Prequalify With Mode
Have you considered refinancing your auto, maybe to try to lower your monthly payment? Good news! Mode has prequalification, so you can find out what a new payment could be with no impact to your credit.
There’s no commitment with prequalification. It’s an easy process to see if you might be able to do your finances some good. You may have been working really hard to improve your credit history by making on-time payments since taking out your original loan. That’s what lenders like to see, and for your hard work, you deserve a shot at a payment that suits you!
With prequalification, lenders take a cursory look at your finances to determine your creditworthiness. It’s not the same more extensive examination of your credit history that you would go through with a full credit application.
Here are a few suggestions to help you look good to lenders:
- Your total monthly payments (housing, utilities, etc.) are no more than 1/3 of your monthly income.
Try not to apply for other credit while you’re going through the auto approval process (that new furniture can wait). Too many hits on your report at the same time may raise red flags for lenders.
Be able to show job stability.
Consider checking your credit report with the three major bureaus (Experian, TransUnion, Equifax) to make sure it’s accurate. You’ll want to correct any errors.
While you’re checking with the bureaus, don’t forget to “unfreeze” your reports. Freezing your credit reports is normally a good practice to help prevent unauthorized purchases on your accounts, but when it is you applying for credit, your lender needs to be able to see those.
Prequalification with Mode is easy. Just go Apply to Prequalify, type a bit of information about your current loan in our online calculator and voila, you get an instant estimate of what your new payment could be.
To know what your actual payment will be, just continue to the full application where we’ll gather a bit more information so we can tell you the exact terms of your new loan. Just so you know, that full application process will impact your credit.
Current GM Financial loan customers aren’t eligible to apply for refinancing through Mode.
What are you waiting for? Jump in and see if you can put a little extra money in your pocket every month with a new auto payment from Mode.
By Julie Powell, GM Financial