National Auto Loan Network Review
If you’ve ever wished your car payments could be lower, or that your car loan APR would drop now that you’ve improved your credit, refinancing could be the answer. National Auto Loan Network (NALN) is a loan broker that specializes in refinancing — not just for cars, but for boats and RVs as well.
- How National Auto Loan Network works
- How to apply to National Auto Loan Network
- Finding the best refinance rate
How National Auto Loan Network works
As the name suggests, NALN is not a direct lender; rather, it is a broker that works with a network of lenders. After you fill out an online form, NALN shops your application with those partners and presents you with your options (we’ll talk more about the application process in a minute).
Should you apply?
Thanks to falling auto loan rates, now may be a good time to refinance, but you have a lot of choices for providers, including ones that are much more transparent than National Auto Loan Network — see some alternatives below. The company does not provide information about APRs, terms or loan amounts on its website, and calls and emails to the company were not returned. A customer service representative said rates, terms and loan amounts depend on an individual’s particular situation.
Benefits of refinancing through NALN
- Cashback refinance available
- Deferred payments possible
In addition to traditional refinance loans, National Auto Loan Network offers up to $1,000 in what’s known as a cashback or cash-out refinance loan. This is when you refinance your car loan for more than you owe, taking the difference as cash you may use however you’d like. The danger of cash-out auto refinancing, however, is that you risk owing more on your vehicle than it’s worth.
Deferring your first car payment, for 45, 60 or 90 days, is another possible perk. But this too comes with a downside: Interest still accrues during that time, meaning the longer you push back your first payment, the more in interest you’ll pay over the life of the loan.
NALN may be worth it if you compare the financing offers you receive from its network to other refinance companies, including your bank, credit union or online lender. (We compare NALN to other popular refinance providers below.)
How to apply to National Auto Loan Network
To apply for an auto loan through the National Auto Loan Network, you could go to its website or call 888-391-3504.
The information you’ll need to provide includes:
- Personal information: name, address, Social Security number
- Vehicle information: make, model, year, mileage
- Current loan information: interest rate, lender name
After you fill out the online form, you’ll communicate with an NALN loan officer who will help you finalize the loan. You may pick an appointment time within the next two days, between 8 a.m. and 5 p.m. PT on weekdays or 9 a.m. -2 p.m. PT Saturday.
You could potentially buy other vehicle-related products that NALN sells and finance them with your new loan. That may include GAP insurance, a vehicle service contract (also known as an extended car warranty) and mechanical breakdown insurance. Think carefully before buying any of these products, and especially before buying them through your lender; you might be able to get a better price elsewhere. If you roll the costs into the price of your loan, you’re not only paying for the products, you’re paying interest, too.
Finding your best refinance rate
One of the best ways to get a deal on an auto loan refinance rate is to shop around and apply to multiple lenders. It does not hurt your credit to apply to multiple lenders anymore than it does to apply to one as long as you do all applications with a 14-day window — some credit-scoring methods even allow up to a 45-day window. You could fill out an online form at LendingTree and get up to five potential auto loan refinance offers from lenders, depending on your creditworthiness.
What if I have bad credit?
When your credit is poor, it may feel like you have limited options, but there are lenders offering bad credit auto refinance loans.
Alternatives to NALN
Here’s a look at other auto refinance providers you could consider in addition to NALN.
NALN vs. Auto Approve
Like National Auto Loan Network, Auto Approve refinances a variety of vehicles, including motorcycles, RVs, boats and ATVs. Rates are as low as 1.90% with terms between 36 and 84 months for loans between $8,000 and $100,000. Its minimum required credit score is 500.
NALN vs. iLendingDIRECT
iLendingDIRECT has a network of lenders that refinance cars and trucks, as well as specialty vehicles like motorcycles, RVs and boats. Rates start at 1.99% on amounts starting at $7,500, and apply for terms between 24 and 84 months.
NALN vs. RefiJet
RefiJet also refinances cars, as well as motorcycles, through a network of lenders. Rates start as low as 2.49%, with terms between 24 and 84 months and loan amounts between $5,000 and $100,000. It generally requires borrowers to have a credit score of at least 550.