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How can you refinance a car loan?

I recently started a new job, and the salary is nearly double what I was making before. I’m hoping to pay off my car loan sooner and start modifying my vehicle, but I need to refinance first. How can you refinance a car loan?

avatar
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job and increased salary!
Choosing to refinance your
car loan
to pay it off sooner and match your financial situation is a wise decision. It just requires submitting an auto refinance loan application.
You can typically refinance through your current lender. But to get the most favorable terms, compare offers from multiple lenders. Once you’re ready to apply, use a near-identical process as the initial car loan application, but you’ll also need:
  • Your current monthly payment
  • The remaining balance
  • The remaining loan term in months
  • Your interest rate
Before signing any agreement, understand any additional fees the new lender has and confirm with your current lender if they have a
prepayment penalty
.
If you’re looking to refinance your car loan or save on your
car insurance
, you should download the
Jerry
app. Jerry makes comparing quotes for both refinance options and car insurance hassle-free. And if you ever have any questions, agents are just a text away! On average, car owners pay $85 less every month by refinancing their auto loan.
MORE: Does refinancing a car hurt your credit score?
View full answer 
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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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