What refinancing a Bridgecrest loan means and how it works

Refinancing a Bridgecrest auto loan means replacing your current loan with a new one from a different lender. The new lender pays off what you still owe Bridgecrest, and you then make payments to the new lender instead. The goal is usually to lower your monthly payment, reduce the interest rate, or shorten the loan term — though not all three happen at once.

Bridgecrest is a subprime auto lender, meaning it specializes in loans for borrowers with lower credit scores or limited credit history. If you financed through Bridgecrest and your credit has improved since you took out the loan, or if your financial situation has changed, refinancing to a traditional bank or credit union may save you money. The process itself is straightforward: you find a new lender, they review your process, and if approved, they send the payoff amount directly to Bridgecrest.

One important detail: Bridgecrest loans sometimes include GPS tracking and starter interrupt devices (technology that can disable your car if you miss a payment). When you refinance, the new lender typically removes these devices, which is one reason borrowers pursue refinancing beyond just the interest rate.

Key Takeaways

  • Refinancing replaces your Bridgecrest loan with a new loan from another lender, and works best if your credit score has improved since you originally borrowed.
  • Banks, credit unions, and online lenders all offer auto refinancing, and each has different approval standards and interest rates.
  • You will need your current loan details (payoff amount, account number) and proof of income to start the refinancing process.
  • The new lender pays Bridgecrest directly, and you begin making payments to the new lender once the transaction closes.
  • Refinancing removes GPS tracking and starter interrupt devices that Bridgecrest loans often include.

Where to refinance and what each type of lender offers

Your main options are traditional banks, credit unions, and online lenders. Each has different lending standards and approval timelines.

Credit unions often have the lowest rates and most flexible terms, but you must be a member. If you belong to a credit union, start there — many will refinance auto loans from other lenders and offer rates significantly lower than subprime lenders. Membership is sometimes open to people in a specific geographic area, profession, or employer, so check whether you already have access to one.

Traditional banks like Chase, Bank of America, and Wells Fargo offer auto refinancing, though approval depends on your credit score and income. These lenders typically want a credit score of 620 or higher, though some will go lower. The process process is straightforward: you can often start online and complete it in 15 to 30 minutes.

Online lenders like LendingClub, Upgrade, and Lightstream specialize in refinancing and often approve borrowers with credit scores in the 580 to 620 range. They typically move faster than banks — some fund loans within 24 to 48 hours — but their interest rates may be higher than a credit union would offer.

What you need to gather before you start

Have these documents and details ready before you contact any lender. This speeds up the process and lets you compare offers accurately.

First, get your current loan details from Bridgecrest: your account number, the exact payoff amount (not just your monthly payment), the original loan amount, and the interest rate you are currently paying. You can find this on your monthly statement or by logging into your Bridgecrest online account. Call Bridgecrest customer service at the number on your statement if you cannot find the payoff amount online — they will give it to you over the phone.

Second, gather proof of income: your most recent pay stubs (usually the last two), or a recent tax return if you are self-employed. Lenders use this to confirm you can handle the new payment.

Third, have your vehicle information ready: the VIN (vehicle identification number, found on your registration or dashboard), the year, make, and model, and the current mileage. Lenders use this to confirm the car's value.

Finally, know your current credit score or at least have a sense of whether it has improved. You can check your score free through Credit Karma, AnnualCreditReport.com, or your bank's website. This helps you target lenders that match your profile.

The step-by-step refinancing process

Step 1: Get pre-may have access to offers. Contact at least three lenders (a credit union, a bank, and an online lender) and ask for a pre-qualification. This is a soft inquiry that does not hurt your credit score. You will provide basic information — income, employment, credit score range — and the lender will give you an estimated rate and monthly payment. This takes 5 to 10 minutes per lender.

Step 2: Compare the offers. Look at the interest rate, monthly payment, loan term (how many months), and any fees. Some lenders charge origination fees (typically 0 to 2 percent of the loan amount), while others charge nothing. Calculate the total cost over the life of the loan, not just the monthly payment. A lower monthly payment over a longer term might cost you more overall.

Step 3: Submit a full process. Once you have chosen a lender, complete the full process. This is a hard inquiry and will temporarily lower your credit score by a few points. You will upload your pay stubs, ID, and vehicle information. The lender will also pull your credit report and verify your employment.

Step 4: Wait for approval. This typically takes 1 to 5 business days. The lender will contact you if they need additional information. Once approved, they will send you a loan agreement to review and sign.

Step 5: The lender pays off Bridgecrest. After you sign, the new lender sends the payoff amount directly to Bridgecrest. Bridgecrest closes your account and removes any GPS tracking or starter interrupt devices. This usually happens within 3 to 7 business days.

Step 6: You receive the funds and begin payments. If there is any money left over after paying off Bridgecrest (because the new loan is larger), it goes to you. You will receive instructions on when and how to make your first payment to the new lender. Your new payment date and amount will be different from your Bridgecrest payment.

Why your credit score matters and what to expect if it has not improved

Lenders use your credit score to decide whether to refinance you and what rate to offer. If your score has improved since you took out the Bridgecrest loan, you will see better rates. If it has not improved much, refinancing may not save you money — or you may not be approved at all.

A credit score of 620 or higher opens doors to most traditional banks and credit unions. Scores between 580 and 619 can work with some online lenders and credit unions, though rates will be higher. Below 580, refinancing becomes difficult, and you may be better off focusing on paying down the Bridgecrest loan and rebuilding your credit first.

If you have made all your Bridgecrest payments on time for the past 12 to 24 months, your score has likely improved. If you have missed payments, had collections activity, or have high credit card balances, your score may not have moved much. Check your score before explore — it is free and takes 2 minutes.

Common reasons refinancing does not work and what to do instead

Sometimes refinancing is not an option. The most common reason is that your car is worth less than what you owe on the loan — a situation called being "underwater." Lenders will not refinance an underwater loan because they have no collateral to recover if you default. You can check your car's value on Kelley Blue Book or NADA Guides using your vehicle's year, make, model, and mileage.

Another reason is that your credit score has not improved enough. If you are still in the 580 to 600 range, the rates you will be offered may be only slightly better than Bridgecrest's, or not better at all. In this case, focus on making on-time payments for the next 6 to 12 months and then try again.

If you have had recent late payments, collections, or a bankruptcy, most lenders will decline you. Wait at least 12 months from the last negative event before explore. In the meantime, make every Bridgecrest payment on time — this is the fastest way to improve your score.

If refinancing is not possible right now, your alternative is to keep paying Bridgecrest and work on improving your credit. Once your score reaches 620 or higher and you have 12 months of on-time payments, refinancing becomes much more likely.

What happens to your Bridgecrest account and devices after refinancing

Once the new lender pays off Bridgecrest, your Bridgecrest account is closed. You will no longer receive statements from them, and your monthly payment obligation to Bridgecrest ends. Any GPS tracking device or starter interrupt device installed in your car will be deactivated and removed by Bridgecrest or the new lender within a few days.

You should receive a final statement from Bridgecrest showing a zero balance. Keep this for your records. If you see any charges from Bridgecrest after the payoff date, contact them when ready — it is likely a billing error.

Your new lender will set up your payment method (automatic bank transfer, check, or online payment) and send you a payment schedule. Make sure you understand when your first payment is due and set a reminder so you do not miss it. Missing a payment to your new lender will hurt your credit score just as much as missing one to Bridgecrest.

Frequently Asked Questions

Can I refinance a Bridgecrest loan if I am still making payments?

Yes. You do not have to wait until the loan is paid off. In fact, refinancing while you still owe money is the whole point — the new lender pays off the remaining balance. The sooner you refinance, the more interest you save.

Will refinancing hurt my credit score?

Temporarily, yes. The hard inquiry and new account will lower your score by a few points for a few months. But if your new interest rate is lower and your payment is smaller, the long-term benefit to your credit (from on-time payments and lower credit utilization) outweighs the short-term dip.

What if I still owe more than the car is worth?

Most lenders will not refinance an underwater loan. You can check your car's value on Kelley Blue Book or NADA Guides. If you owe more than the value, focus on paying down the principal for 6 to 12 months, then try refinancing again once you have equity in the car.

How long does the whole refinancing process take?

From process to funding is typically 5 to 10 business days. The new lender pays off Bridgecrest within 3 to 7 days after that. In total, expect 2 to 3 weeks from start to finish, though some online lenders can move faster.

Do I have to refinance with a bank or credit union, or can I use another online lender?

You can refinance with any lender that offers auto refinancing — banks, credit unions, or online lenders. Compare offers from all three types to find the best rate. Online lenders often move faster, but credit unions often have lower rates.