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How can you refinance your car loan?
I recently started renovating my basement to build a personal gym and I quickly discovered it will be a lengthy and expensive project. I’m trying to free up as much money as I can each month and I thought about refinancing my car loan. How do I refinance my car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That sounds like quite a large project, and I’m sure the final result will make it all worth it! To refinance your
car loan
, you need to apply for an auto refinance loan, shop around, and find a better rate than the one you currently have. Before you apply, contact your current lender and let them know you are looking for better terms. Holding onto a client is in their best interest, so they may be willing to work with you. If they can’t help you out, make sure to ask if you are liable for a
prepayment penalty
, which can offset the savings of refinancing.Once you’ve decided to refinance, shop around and compare refinance offers from multiple lenders to find a repayment plan that works for you. When applying, you’ll need:
- Your license and proof of residence
- Proof of income and employment
- Vehicle registration and VIN (vehicle identification number)
- Current loan information and a 10-day payoff statement
In addition to refinancing, cut monthly costs and keep working on your project by using the
Jerry
app to save on your car insurance
.After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry handles the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! The average Jerry user saves $879 a year on car insurance.
View full answer
- Gregory R.
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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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