Can you refinance a car loan with another bank?
My credit score is around 790 now, but I got my car loan two years ago when it wasn’t so high. I’m going to refinance my car to take advantage of my new credit score, but my current bank isn’t offering competitive rates. Can you refinance your car loan with a different lender?
- Whether you’re getting a better rate; if you aren’t, refinancing doesn’t make sense
- If your current lender has prepayment penalties, which can cancel the benefits of refinancing
- If you qualify for cash-out refinancing, which can give you money to pay down other debt