Can I refinance a used car loan?

I financed a certified pre-owned Buick Encore two years ago, but now interest rates have dropped. Can I refinance a used car loan?

Answer
You can certainly refinance your car loan, even if it’s on a used car!
However, your car has to meet two common specifications required by most lenders:
  • The car must be less than 10 years old
  • The car must have less than 100,000 miles
If your Encore meets both of these specifications, you shouldn’t have any problem refinancing your car loan.
To refinance your Encore, start by shopping around for rates. Once you’ve found the best rate or most reputable company for your needs, apply. To streamline the process, have the following documents handy:
  • Proof of income
  • Proof of identity
  • Vehicle information
  • Current loan information
  • Banking information
You will also need proof of insurance to process the loan. So when you’re refinancing, shopping for new car insurance is a smart move. With the Jerry app, you can compare quotes from up to 50 top car insurance providers so you always get the best rates possible for your car insurance needs.
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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