FAQ

After submitting your application, each lender has different time requirements to review the application and make their final credit decision. Typically, this process shouldn't take longer than 24 hours. 
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If approved, you will need to send us a picture of your Driver’s License, Current Registration, Insurance Card, and maybe a few other stipulations required by the lender. Upon receipt of these documents, your new loan paperwork will instantly be ready to electronically sign, so the whole process should take less than an hour of your time. 
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After signing and returning the required documents, we take care of the rest! Meaning, we send the payoff to your previous lender, receive the original title, facilitate the change in lien holder information for your new title, and deliver this title to your new lender. When the new title work is complete, your new lender will send you a welcome packet that includes your new loan information and instructions to make your first payment. You will usually receive this within 30 days of signing your new loan agreement.

No. All of our lenders offer simple interest loans. You will never pay a fee if you pay off your loan early, and you are allowed to make additional payments at any time. 

Absolutely not! Chippr has never charged fees to our clients, and we never will. 
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In some cases, your selected financial institution may require a membership fee in order to open an account with them, and your state or local government usually charges a small fee in order to update your title work to reflect the change in lien holder. These potential charges will be itemized for you before submitting your loan application and can be added to the new loan so you will not have to pay for them out-of-pocket.

Lenders may require a principal reduction, or ‘down payment’, in order to approve the loan requested. These funds can be delivered using any major debit or credit card through our secure partnership with Stripe. This money goes directly towards your old loan balance, essentially paying off the loan amount without added interest and reducing your loan-to-value ratio to an acceptable threshold required by the new lender.

We’re committed to transparency above all else, so we always show every offer you pre-qualify for based upon the results from our decision engine. Our goal is not to show you the ‘best-case scenario’ but to show you accurate loan offers from real lenders. 

We’ve integrated with Equifax to gain access to a soft credit profile, which allows us to calculate accurate loan offers based upon the major risk factors that lenders deem important. These include your Debt-to-Income and Loan-to-Value ratios, as well as your credit score and payment history on past debt.

We also partnered with J.D. Power’s NADA Vehicle Values to calculate your vehicle’s actual current value before ever showing you an offer. This process happens automatically when you consent to view your offers and can be done without affecting your credit score!

Not seeing any offers usually occurs when one or more of the important risk factors lenders take into account is outside of the maximum requirements to be approved for a loan. It is usually better to be patient and improve your financial / credit situation before submitting an application, as this submission does require a hard pull to your credit. 

If you believe there has been a mistake and would like more insight into your potential refinance options, please feel free to Contact Us and we will be happy to provide you with more information.

We use the latest standards in technology to provide a verified and secure experience, and we never sell your information to any 3rd parties involved in our operations. Your data will only be sent to a lender if you choose to submit an application to that specific lender. No other lending partners will have access to your application unless you decide to submit it to them.

As soon as you upload your required stipulations and sign your new loan agreement, we forward this information to your new lender. Upon their final approval, we will send the funds directly to your old lender to pay off the loan and receive your old title to be perfected with the new lien holder’s information. 
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In cases where consumers are very diligent in uploading and signing documents, this process can be completed in as little as 24 hours. 

If you haven’t received any offers or are not satisfied with the offers you are seeing, we recommend waiting at least 30 days before submitting a new application as this gives enough time for your credit report to update positive changes.

We understand that time is of the essence! If you feel like there has been a substantial change to your credit or financial position since your last application was submitted, please send us a message, and we will reach out to manually review your application.

We’ve integrated with FormStack Sign to allow you to complete the majority of the document process electronically. Once you have uploaded the required stipulations, you will receive an email link to e-sign your new loan documents. 
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We always strive for efficiency, but some states still require you to sign a Power of Attorney with wet ink, which allows us to complete the new title work on your behalf. In these cases, we will send a packet with the required documents for signature, overnight, directly to your doorstep. Once you have completed those signatures, you can choose to have the shipping company pick up the packet from your residence or drop it off at any dropbox location to be returned to us.

Lenders require these stipulations to ensure that no fraudulent or illegal lending activity occurs. The Fair Credit Reporting Act and other federal legislation have strict requirements set in place to protect consumers from unfair lending practices and to protect the personally identifiable information of these consumers.

You will be prompted to upload these pictures upon submitting your loan application. If they weren’t available at the time, click on Log In, and an upload option will be on your User Dashboard. 

Once your new lender receives the signed loan agreement and updated title work, they will send a new member packet in the mail to you. This will include your new loan account information, instructions to use their online services to make your payments, and how to contact them. You will normally receive this packet within 30 days of signing your new loan agreement.

If you had Guaranteed Asset Protection on your old loan, it will be canceled and the pro-rated amount of protection remaining should be refunded to you. This means that you will not have GAP coverage on your new auto loan unless you decide to add it in the Checkout portion of the process.
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See more information of requesting your refund in the Classroom article, Don’t Leave Money on the Table.

There will not be any change to your existing Vehicle Service Contract or Warranty when you refinance your loan to a new lender. You always have the option to cancel your old protection, get the pro-rated refund, and then restart the coverage on your new loan if you desire a longer contract or mileage protection.

Canceling your old VSC is never required or necessary to be approved for a new loan. Be careful to not be tricked by smooth-talking salespeople at other companies! See more about this in our Classroom article, Vehicle Service Contracts, Pros, Cons, and Misconceptions

Short answer: Refinancing your auto loan through Chippr should have little to no effect on your credit score. 

Long answer: As we provide loan offers using a “soft” look on your credit profile, shopping for pre-qualified offers will never affect your credit score. If you decide to then submit an application to a specific lender for a credit decision, this action will result in ONE hard credit pull to your profile, as it is required by law for a lender to report this inquiry if they are making a credit decision. Worst case, this could result in a short-term dip in your credit score of a few points, but oftentimes, one inquiry will not even affect your score. 
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Be sure to avoid companies that send your credit application to multiple lenders at the same time! These multiple inquiries can drastically reduce your credit score!

Of course! Our zero-commission support team is happy to answer any questions or assist in any way that we can to help improve your auto loan. Please send us a message by clicking Contact Us, and we will be in touch as soon as possible.