How do I refinance a car loan for lower payments?

What are the steps to refinance a car loan? I’m working two jobs, but I’m still struggling to make my loan payments. I want to refinance my loan to reduce my monthly loan payments and get some breathing room in my budget.

Answer
You have come to the right place! To learn how to refinance a car loan for lower monthly payments, start by collecting the following documents:
  • Government ID that includes your full name and address
  • Social security number
  • Proof of employment
  • Proof of insurance
Once you have gathered the necessary materials, search for a refinance lender. Shop around and collect at least three quotes to compare and get the best rate.
After searching for lenders, you can submit your application! When processing your application, lenders will conduct several appraisals to verify the information you provided. All you have to do after that is wait for approval from the lender. Once you get approval, go over the details with your new lender and sign the loan agreement.
Want some help shopping for the best loan rates? Try using the Jerry app to compare multiple lenders. On average, car owners pay $85 less every month by refinancing their auto loan.
Voila—you’ve refinanced your loan!
Phoebe Mah
Answered on Nov 23, 2021
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