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How can I refinance a car loan?
I have a car loan that I got a few years ago, but the interest rate is over 10%. Since then, I’ve also drastically improved my credit score. I think I can get a better rate, but I’m not sure where to start. How do I refinance my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s amazing work on improving your credit score, and now you can finally reap the benefits of all your hard work. To refinance your
car loan
, check your credit, shop around to compare rates, and gather the documents for the refinancing process.To refinance your car loan, start by looking at your credit report. While you’re fairly certain your credit score has improved, you still need to make sure you don’t have any derogatory marks or delinquencies. You also want to pay down as much of your debt as possible to improve your debt-to-income ratio.
Once you’ve taken a gander at your credit report, shop around. Some great places to look for refinancing are:
- Credit unions
- Banks
- Dealerships
- Online lenders
After you choose the lender with the best rate, make sure to have the following documentation together for applying and closing:
- 10-day payoff statement
- Information on the original loan
- Proof of income
- Proof of residency
- Driver’s license
- Vehicle registration
- Insurance information
With all of these documents in order, streamlining the process is simple. The refinancing process is also a great time to compare car insurance rates and policies with the Jerry app.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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