Frequently Asked Questions
Who is 888 DROP MY RATE?
For 20 years, we’ve been helping people around the neighborhood and around the country to improve their credit through competitive, no-nonsense financing on cars, trucks and SUVs that they love. Give us a try and you’ll see why we’re one of the most trusted and respected companies in auto finance.
Can I add a co-borrower to my application?
You can add a co-applicant, which will often improve your chances of getting approved and may even help you qualify for a better rate.
How do I get the payoff amount on my current car loan?
The easiest way to get the most accurate payoff amount is by calling your current finance company and asking them for it, or checking your online account with them. Please let us know if you'd like our help with this.
How long does the application process take?
About 10 minutes.
How long does the entire refinancing process take?
Usually one to two weeks from application to closing, but can vary based on several things including how quickly and accurately you return the required documents to us.
Is it OK if I have less than perfect credit?
All day, every day, bad credit auto loan refinancing is what we do best. If you've experienced divorce, bankruptcy, charge-offs, repossession, foreclosure, late payments or have very little credit at all, you're in the right place.
Is there a fee to apply?
Applying with 888DropMyRate is fast, friendly and FREE.
What if I owe more than my car is worth?
No problem, we work with customers in this situation every day.
How quickly will I know if I am approved?
Within an hour, in most cases. If for some reason we need to take a little longer to ensure we are making the best decision, it will definitely be within one business day.
What kind of interest rate can I get?
We cannot provide the exact interest rate (Annual Percentage Rate – APR) until we receive a loan application. 888 also offers Rate Reduction RewardsSM , which may drop your interest rate every few months as you keep your account in good standing.
What length of term can I get?
Our terms range from 24 to 72 months, depending on several things including the specific vehicle being financed. We can tell you exactly what term you qualify for once you apply.
How much of a payment can I qualify for?
Since we want you to be successful in paying of your loan, we try to give all approved customers several payment options.
Why do you need my Social Security Number (or other sensitive information)?
How long is my approval good for?
Your application is typically valid for 15 days.
Do you finance trailers, boats, RVs, motorcycles?
We finance passenger cars, trucks and SUVs.