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Auto Refinance Frequently Asked Questions


Auto loan refinancing can be extremely beneficial, but it might not be for everyone. Everyone's financial situation is different, and no two car loans are exactly alike. Get a better idea if an auto refi is right for you by reading our frequently asked questions.


What is an automobile refinance loan?
Much like a mortgage refinance, an auto refinance loan replaces your existing car loan altogether. Once the refi loan is complete, your old car loan will have been paid in full.
What can an auto refi loan do for me?
While an auto refinance is not a beneficial choice for every person or every situation, it can be very helpful to some. The main reasons people refinance their car loans are to lower their monthly payments, get a lower interest rate, and have the opportunity to skip an entire car payment.
How do I know if refinancing my car will benefit me?
The best way to know if you can be helped by an auto refinance is to fill out our online refinance form and speak with one of our auto refinance specialists. If you're not yet ready to speak with someone, visit our refinance calculators section and crunch some numbers for yourself. Although it is difficult to know for sure without talking to a specialist, refinancing often proves most beneficial to customers who have at least two more years to pay on their existing car loan, and their vehicle is under 5 yeras old with less than 70,000 miles on it.
I'm ready to talk to a specialist...how should I apply?
Apply online with our secure form. Our online form is the fastest and most hassle-free way to apply for this type of financing. We use 128-bit SSL encryption to transfer your personal information. This is the highest level of protection available for online communications, so you can be sure that your information is kept private.
Are there any other options for paying off my current car loan?
Aside from shelling out money from your personal savings, there are other options available, but not necessarily as accessible. For instance, if you own a home you may be able to get a home equity loan or refinance your mortgage. This can allow you to get cash out of you rhome which you can use to pay off your auto loan. Typically, a home equity loan comes with lower interest rates and lower monthly payments, but the payments are generally stretched over 15 or 30 years, which means the total amount of interest you pay in the end can be considerably higher. Use our "Auto Refinance verses Home Equity Loan" calculator to get a better idea which option is best for you.
I just recently financed my car...how long do I need to wait before refinancing?
You don't have to wait at all. As soon as you close on an auto loan, you can pay it off any time. This includes refinancing, because as far as your current auto lender is concerned, you are simply paying off your loan in full. If refinancing will be beneficial to you, it is usually best to refinance as soon as you can.
Is SmallerCarPayments.com a lender?
No. SmallerCarPayments.com is part of an extensive financial network who's goal is to connect people with the financial services they need.
What if I have a question that wasn't answered here?
Please feel free to contact us via our simple contact form. A customer service representative will respond shortly and assist you with your questions.
Where can I find info on new bad credit car loans?
Visit this recommended bad credit car loans website for all the information you need, including a web application.
Begin the secure Auto Refinance application form to start saving money today. Enjoy lower payments, a lower interest rate, or even skip a payment.
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Still not sure if auto refinancing is right for you? Contact our customer service department by completing our contact form.