Overview of Nationwide Auto Refinancing
Nationwide partners with Axos Bank to offer existing auto loan refinancing with no vehicle age restrictions.
Key details on Nationwide auto refinancing:
- Refinanced loan amounts from $10,000 to $100,000
- Terms up to 8 years (96 months)
- Fixed rates from 4.55% to 8.55% APR
- Funding within 2 business days
As an auto refi lender open to varying credit types, your precise rate quote depends on individual credit factors assessed. But Nationwide accommodates older paid-off vehicles other lenders turn away.
Biggest Pros of Refinancing Through Nationwide/Axos
Here are major advantages to Nationwide auto refinancing:
Loans For Older Vehicles Beyond 10 Years
No maximum vehicle age limit lets you refinance higher mileage or vintage rides other lenders restrict.
High $100,000 Maximum Loan Amount
Refinance existing auto loans of nearly any remaining balance size thanks to generous maximums.
Prequalification With No Credit Inquiries
See if you may qualify for better rates through a soft credit check before formally applying.
Potential Cons to Consider About Nationwide
But there are also couple limitations to note:
Strict Vehicle Mileage and Make Limits
Refinancing gets denied on most cars exceeding 125,000 miles or certain less popular makes.
Light Details on Rates and Fees
Lack of public minimum or maximum APR and cost specifics requires contacting Nationwide for information.
Purchase and Lease Offerings Not Available
Drivers seeking regular financing or lease buyouts need to use alternate lenders beyond Nationwide currently.
How Nationwide Compares to Other Top Refi Lenders
As a refi-focused loan lender, Nationwide/Axos competes with companies like:
Compared to iLending:
- iLending offers lower rate minimums beginning at 5.20% APR
- But Nationwide provides higher maximum loan amounts up to $100,000
Compared to Caribou:
- Caribou allows bundling in add-ons like GAP insurance
- But Nationwide has wider availability nationwide beyond just certain states
For drivers needing expanded flexibility specifically on higher mileage or older ride refinancing, Nationwide delivers nice value through specialty accommodations.
READ ALSO: RateGenius Auto Loans in 2024: Refinancing Review
What We Like About Nationwide Auto Refinancing
Here is closer examination of benefits the company deserves praise for:
No Vehicle Age Limits
Older cars exceeding 10 years qualify when they might get denied elsewhere.
Defer Payments Up To 90 Days
Temporarily delay first loan repayment 3 months to assist short-term budgeting.
Free Online Tools and Mobile Apps
Seamlessly manage payments and account details digitally 24/7.
Quick Prequalification With Soft Checks
See potential rates easily within minutes without affecting your credit.
What We Don’t Like About Nationwide’s Refinancing
Couple areas Nationwide could still improve include:
Vague Public Details on Full Rate and Fee Specifications
Require contacting Nationwide to source missing specifics on what loan costs borrowers across credit tiers actually entail.
Harsh 125,000 Mileage and Make Restrictions
Many functionally sound higher mileage, exotic, or vintage vehicles get excluded from eligibility.
Lengthy 5 Business Day Funding Timelines
Deposits often take longer to complete versus competitors advertising 24-48 hour turnarounds.
Nationwide’s Auto Refinancing Requirements
Here is what Nationwide and partner Axos Bank evaluate for approval decisions:
- Minimum credit scores around 680 FICO
- Loan-to-value ratios 70% or below
- Debt-to-income ratios generally below 50%
- Clean repayment history and sufficient income
So prime borrowers between 680-850 scores likely see the best rates. But they consider applicants across wider FICO bands too.
Types of Auto Loans Offered by Nationwide
The only loan purpose currently offered includes:
Refinancing Existing Auto Loans
- Loan amounts from $10,000 to $100,000
- Terms up to 8 years (96 months)
Those needing regular purchase financing or lease buyout loans cannot utilize Nationwide’s services at this time beyond refinancing existing car notes.
Interest Rates Offered for Nationwide Auto Refinancing
Here is what we know regarding fixed rates advertised by Nationwide:
Minimum APR
- Starts at 4.55% with autopay discount
Maximum APR
- Capped at 8.55% depending on credit factors
So approved rates scale across a wider range depending on your specific credit qualifications assessed during applications.
How to Apply for Auto Refinancing with Nationwide
Below outlines the easy application process:
- Check Eligibility and Prequalify
- Access Application Portal Online
- Enter Details and Required Financial Information
- Sign Completed Loan Documents Digitally
- Nationwide Deposits Funds Within 48 Hours
The direct website portal and tools make navigating offers and paperwork simple for even non-technical borrowers.
Fees, Penalties, and Fine Print to Know
Nationwide does not disclose full specifics on costs charged across their lending standards publicly upfront. But common fees often include:
- Origination charges
- Late payment fees
- Bounced check penalties
- Potential default fees
Avoid harming your credit standing by paying owed amounts on time without issue. Carefully review all repayment terms before signing your loan contract.
Getting Support From Nationwide Auto Refinancing
Contact Nationwide lending assistance via:
Phone Support
- Speak to reps weekdays 8am – 5pm PT
Online Tools and Apps
- Manage accounts and payments 24/7 digitally
Email and Website Help
- Submit inquiries directly onsite
So while they lack 24/7 live support, Nationwide does provide nice digital account management capabilities helping customers conveniently on their own time.
To Recap: Who Is Nationwide Refinancing Best For?
To summarize, those fitting these borrower profiles benefit most:
Owners of Older Vehicles Exceeding 10 Years
No limits by age widen options for those still driving older paid-off models over a decade old.
Drivers With Loans Too Small for Most Lenders
The low $10,000 minimum required loan balance leaves no remaining refi loan too little.
People Who Prioritize Avoiding Prepayment Penalties
Take comfort paying down principal quickly brings no early payoff fines.
For eligible applicants who get rejected trying to refinance higher mileage rides or tiny remaining principle balances, Nationwide brings nice once-in-a-lifetime value. Their accommodating niche focus on vehicle age and loan amount minimums provides important options other mainstream refi lenders simply don’t match currently in America.
Frequently Asked Questions About Nationwide Auto Refinancing
Below find answers to commonly asked questions regarding Nationwide’s refinancing programs and loan offerings.
What exact vehicle mileage and age restrictions exist with Nationwide auto refinancing?
Specific vehicle restrictions prohibit refinancing loans for autos exceeding 125,000 miles, older than 20 years, or select exotic/vintage makes like Saab or Suzuki models. Commercial lenders also face restrictions through their eligibility standards.
Does Nationwide allow non-customers to refinance existing auto loans?
Yes. You do not need to be an existing Nationwide insurance or account holder. As an open refi lender, they accept applications from all non-commercial borrowers across the country as an equal opportunity lender.
What fees or penalties does Nationwide charge for late payments or early loan payoffs?
While exact costs are undisclosed publicly, common standard charges from lenders apply for issues like late payments, bounced checks, or other repayment term violations. But no early payoff penalties exist for paying your balance off ahead of schedule.
How long does Nationwide deposit approved refinanced loan amounts typically?
Nationwide states funding newly approved loans often takes 1-2 business days after formally accepting offers and finishing documentation. It rarely exceeds 3 total business days between credit checks, approvals, paperwork, and deposits.
More About Nationwide’s History and Loan Partner Axos Bank
Based in Columbus, Ohio and founded in 1926, Nationwide today stands as one of the largest insurance and financial services companies in the world with over $254 billion in statutory assets as of year-end 2021. Its insurance division protects millions while the Nationwide Bank arm focuses offerings more toward savings, investing, and retirement planning.
For auto refinancing, Nationwide partners with San Diego digital bank Axos. Through its nationwide lending centers, Axos brings deep infrastructure in specialized consumer financing solutions like auto loans supporting Nationwide’s financial network.
In summary, Nationwide’s collaboration enabling access to expanded auto refinancing options through Axos Bank provides flexibility drivers with specific vehicle situation needs benefit from greatly. Taking the full digital application route Nationwide offers connects eligible borrowers to fast solutions at affordable rates improving existing loan situations.
In another related article, iLending: 2024 Auto Loan Refinancing Review
