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How much will it cost to refinance a car loan?
My brother warned me that if I want to refinance my car loan, I will need to pay additional fees. Are there any charges for refinancing a car loan?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your brother is correct that there may be additional charges to applying for a refinanced loan. However, it varies by state and vendor.
The additional cost to refinance a car loan may include the following:
- Transfer car title fee: Some states will charge the applicant a fee to transfer the car title loan to the new lender.
- Registration fee: Some states request the applicant re-register their vehicle when they apply for a refinance loan application.
- Transaction fee: This is a fee for applying and processing the refinance loan.
- Late payment fee: There may be a charge for making a late payment for the new loan.
The cost of the charges vary, so it’s best to check with your lender and ask. Additionally, you can go over your contract and check for information on the fine print.
If you want help shopping for the best deals on your new loan, try using the
Jerry
app. 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.Good luck refinancing your loan!
View full answer
- Gregory R.
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