self-employed, or a homemaker, can I still apply?

Proof of steady income generally qualifies you for refinancing. Self-employed individuals will need to provide their monthly net income, rather than gross monthly income. Individuals who do not meet income requirements may include a co-applicant to help reach the requirements.

Co-Applicant Questions

Can I add my girlfriend, dad, aunt, etc., to my current vehicle loan?

Yes. You can add anyone who is over the age of 18. 

Can I give you another person’s information, such as girlfriend, dad, aunt, etc.?

Swap My Rate cannot take information on anyone who isn’t on the loan as an applicant, co-applicant, or guarantor. Swap My Rate can take information from someone with power of attorney.

If the person doesn’t speak English, can I give their information to you?

You may provide Swap My Rate with that person’s information if you are acting as translator for that applicant if they are with you at the time that the application is taken. 

The applicant is stationed overseas. Can I give you their information?

Only if you are the applicant’s spouse or have the person’s Military Power of Attorney.

If I’m taking over the payments of a vehicle, can I refinance?

If your name was not on the original loan, you cannot refinance the vehicle. 

I lease my vehicle, can I still apply to refinance?

If you want to finance a vehicle when your lease is completed, we can help you submit an application to buy out the lease.

Credit Questions

Is it required to have a credit check?

Yes. The only way Swap My Rate can find the best rate for you is to make an inquiry on your credit history.

Will my credit be affected when Swap My Rate pulls and evaluates my credit report?

When you submit an application with Swap My Rate, we do a hard inquiry on your credit report. This may cause a change on your credit score. However, when you refinance with Swap My Rate, your credit score may improve again as you make on-time payments.

Will my credit score be affected by Swap My Rate’s offer to refinance my vehicle?

No, your credit will not be affected until you actually apply and give permission to have your credit pulled.

Will my credit score be affected for having multiple inquiries to refinance?

If you are authorizing multiple lenders to pull your credit then yes your credit score may be negatively affected.

Is my information being shared or sold?

Swap My Rate will never sell your personal information. Any information collected is only shared among our brand family, this includes Oklahoma Educators Credit Union, Swap my Rate, and Legacy Insurance of Oklahoma.

Is it necessary to pull my credit report if I know my credit score?

Because credit scores change without notice, it is necessary to pull an up to date credit report that is inclusive of the most up to date score and trade lines. Our Lending Specialist will need this information before creating offers.

Can I be sent a copy of my credit report?

You can obtain a free copy of your credit report once a year from nationwide consumer reporting agencies. Order a copy of your credit report by calling toll-free at 877-322-8228 or online at www.annualcreditreport.com.

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