How do I refinance my car loan if I have a 660 credit score?

I currently have a 660 credit score, but I'm not sure if it's good enough for an auto refinance. I currently have a 12% interest rate on my car, though, so I really want to get a better rate.

Answer
With a credit score of 660, you should definitely shop around to refinance your car loan. You’re in the near-prime range of credit scores. While you won’t get the best rate possible, you should be able to cut your current interest rate roughly in half.
To refinance your car loan, follow these steps:
  • Find out if your current loan has a prepayment penalty or any other fees for refinancing
  • Collect all documentation (proof of income, proof of residency, proof of insurance, all information about your current car loan)
  • Shop around for car loan rates with a variety of lenders and apply
Since you’re already shopping around for car loan rates, you may as well do the same for your car insurance. With the Jerry app, you can compare rates from over 50 car insurance companies in less than a minute. It doesn’t get much easier than that.
Eric Schad
Answered on Nov 16, 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.
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