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.
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Answered on Jul 13, 2021
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“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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