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Home > Articles > How to Refinance a Car Loan

How to Refinance a Car Loan

Many people are aware that you can refinance your mortgage if you believe there is a better deal available, but not so many know that you can do the same with your vehicle. If your car loan is weighing too heavy on your budget or you believe there may be a lower interest rate available you can apply for an auto loan refinance

What You Need to Know for Auto Refinancing

Need a lower monthly payment? Want a lower interest rate? These are both possible with a refi and here at SmallerCarPayments.com, we can help you find the perfect lender in your area to work with. Before applying for the loan here is what you should know:

  • Your credit score
  • Your current loan terms and interest rate
  • Payoff or maturity date for your current loan
  • Any payoff penalties and fees

This information will all play into the terms and interest rate of the new loan offered to you. The higher your scores are the lower your interest rate will be, but don't let that frighten you away bad credit auto refinancing is available tool.

The Vehicle Refinancing Process

Once you have obtained all the correct information that will be needed you can start the process of refinancing your vehicle.

  1. Be sure that your current loan is in good shape. The more up-to-date you are on your payments the better your new loan will be.
  2. Use our amortization calculator to determine how much you're paying in interest over the life of the loan. Compare between the new and current loan.
  3. Apply online using our fast, free, and simple application.
  4. Once you've agreed to the loan be sure to read all documentation carefully and thoroughly.
  5. Ask any questions you may have.

Remember, if you are stuck in a poor car loan that seems to be costing you more money that you have you have options. If you currently still have two or more years left on the loan, your car is less than seven years old, and you want to save money you can apply for car refinancing online.



"My monthly payment went down by almost a hundred dollars per month, and applying was so easy!"

Jennifer H.

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Still Have Questions?

Still not sure if auto refinancing is right for you? Learm more about car loan refinancing in our section of Frequently Asked Questions.