Refinancing replaces your old vehicle loan with a new loan with SPIRE.
Borrowers can refinance for many different reasons including a better interest rate, lower payment, to remove a co-signer, or to get cash out for another purpose.
We will need your legal name, Date of Birth, Social Security Number, address, income Information, and approximate loan amount needed. We may need to ask for additional information based on your application status.
SPIRE has a streamlined digital application that only takes a few minutes to complete. You’ll generally get a decision on your application within a couple of hours, many times quicker.
SPIRE will need your vehicle title.
Depending on your existing lender, SPIRE may need you to provide us a payoff statement. Sometimes we can obtain payoff information for you, but not always.
SPIRE will collect any fees that your local Department of Motor Vehicles may require. These can also be added to your loan balance if you choose.
In some cases, SPIRE may require verification of your income or proof of your residence. We’ll let you know if we need to collect that information.
SPIRE does not charge any fees for originating your loan.
Your local Department of Motor Vehicles may require fees to adjust the lienholder on your title. In Minnesota the fee is $13. Other states vary.
You do not. We can fully close on your application digitally if you prefer.
We do need to obtain your original vehicle title. This can be mailed in or dropped off at a SPIRE branch - whichever is most convenient.
Your first vehicle loan payment can be up to 100 days from the date you sign your loan documents. This may allow you to skip a couple of months of payments from your old loan scheduled payments.