How to Proceed with Auto Refinance Options


If you have good credit, then some of these stipulations like age and mileage could be waived with the help of cash converters log book loans, but not always.


When doing an auto refinance, you will be asked to supply information about your earnings history, the vehicle makes/model and mileage, and particulars about your current loan.  It is important to have these documents at the ready so that the application process goes smoothly.

Each car loan refinances application and application process will vary by lender.  Some may require more information than others during the application process.  As such, this article doesn’t aim to provide a comprehensive list of materials, but rather it aims to discuss the most common documents that you will need to complete the loan application.

You may be asked to provide the following:

  • Personal Information
  • Social Security number
  • Home address
  • Copy of current driver’s license
  • Financial Documents
  • Agreement to provide insurance

Legible pay stub with current year-to-date earnings.  If you are self-employed, then you’ll be required to submit more information.  Usually 2 years Federal tax returns for pages 1-2; schedule “C” for both returns.

Work address and phone number for employment verification (if employed)

  • Vehicle Information
  • Your vehicle’s current mileage
  • Make, model and style of your vehicle (i.e. Honda Accord EX)
  • Vehicle Identification Number (VIN).  Just check your insurance card to get the 17 letters/number combination.  Alternatively, you can check your car for this number.  Usually, the VIN can be found on the driver’s side dashboard near the windshield or on the engine.

If you collect the aforementioned documents ahead of time, then your refinance experience should go very smoothly.

  • Auto Refinance Loan Income Percentage Requirement
  • Payment to income requirements

What are the most common income requirements to do a refinance? Income requirements will vary from lender to lender, but all lenders will need to establish that you have an income stream.  Be it from retirement pension, steady job, investment income, and the like.

Generally speaking, we see that most banks require income to be at least is $2,000 per month (gross) for auto refinance applications. It doesn’t matter if you are part-time or full-time employed, just so as long as you meet the minimum threshold.

Below is a list of income sources that may be considered for the refinance application.

  • Job-related income
  • Full-time
  • Second job
  • Part-time
  • Bonuses and overtime pay
  • Military income
  • Self-employed with Form 1099
  • Supplemental sources of income
  • Alimony
  • Palimony
  • Permanent disability
  • Long-term disability
  • Public assistance
  • Investments and other sources of income
  • Rental income with lease verification
  • Retirement income
  • Pension payments
  • Social security
  • Dividends
  • Annuities
  • Comments about job income

As it relates to your job, your salary needs to verifiable and you need to have worked at least 1-2 years at your current employer.  If you haven’t worked there for very long, then you’ll need to provide verifiable income at your previous employer.

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