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How do you refinance a loan on a car?
What do I need to do in order to refinance my car loan? I’m having trouble with the payments and I need to find a loan that has a better interest rate so that I can afford it.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’ve been having trouble with your car payments! Refinancing a car loan is very similar to applying for a new loan.
Here are the steps you’ll need to follow to refinance your car loan:
- First, you’ll need to collect the necessary documents. This will include proof of identity, proof of income,proof of insurance, and information about your current loan. You’ll also need to present information about your car, like the make, model, year, and VIN.
- Next, shop around for a new loan. Look for lenders that offer better rates than your current loan. You might also consider getting a loan with a longer repayment period, as this will lower your monthly payment.
- Once you find a lender that you like, apply for the loan.
- If your application is approved, you’ll need to sign the contract. Once you’ve done this, your new lender will pay off your old lender. Your payment schedule might change when you assume your new loan, so make sure to read the contract and make your payments on time!
While you’re looking for ways to save on your car loan, why not shop for better insurance rates, too? It’s easy when you use the
Jerry
app.Just download Jerry and answer some quick questions to get free quotes from top name-brand car insurance companies. When you find a quote you like, Jerry can help you cancel your old policy and sign up for your new one.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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