Refinancing your car loan
is a great way to save money, so finding out how to do it is a savvy financial play on your part! To refinance your car loan, you follow many of the same steps as getting your original car loan, so the process should feel familiar.
Before you begin, review your original loan contract
to verify it doesn’t have any prepayment penalties
. If a loan contract has a prepayment penalty, it may offset the savings of refinancing. Check this first to ensure that refinancing is worth the hassle in terms of time and money.
The more effort you put into this step, the greater your chances of finding the best rate possible.
Finally, you can apply for a loan with your lender of choice. Once you’re approved, review the contract and evaluate the loan terms to see if it’s to your liking. Sign on the dotted line, and you’ve refinanced!
Since you’re reviewing your car loan, now is the ideal time to do the same with your car insurance. The Jerry
app makes it quick and easy to find the best deal on coverage. As a licensed insurance broker, Jerry allows you to compare quotes from over 50 top-rated insurance providers. If you find a better rate, Jerry helps you purchase new coverage, switches your policy, and even cancels your old insurance!