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"Can I refinance my auto loan with a different lender? "
"My credit score has improved tremendously over the last year. I would like to refinance, but the company that I am financed with does not offer refinancing. Is there a way to refinance for a lower payment and/or APR?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can always go to a different lender to refinance the loan. However, there are some things you do need to watch out for.
First of all, you need to make sure your current loan doesn’t have a penalty for paying off the loan early, as this could make refinancing pointless. Then you should make sure that your new monthly payments will be lower and you will not be adding to the length of the loan.
If you are adding to the length of the loan, you will likely find yourself upside-down on the car, or owing more than it’s worth. And if you are paying more per month for the car, you’re not doing yourself any favors, either.
“
View full answer
- Gregory R.
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