Ok, so I NEVER write reviews as I am that sceptical person that really doesn't believe in this fly by night loans. Anywho, I was financing my 2011 Buick Regal through Santander paying a whopping 24% interest rate. Yes I know I was getting screwed. I secured this loan in Jan 2016. financed amount was 12k at 72months. I tried desperately to get out by ref. three months in, of course NO ONE would pick it up. Then a few weeks ago I turned to Blue Harbor. Imagine my surprise when I was told I would go from 24% to 3.5...YEA RIGHT is what I said. Well I DID do just that and got a lower term to 48 months. WOW I even called the credit union myself to make sure and my loan was paid off literally 4 days after my paperwork was returned. Total time it took for everything was maybe a little over a week this includes applying, signing docs, old loan funded. I would recommend, as far as my credit mid 600's
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Everything sounds great when you're being approved for the refinance, however, once that happens, be prepared to wait. When applying, I was told the whole process would be completed in less than two weeks. I'm on week six and am being told now that it could take one to two more weeks. All of my paperwork was submitted within the 48 hour window, June 19. It's July 10, Clearlane has missed two payoff dates so far and is about to miss a third with no end in sight. Rather than hurrying up the process, they're relying on me to continue making payments to my old lender to buy them more time to do their job. Thanks to their efforts to save me money, this month I'll be making two car payments. Yeah, they may reduce your APR, but you also may never see those savings while the loan is stuck in limbo in their process and the only answers they can give you is to "be patient." If you want to refinance a loan, find someone who can actually do their job. It's not Clearlane. I would've been better off keeping my old lender and making larger payments to reduce the interest rather than attempting a refinance through these clowns.