In four easy steps, Stellar Auto Loans connects consumers to credit unions in its network, finding them the best auto refinance option to lower their monthly payments.
Stellar Auto Loans is powered by SALRefi, a free online service that educates consumers on the best auto refinance options based on their specific needs. After filling out the online application, SALRefi matches applicants with one of its lending partners, who help save consumers an average of $103 per month on payments.
In 2001, Stellar Strategic LLC created Stellar Auto Loans to not only help consumers, but to help lending institutions in its network receive more auto loan leads. Stellar Strategic LLC, founded in 2000 by Craig Simmers, is a marketing company that helps financial institutions grow their retail market share.
If you have less than-perfect-credit, you can still apply for Stellar Auto refinancing. In fact, Stellar Auto's credit union partners can likely find you more savings than you'll find elsewhere, no matter your credit standing.
Stellar Auto Loans does not charge an application or prepayment fee.
The application process is simple and easy, and can be completed entirely online, or over the phone if preferred.
In the online application, the consumer will be required to provide basic information such as their social security number, current credit and income, vehicle make and mileage, and current loan amount and payments. With this information, Stellar Auto Loans will find the best refinance or finance option in its network for the consumer. The application will be sent to the best fit lending partner in Stellar Auto Loans’ credit union network, who will check the consumer’s credit and then contact them with rates and terms which the consumer chooses to approve or decline.
A consumer does not need an excellent credit score to qualify for Stellar Auto Loans’ services. Generally, a credit score of 600 is required to refinance an auto loan, but more often than not, Stellar Auto Loans’ lending partners can find savings opportunities for consumers with low credit scores.
Stellar Auto Loans offers the ability to skip the first two payments on your loan. However, you must apply and be approved to receive this benefit.
Stellar Auto Loans services 48 of the U.S. states. Services are unavailable in Hawaii and Alaska.
Before submitting an application for Stellar Auto Loans, a consumer must meet specific qualifications regarding their vehicle, current loan, and financial standing. The vehicle should be in good condition, no more than six years old, and have a mileage of 120,000 or lower.
Additionally, a consumer’s current loan balance should be $7,500 or higher, and have at least 18 months remaining on that loan. Consumers should also ensure the quality of their auto insurance policy, and that their monthly bills do not exceed their monthly income.