Auto Refinance Loans

Any individual participating in our partners' related economic development programs.

• 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 eligibility to apply for a loan differs greatly from approval. Your financial coach or business counselor is there to support you with preparing your application but will NOT be involved in making a decision on your application.

Generally, you need proof of income that is verifiable by pay stubs, receipts, or other documents. There is no exact income threshold, as we consider your debt-to-income ratio during the application review process. The most important factor is your income compared to your expenses. Your income should be sufficient to cover your cost of living expenses and projected loan repayments.

Applicants relying on gig economy income (for instance, Uber, Lyft, DoorDash, etc.) must provide proof of three (3) months of consistent income in their applications to maximize chances of approval.

Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.

The monthly payment amount will depend on the total loan amount and the number of months to repay.

• Generally, the longer the repayment on a loan, the lower the monthly payments will be, but the total interest paid will be higher.
• As with all CEO loans, rates are fixed and will never increase after you sign your contract.
• Know your credit score! CEO's Auto Loans are great for those without good credit, but if you
  already have excellent credit, you may get a lower rate from another lender. 

The table below offers examples of total costs and estimated monthly payments for various loan sizes and terms.

Example Loans:

** Total interest and fees paid include the 2% closing fee and assume the maximum interest rate of 11.99%.

• Know your current loan details - original contract, interest rate, term, monthly payment, total loan balance, and how to obtain a payoff quote from your current lender.
• Depending on the remaining term of your current auto loan, it might not make sense to refinance, even if the stated interest rate is lower. Contact a local financial coach to help you calculate potential savings from refinance.
• 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 will help repay your CEO's Auto Loan in case of an accident.
• Applicants must provide proof of at least three (3) consecutive, on-time loan payments toward their existing auto loan before applying for a CEO Auto Refinance loan.
• CEO cannot refinance an existing auto loan with a balance greater than $20,000. Applicants with current loan balances greater than $20,000 should only apply if they can reduce their loan balance below $20,000 within two (2) months of their application submission.
• Stacking loans is not allowed. An Auto Refinance loan cannot be combined with another CEO or 3rd Party Lender's loan to refinance an auto loan with a balance greater than $20,000.
• CEO must be added as the primary lienholder. This means CEO is the legal owner of the vehicle and it cannot be sold without our permission. This will happen once the current lender transfers the lien to CEO.

Approved borrowers should check their vehicle's Kelley Blue Book (KBB) value.

Borrowers cannot apply for multiple loans to refinance a vehicle.

Borrowers are welcome to use personal savings or borrow money informally from friends or family but cannot use multiple loans to refinance their vehicle.

1. Visit your local office to complete a CEO Loan Application and meet with a financial coach who will provide free credit education. Here are the items you’ll need:

1. • Personal email address

   • Valid government-issued driver's license

   • A U.S. checking bank account with routing and account number
   • Two most recent monthly complete bank statements (personal and business)
   • Two most recent pay stubs or other verifiable business income statements
   • Proof of at least three (3) on-time payments made toward your current loan.
   • Proof of current loan balance (for instance, a 15 day payoff quote)
   • Documentation showing the original loan's terms, including the interest rate and monthly payment amount
   • Proof of vehicle ownership (for instance, a bill of sale, vehicle registration, etc.)

2. Your financial coach can help you complete your application (loan decisions are usually made within three to four weeks of application). Please submit all required documentation to ensure your loan decision is timely.

3. If approved, we will contact the current lender to get an updated 10-day payoff quote and draft the loan contract for that amount.

4. 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.
5. Many lenders require check payments from 3rd parties, which means it can take up to 2 weeks to process the payoff and lien transfer.
6. Please keep in mind that if your current lender doesn't add CEO as the primary lienholder, it is your responsibility to contact CEO to complete the lien transfer. 

Your local contact will be able to answer any additional questions you might have.