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How does car refinancing work?

How does the car refinancing process work? I have a car that I bought three years ago when I had poor credit. Now that my credit score is much higher, I want to refinance my vehicle.

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Refinancing your car is almost identical to getting your original car loan.
During refinance, you’ll have to:
  • provide proof of income
  • provide proof of residency
  • run your credit score with the lender
  • verify your income
  • check your debt-to-income ratio
If you qualify for refinancing, they’ll offer a rate and
loan term
that you can accept or decline.
Just as you would with
car insurance
, make sure to check with different lenders to get the best rate available for your refinancing.”
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