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How much does it cost to refinance a car loan?
Are there fees to refinance a car loan? I am considering refinancing my loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question. Although you may be offered a lower interest rate on your
refinanced loan
, your lender may charge you transfer or upfront fees. The cost to refinance will vary according to your lender.Check with your lender if you have to pay any of these charges:
- Transaction fees: There may be a charge applied for starting and processing a loan application.
- Transferring Car title: Check with your lender on this fee. Some states request applicants pay to transfer the car title from their old lender to the new lender.
- Registration fees: Some states ask you to re-register your vehicle when applying for a refinanced loan.
- Late payment fees: If you make a late payment for your existing or refinanced loan, you may be required to pay a fee.
Hopefully, this helps clear up what types of charges there are.
Refinancing is a great way to save money on your car loan’s interest rate. Finding the right lender takes time and effort. To save you time, try using the
Jerry
app. Compare multiple lenders on the Jerry app to find the best rate for you. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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