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How to refinance my Regional Acceptance auto loan?

Regional Acceptance targets the segment of American car shoppers with moderate (i.e. near-prime) credit and we observed an average auto loan interest rate of 15% (within a range of +/- 5%). If you have a Regional Acceptance auto loan and have not looked into refinancing your car loan yet, you should do so now!

Regional Acceptance car loan rates vary a lot by credit score. Our Regional Acceptance auto loan calculator can help you get a sense for how much you can expect to save from a Regional Acceptance auto refinance.

Published: June 18, 2020

Refinance your Regional Acceptance auto loan


To lower your monthly payments on your Regional Acceptance auto loan, you need to find a lender that can extend your used car loan term or offers you a lower rate before the loan is paid in full. Usually, lenders offer you a lower rate for one of two reasons:

  1. When you bought your car, the dealer marked up your rate. That's common for auto loan originations and to make more money
  2. You improved your credit over time and now qualify for a lower car payment and interest rate.

Both of these observations are the reason for why you can save a lot of money. You improved your credit with the credit bureaus from near-prime credit (i.e. between 600 and 680 on your credit report) to prime credit (i.e. above 680), you're not facing any financial difficulties and therefore, your new lender will be likely one of the following ones:


You successfully got out of the near-prime credit segment (a FICO between 600 - 680 on your credit history) and moved into the prime credit segment (FICO above 680). Commercial banks will now aggressively market to you, often via auto-dialers or direct mail. Commercial banks are in the business of (amongst others) lending money to consumers at a profit and you now match their perfect customer profile.

In the following, we will walk you through the exact steps to pay off your Regional Acceptance loan.

Regional Acceptance loan payoff amount


First and foremost, we need to pull up your Regional Acceptance loan payoff statement. The loan payoff statement is not your outstanding balance. Instead, the loan payoff statement summarizes the following data points:

  • your payoff amount (usually your loan amount balance plus a few small fees)
  • the due date until your payoff is valid to avoid late fees (usually 10 days from when you requested it)
  • the per-diem (how much of daily interest your loan accumulates)
  • your account number (the new lender needs that to payoff your loan)
  • the payoff address (the new lender needs to know where to mail the check to)

All the above information can be found on the official payoff statement. You have multiple payment options but first you need to locate the payoff statement from Regional Acceptance's customer service reps:

  1. Call the Regional Acceptance customer service phone number at 1-866-495-7570 and ask to be connected to the loan payoff department.
  2. Log into the online banking at Auto App (https://www.regionalacceptance.com/manage-my-account.html, login on the left) and browse to the 'Loan Payoff' tab. You will be able to download a PDF.
  3. Do a three-way phone call with the new lender and a Regional Acceptance customer service rep at 1-866-495-7570, which allows the new lender to ask Regional Acceptance all the questions necessary to pay off your existing loan.

Should you plan to payoff your loan, you can overnight a check to this address:

Regional Acceptance
10202 East Fire Tower Road
Greenville, NC 27858

We provided those addresses above because we always struggle to find a service provider's contact information. Moreover, due to COVID-19, waiting times for customer service reps might be longer than usual.

How soon can you refinance a Regional Acceptance loan


You're eager to refinance your Regional Acceptance loan? Great, you should absolutely work towards lowering your Regional Acceptance payments through refinancing.

Dealers make most of their money on finance and insurance products. Therefore, there's a good chance that you can already save money through refinancing the day you drive off the lot. That said, you will save the biggest amount of money from refinancing after you made 12 to 18 payments. That's when you will notice the effect from improving your credit above and beyond moderate (i.e. near-prime) credit.

Take a look at our auto loan refinance calculator and the paragraph about negative vs. positive equity.

Savings from refinancing a Regional Acceptance loan


We performed a study on the top 40 auto loan companies to refinance and found that the average Regional Acceptance loan rate is around 15% (within a range of +/- 5%). If you made your payments for 6 / 12 / 18 consecutive months, you're guaranteed to be able to save money on your Regional Acceptance loan.

Your new interest rate should be on the order of 10% or below. That means you will save $500 every year / $42 every month if your remaining loan balance is around $10,000 and you refinance. Usually, we see higher loan balances when refinancing our customers, e.g. around $15,000. If your loan balance is around $15,000 you will save $750 every year / $63 every month when you lower your rate by 5%.

We built an auto loan refinance calculator to help you get a quick overview of what your monthly payments could / should be based on your credit score and the term of the loan you choose. Just click on the link, select your vehicle (Year, Make and Model) and you'll be able to adjust a few parameters to get a sense for your future monthly payments.

For a guaranteed rate in less than 2 minutes, open WithClutch.com, enter your phone number, select your goal (e.g. 'Lower my monthly payment') and click on 'Apply Now'. Our process will not hurt your credit and you'll receive a firm and guaranteed rate with not more than 5 clicks. Should you have any further questions, check out our FAQs.

Things to know about Regional Acceptance


If you currently have a loan with Regional Acceptance, you most likely got the loan at the dealership where you bought your car and you can make your payments by clicking on Auto App at https://www.regionalacceptance.com/manage-my-account.html.

79% of all Americans with auto loans get their auto loan at the dealership. People shop for cars, they don't shop for loans. As a result, car dealers have a lot of power and authority when it comes to giving car shoppers loans.

The challenge is this:

  1. the number 1 goal of a car dealer is to sell a car
  2. the number 2 goal of a car dealer is to sell the car at the highest possible margin

Considering the interests of the car dealer and how most car shoppers get their loans, no wonder Americans are overpaying on their interest rates, right?

As mentioned above, Regional Acceptance is an auto loan company that specializes on the segment of Americans with moderate (i.e. near-prime) credit. We looked at reviews for Regional Acceptance and found the following:

  • BBB: 1 out of 5 stars and 22 complaints
  • Yelp: 2.5 out of 5 stars from 7 reviews
  • Glassdoor: 2.9 out of 5 stars from 47 reviews

Ever wondered if Regional Acceptance treats everyone like you? Sadly, they do. Other loans you might have also qualified for could have been with one of the following auto loan companies:


If you bought your car at a Franchise Dealership, you may have qualified for a loan with one of the Captive Finance companies (i.e. the auto loan companies that are owned by the respective car brand), e.g.:


After you've made your first 6 / 12 / 18 payments, your chance to refinance your loan and lower your monthly payments has come. The challenge with refinancing is that most auto loan companies require you to visit their branch before they can give you any indication of how much money you will be saving. Fortunately, we can help with that.

Regional Acceptance car loan refinance rates


We can help you get the following Regional Acceptance refinance rates:

Credit Score New car Used car
760+ 2.69% 3.49%
700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Below 550 22.00% 22.00%

As mentioned above, Regional Acceptance car loan rates vary a lot by credit score. We therefore recommend taking a look at our Regional Acceptance auto loan calculator.

Refinance your Regional Acceptance loan now



Haven't explored refinancing yet?
WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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CONTACT

WithClutch, LLC

2120 E El Parque Dr

Tempe, AZ 85282