How do I go about refinancing my Honda Accord if I want to cut my monthly payments down?

I had a seven-year loan on my Honda Accord. Currently, I'm paying about $350, but I want to cut that rate down. How do I refinance it?

Answer provided by
Eric Schad
Answered on Apr 27, 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.
“If you want to refinance, make sure that the current rates are less than what you’re paying on your current loan. If they aren’t, there’s no point in refinancing.
People typically refinance so they can pay their car loan off early. In your case, it appears you just want to lower your monthly payment.
Since you’re already paying on a seven-year loan, in all likelihood, you’re going to have to go for a longer-term loan. This means that you’ll probably have to extend the length of the loan and pay more interest. But on the positive side, your payment will be lower.
Look around online for current rates, or check with your current lender to see if refinancing is the right move on your loan.”

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