Can I refinance a car loan?
Can I refinance an existing loan? I heard refinancing can help save me money, so I’m interested in doing this with my current loan.
Yes, you can refinance a car loan!
Reasons for refinancing a loan can include lowering the interest rate on your existing loan and making your monthly loan amount more manageable.
That said if you’ve paid off most of your existing loan, refinancing your loan won’t make a big difference. In addition, some lenders do not allow you to refinance older vehicles.
To find out if you’re eligible, the first step is to shop around from different lenders. To streamline your application process, you’ll also need these documents:
- Social security number
- Driver’s license
- Recent pay stubs
- Vehicle identification number (VIN)
- Proof of insurance
If you’re able to refinance, you’ll receive a new loan agreement and terms. If you agree to them, you’ll see an adjustment in your interest rate, loan term, and monthly payments.
On average, car owners pay $85 less every month by refinancing their auto loans. See if refinancing will save you money with the Jerry app. Jerry instantly connects you with top companies based on your specific financial needs to find the best loan.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
How do you start your car after running out of gas?
I'm taking a long road trip this summer. One of my biggest fears is running out of gas. I plan on bringing extra fuel, but I don't have much experience. How do I start my car after running out of gas?
Oct 29, 2021
How much does towing a car cost per mile?
My car won’t start. I think I’ll have to have it towed to a repair shop. I don’t want to spend a crazy amount of money on getting it there. What’s the average cost to tow a car per mile?
Nov 24, 2021
How many spark plugs does a car have?
How many spark plugs does an average car have? My dad and I are building a car together for fun. We need to install spark plugs, but I’m not sure how many we need.
Nov 24, 2021