I lost my job about two months ago. I’ve been struggling to keep up with my car loan payments. I want to refinance the loan to get a monthly payment I can afford, but how do you refinance your car loan?
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you lost your job. Fortunately, refinancing a car loan isn’t too challenging. The process is almost identical to how you applied for the initial loan. However, you need to know your current loan payments and balance, which you can get from your lender.
To refinance your car loan, you should inform your current lender of the situation and see if they can modify the loan. If they can’t, shop around and compare offers from multiple lenders to ensure you get the best rate.
Consider comparing offers from:
National and local banks
Credit unions
Online lenders
When refinancing your loan, start your search with the
app. You can compare quotes from multiple lenders without worrying about your credit history. Avoid the hassle of researching and sending documents to potential lenders. Jerry instantly connects you with top companies to find a loan that best meets your needs.
MORE: Does refinancing a car hurt your credit score?
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