How difficult is it to refinance a car loan?

Is it hard to refinance a car loan? My best friend told me she refinanced her loan at a lower rate. It made me wonder if I should refinance my loan.

Answer
It is not too difficult to refinance a car loan! Refinancing a car loan is a straightforward process.
Since you want to refinance your car loan, here’s what you need:
  • Government ID
  • Social security number
  • Proof of employment
  • Proof of insurance
Once you have your materials gathered, you can start shopping around for a lender. Take your time and research each lender to ensure you get the best deal.
After choosing a few lenders to work with, you can process the refinance application. Lenders will conduct several appraisals, which may include a credit check, employment and income verification, and proof of insurance.
All you have to do after that is wait for approval! If they approve your application, you’ll have to sign some documents (just like when you signed for your original loan).
If you want help shopping for the best loan rates, download the Jerry app and instantly be connected with top refinancers that will give you the best rate for your budget. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
Just like that, you’ve refinanced your loan!
Phoebe Mah
Answered on Nov 23, 2021
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