First Investors Auto Refinance Review

First Investors Auto Refinance is an auto loan refinance offering by First Investors Financial Services Inc., based in Atlanta, GA. Founded in 1988, First Investors Financial Services Inc. offers auto refinance loans in 50 states (and Washington, DC).

Key takeaways

• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 510 are considered for First Investors Auto Refinance.
• Vehicle requirements. Vehicles must have less than 95,000 miles and a maximum age of 8 years.
• Fast process. In some cases you can refinance your auto loan within 1 business day.
• Hard credit pull required. You can't check your rates or see if you prequalify for First Investors Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• Origination fees of $15 to $25.
• Long loan terms. First Investors Auto Refinance offers loan terms of up to 72 months. Most auto refinancing loans have a maximum term of 60 months.
• Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for First Investors Auto Refinance, which is below average for the lenders in our database

First Investors Auto Refinance Pros and Cons:

Pros	Cons
$0 prepayment fee. First Investors Auto Refinance does not report to credit bureaus. Considers applicants with poor credit. Fast funding. Considers older vehicles (max. 8 years)	Charges an origination fee. Available in all 50 states. Do not offer pre-approval with soft credit pull. Charges a late fee. No co-sign option.

How much can you borrow via First Investors Auto Refinance?

Auto refinance loan amounts start at $8,000 and go up to $40,000.

What are the auto loan refinancing rates offered through First Investors Auto Refinance?

First Investors Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 7% APR.

What is the maximum loan term you can get with First Investors Auto Refinance?

First Investors Auto Refinance offers auto refinancing with terms ranging from 48 to 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does First Investors Auto Refinance charge an origination fee on auto refinance loans?

Yes, First Investors Auto Refinance charges a loan origination fee of $15 to $25

Does First Investors Auto Refinance charge a late fee?

Yes, auto refinance loans via First Investors Auto Refinance are subject to late payment penalty fees.

Does First Investors Auto Refinance charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for First Investors Auto Refinance?

Applicants with a credit score of at least 510 and up to 850 are eligible for First Investors Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loan refinancing with First Investors Auto Refinance, applicants need a minimum annual income of $18,000 or higher. First Investors Auto Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via First Investors Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by First Investors Auto Refinance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the maximum mileage to refinance with First Investors Financial Services Inc.?

First Investors Financial Services Inc. is an option for high-mileage vehicles. They will consider auto loan applications for vehicles with up to 95000 miles on the odometer.

What is the maximum car age to refinance with First Investors Financial Services Inc.?

Only vehicles that are 8 years old or less can qualify for an auto refinance.

What is the estimated funding time for an auto loan refinance with First Investors Auto Refinance?

Auto refinance loan applications are typically approved (or denied) within 48 hours and funded within 1 to 20 days of approval.