Frequently Asked Questions
What is Checklight?
Checklight is a loan monitoring and financial health platform focused on your automobile. Once enrolled, we will monitor your vehicles and associated loans to see if you can save money on your monthly payment.
You can come back any time and view your Checklight report, or Checklight will text you our findings.
Is there a cost to Checklight?
No. Checklight is free to enroll in and use.
Is Checklight available everywhere in the US?
Yes, Checklight currently is available to US residents in all 50 states.
Will using Checklight affect my credit?
No. Checklight uses soft pull inquiries with credit bureaus, which do not affect your credit score. However, if you decide to move forward with a refinance, the lender must perform a hard pull inquiry, which may affect your credit score.
How does Checklight know if I can save?
Checklight has a marketplace of over 35 lenders throughout the Nation. Using machine learning, Checklight determines which loan offers, rates, and payments you are likely to qualify for, then compares them to your current situation.
Is Checklight a lender?
No. All of the loans funded via the platform are made by state or federally chartered banks and credit unions, or licensed lenders.
Who handles the process?
Checklight works with over 35 lenders nationwide, insuring you always get the lowest rate.
The whole process- from selecting your payment, to payoff, to title transfer, is handled by Checklight.
How long does the refinance take?
The process can take as little as a day or as long as a week.
Are there any penalties for prepaying my loan?
No. All loans originated on Checklight are simple interest loans, meaning they can be paid off at any time without penalty.
Can I add or remove a co-borrower when I refinance?
Yes. Checklight can facilitate the addition or removal of a co-borrower, and will perfect the new title with the appropriate changes.
Are there any fees to refinance?
Checklight may collect state-specific administrative fees to cover the cost associated with paying off your existing lienholder and perfecting your new title.