Do you have to make a down payment when you refinance a car?

"Do I need money for a down payment when I refinance? I want to refinance my car."

Answer
“No, you don’t need a down payment when you refinance your vehicle, which is one of the main differences between refinancing and buying a new car.
To help them come to a rate and term on the new car loan, the lender will look at:
  • how much equity you have in the vehicle
  • your credit
  • your income”
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Eric Schad
Answered on Jul 28, 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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