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How do I find my interest rate on a car loan?
I bought a new car about two years ago, but I think I want to refinance. However, I don’t know what my interest rate is. How can I find this information?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finding the interest rate on a
car loan
is a great idea before you decide to refinance. The good news is that the rate is easy to find.Check out these places to find your car loan interest rate:
- Monthly car loan statement
- Original car loan paperwork
- Your online account
- Calling your lender
You can usually find the interest rate at the top or bottom of the statement along with your car loan number, address, name, and other information.
Your original car loan statement should also have the interest rate. Usually, at the beginning of the document, you should find your repayment terms. The repayment terms should include your interest rate, term length, and final payment date.
If you have an online account, log into the account, and find your car loan. Then, find the interest rate either by clicking on the car loan or searching your monthly statements.
If all else fails, call your lender, give them your information, and the agent can find the information you need.
Don’t refinance your vehicle unless your new rate is better than your old rate. To get the best rate possible, shop around at various lenders, including:
- Credit unions
- Banks
- Third-party lenders, such as Lending Club or Lightstream
- Online lenders
Keep in mind that if you’re
upside down on your car loan
, or you owe more than the actual cash value of the vehicle, lenders may not refinance your vehicle.But if you have positive equity, or you owe less on your car loan than the actual cash value,
refinancing a car
is a definite possibility.Jerry
is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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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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