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How do you restructure a car loan?
Is there any way to restructure my car loan? I’m in a new job and I think I could get better terms on my loan now, but I’m not sure how to do that.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job! The only way to restructure your loan is to refinance it. With an improved financial situation, you’ll likely get better terms than you did with the original loan.
Here’s how to refinance:
- First, gather the documents you need. This will include a copy of your driver’s license, your vehicle registration,proof of insurance, and proof of income, but your lender might ask for more specific documents.
- Next, shop around to find a loan with terms that you like. Make sure to look at the interest rate, repayment terms, fees, and any other elements of the loan contract that are important to you for each lender that you consider.
- Once you’ve chosen a lender, you can apply for the new loan.
- If you’re accepted, you’ll sign the contract and your lender will pay off your old loan for you. Then, you can begin making payments to your new lender under the new terms.
Shopping for the best rates with multiple lenders can take time, so try using the
Jerry
app to help. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.MORE: Does refinancing a car hurt your credit score?
View full answer
- 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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