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Can I refinance my car loan if my credit score went up?
I got a car loan about three years ago, but my credit score has gone up to 660 since then. I currently have a rate of 12%, so I’m fairly certain I can get a better deal. Can I refinance a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great work on improving your credit score! Now you can reap the benefits. You can definitely refinance your
car loan
since your credit score has improved and you’ve been paying on it for three years.To refinance your car loan, start by looking at your credit report. Make sure you don’t have any derogatory accounts or delinquencies and pay off any extraneous debt if possible.
However, you should make sure that a
car loan refinancing
makes sense. Consider the following when assessing if refinancing is the right move:- Can you find a better interest rate?
- Does your current lender have prepayment penalties?
- Does your car have less than 100,000 miles or is less than 10-years-old?
- Are you going to extend the loan or aim for a quicker payoff?
Addressing these questions will help you decide whether a refinancing is the best plan for your finances.
If you refinance your car, you should free up some cash for fun, bills, or whatever else you need it for. However, you shouldn’t leave money on the table by ignoring your car insurance rates. Instead, shop car insurance with the Jerry app.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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