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Can you refi a car loan?
Is there a way to refi a car loan? The terms on my loan aren’t great. I’m also struggling with payments, so I was hoping to refi the loan if I can.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can absolutely refinance a car loan. Here’s how it works:
- First, you’ll want to check your credit. If your credit has improved since you first took out your loan, you likely can find a better rate! Otherwise, you may want to look into loans with longer repayment periods.
- Next, gather the documents you need. This will include a copy of your driver’s license, your vehicle registration and proof of insurance, and proof of income, but your lender might ask for more specific documents.
- Make sure to shop around before settling on a loan. Make sure to look at theinterest rate, repayment terms, fees, and any other elements of the loan contract that are important to you for each lender that you consider.
- Once you’ve chosen a lender, it’s time to apply for the new loan.
- If you’re accepted, you’ll sign the contract. Your new lender will pay off your old loan for you. Then, you can begin making payments to your new lender under the new terms.
If you’d like help finding the best refinancing options for you, try
Jerry
. Jerry compares loan options from multiple lenders and makes it easy to find the best lenders at the best rates.View full answer
- Gregory R.
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