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How to refinance your car loan Part of refinancing a Car Loan This video series will help you refinance a Car Loan







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5 minutes read. Published 23 March 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely using loans to buy a car.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances with precise, well-researched and informative facts that break down otherwise complex subjects into digestible pieces.









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There isn't a perfect fit for everyone when they get a car loan. Refinancing your vehicle loan is possible . It's about replacing the existing loan with a new loan with an additional length, interest rate or both. A lower interest rate could help lower your monthly payments as well as the cost you'll incur over the life of your loan. But to make the most of refinancing, you'll require credit with good standing and a track record of timely payments. Seven steps for refinancing your car loan Refinancing your car loan is like the application process for any vehicle loan however, there are few additional steps. Check your financial situation and loan documents, and then search for the right lender that can meet your requirements. 1. Consider refinancing as the best financial decision. There are two primary reasons to refinance, namely if you are able to get a lower rate, or if you're . The first is typical if you took out your auto loan in the past when you had a high credit score and your score on credit was not high. If your since you got your loan, lenders will likely offer you better terms, which will help you save money over the duration for the loan. On the other hand should you feel that you're overstretched with your budget monthly due to your current payments you could refinance your car loan to a longer term. Extending your repayment term decreases your monthly payment but you'll likely pay more in interest over time. The most important thing to remember
If refinancing your car can reduce your expenses, it's likely the right option for you. If you're not able to obtain a refinancing deal, it's not a great option. A refinance with a higher interest rate could make your loan more expensive, even if your monthly payments shrink.


2. Re-evaluate your current loan A majority of lenders allow for refinances. This means that you have to know your payment value to figure out if are eligible. It is also important to understand exactly how much interest you have been paying and what your monthly installment is, and the total amount the loan will be if you complete the whole time. Make sure you have this information in order to examine your current loan against the loans you'll receive in future steps. Key takeaway
Education is the key when you're trying to get the best deal. Utilize this guide to find out the cost you're paying on your existing loan and compare it to your refinance options once you've applied for preapproval.


3. Examine your credit score credit score and history are major factors lenders consider when you are applying to refinance. If you've made wise money decisions since then -- and you have been making timely payments for instanceyou'll be able to improve your credit score. Lenders will consider you to be less risky and might offer you lower rates. before you start applying. This will guide you towards lenders that you are eligible for and predict potential rates. Even those who aren't eligible may still be able to qualify for a loan by finding the right lender. What is the most important takeaway
The higher your credit score, the lower the interest rate you will likely receive from the lender. Your credit history can be a factor as well.


4. Estimate your car's value The price of your loan isn't the only thing to consider when deciding whether to refinance. You should also know . The internet has many resources that make estimating your car's value simple. If you have a car that is more recent with low mileage and a large balance that will still take many years to pay off, refinancing could help you save money and keep you from being upside-down with your loan. If it's worth less than what you owe, you may be out of luck. And if your car is almost paid off and you're in a position to pay it off, it's less sensible to refinance as interest only is a tiny portion of the remaining payment. What you should take away from this is
Understanding the worth of your vehicle can aid in determining whether the lenders are willing to allow you to refinance. If the car you own isn't valued at all, refinancing might cost you more money than the savings you'd make.


5. Find the most competitive refinancing rates . All lenders evaluate your credit score as well as your financial history, and eligibility in a different way. If you choose to refinance begin with the bank or credit union that you use for other services. Some financial institutions provide discounted interest rates to existing customers. Then compare the rate that your current bank to get a clear view of the best lenders' rates. When you are in the market, make sure you have at three lenders. With multiple preapprovals, you can see which option is the best for your financial needs. What you should take away
Rates of interest vary greatly, so compare a few lenders before deciding. But make sure to check the current institution you are with since there may be discounts for existing customers.


6. Determine your savings After shopping around for rates, you can do the math to determine the amount you could benefit from refinancing your car loan. Make the process of comparison simple. Examine for fees on your existing loan for any fees. It is not unusual to see lenders charge fees that makes refinancing more expensive. It is also important to be clear of your goal. If you're looking to cut your monthly installment, you must make sure that the new loan isn't going to cost much more, if you go for . If you're refinancing at an lower interest rate, be sure you save enough in interest to offset any fees. A shorter loan duration is worth considering if you have additional funds for it in the budget. It will get you there quicker and could save money in interest, according to the terms you'll receive with the particular loan. Making the calculations prior to the timeframe will help you see the amount an improved rate can save you on payment of interest, or monthly installments or both. 7. Make sure you have all your paperwork in order The preapproval process is crucial, but it's not an end to the process. If you are applying, be sure to supply the lender with these documents: proof of income, such as W-2s or most recent pay stubs. Proofs of residency Recent utility bill, lease agreement, monthly mortgage statement or tax statement Insurance proof: the most recent monthly statements or insurance card Details regarding your existing loan (such as balance and interest rate, loan period and monthly payments) Information about your car include year and make, model, mileage and the vehicle identification number (VIN) Be sure to go over the application and all documents to make sure there are no mistakes before you submit. Once you've submitted your paperwork and get full approval, follow up with both lenders. If you receive a cheque make sure that the previous lender accepts it and adds it to your loan. If your current lender is paying off the previous one, follow up frequently to avoid missing payments due to clerical errors. The key is to organize your documents ahead of time to help speed up the refinancing process. Prepare to spend time contacting both lenders to ensure your pay-off and payments go to the right place. Things to think about prior to refinancing before you begin the process of refinancing, be sure it's appropriate for you. Requirements to refinance: Every lender or bank lender has its own criteria to determine whether you are qualified for refinancing. Be sure you are not in default on your payments. The amount of time left in your loan is an additional requirement to be eligible. Most lenders require at least six months of repayments on your loan, and you should have at minimum six months remaining, too. Prepayment penalties: Many auto loans contain clauses that specify how and when you can make payments on the loan. Most of the time, these clauses contain a , a fee assessed in the event that you repay the loan in advance. There are a few lenders that charge this, but it can impact the overall savings. The remaining time on the loan If you're near the end on your existing loan it might make more sense to pay the loan off rather than pouring cash and time into refinancing. Your financial health: Your debt-to income ratio is among the numerous factors that are that lenders consider when granting loans. The more before applying for the new loan, the greater the likelihood of receiving competitive loan conditions. It is possible to use an online tool to calculate your debt-to-income ratio. The final result of refinancing your vehicle loan will have an impact on your financial situation. However, before you sign a contract with a lender, investigate the auto loan costs and contrast their terms to the terms of your current loan. By shopping around and working to improve your credit score you could be able to lower the amount you pay , or obtain a more affordable monthly payment by changing lenders.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




The next step is refinancing an Auto Loan

1 minute read Mar 24 2023










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