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How do you refinance your car loan?

I was involved in a lawsuit that was settled outside of court and I will regularly receive payments for the next few years as a result. I want to use some of the settlement payments to pay off my car loan sooner, but I’m not sure how. How do you refinance a car loan at a lower rate?

avatar
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sure you’re grateful to settle the lawsuit. Plus, using some of the settlement money to pay off your
car loan
 sooner is a wise decision!
Refinancing your car loan is very similar to the process you used to apply for the initial loan. But you also need your current loan information.
To find the best refinance plan for your situation, compare rates from:
  • National and local banks
  • Credit unions
  • Online lenders
  • Specialized online lenders
  • Your current lender
If you want to save even more money on top of your car loan refinancing, check out the
Jerry
 app.
Jerry helps you save on your
car insurance
 by comparing quotes from over 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! The average customer even saves $879 per year.
MORE:
How to reduce car payments without refinancing your car loan
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