Excellent work on improving your credit score over time! With that said, you can certainly refinance your car loan
, especially since your credit score has increased and you’ve been making on-time payments.
The first step in refinancing your car loan
is to look at your credit report
. Pay off any high-interest debt, derogatory accounts, or delinquencies if at all possible.
Next, consider if a refinancing is actually the best plan for your finances and current situation. Ask yourself these questions before you start applying for car refinancing:
Assuming your lender has no prepayment penalties, your car is new enough, and you can find a better interest rate, refinancing is probably a smart move.
However, you shouldn’t be resigned to accept savings on your car loan alone. Instead, shop car insurance rates with the Jerry app. Since the lender will still require full coverage car insurance, shopping around is in your best interest.
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!