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When isn't it worth refinancing a car loan?
I want to refinance a loan and everything I see on the internet praises all the good qualities. But are there any times when refinancing isn't worth it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right! Not every situation necessitates refinancing your
car loan
. So don’t worry if it’s not the best move for you.- Your loan is less than a year away from maturity.
- You won’t get a better interest rate than you currently have.
- Your credit has gone down since you got the initial loan.
However, there are times when refinancing will do you some good. If one or more of these applies to you, think about refinancing your vehicle:
- You want to get cash out of your equity.
- Your credit score has gone up.
- Interest rates for car loans have dropped since your original loan.
Whether you decide to refinance or not is entirely up to your finances and particular situation. If you’d like help, learn about refinancing your auto loan with
Jerry
. Compare multiple lenders on the Jerry app to find the best rate for you.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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