For PDF document that can be shared, see Fast Facts - Auto Refinance Loan
What are CEO Auto Refinance Loans?
CEO Auto Refinance Loans are fixed-rate installment loans to refinance an existing high-interest auto loan from another financial institution.
Who can apply?
CEO’s loans are designed to help individuals engaged with our partner’s related economic development programs. As with all CEO loans, applicants must complete training on credit. Some partners may have additional requirements for program participation depending on local capacity – ask your local partner about any additional terms.
It is important to note that being eligible to apply for an Auto Loan is very different than being approved for a loan. Please review the document titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount and the number of months to repay. Generally, the longer the repayment on loan, the lower the monthly payments but the higher the total interest paid will be. As with all CEO loans, rates are fixed and will never increase after you sign your contract.
Other things to consider
- Know your current loan details - Take a look back at your original loan contract to see the
interest rate and term. You will need to request a payoff quote from your lender.
- CEO must be listed as the first lienholder on all vehicles financed.
- Approved borrowers agree to secure and maintain comprehensive + collision + uninsured motorist coverage with policy limits of at least 75% of the car's resale value. This
may be a more comprehensive package than your current auto insurance – so be sure to
budget in advance.
How to apply
- Visit your local IRC office to complete a CEO Loan Application and meet with a Finacial Counselor. Here’s a list of the items you’ll need for the loan request:
- Personal email address
- Valid government-issued photo ID
- A checking bank account based in the U.S. with routing and account number or voided check/ direct deposit form
- 2 most recent monthly bank statements (personal and business)
- 2 most recent pay stubs or other verifiable business income statements
- Payoff quote on the existing loan
- Proof of vehicle ownership
- Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
- If approved, we will contact the current lender to get an updated 10-day payoff quote and draft
the loan contract for that amount.
- We will send you the loan contract to sign electronically. Once signed, we will send the funds
directly (by certified check or ACH transfer only) to the current lender, along with lien transfer instructions.
- Many lenders require to check payments from 3rd parties, therefore it can take up to 2 weeks to
process the payoff and lien transfer.
Your local contact will be able to answer any additional questions you might have.
For California Residents
- CA FINANCE LENDER’S LICENSE #60DBO54868
- LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
- FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA
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