Is anyone eligible to refinance a car?

I want to refinance my car, but I'm not sure if I qualify. How do I know?

Refinancing a car loan is a great way to save money, so you’re making a savvy move!
With that said, there are a few things you need to qualify for a loan (in most cases):
  • Positive equity in your car: If you’re upside down on your car loan, meaning you owe more on the car than it’s worth, most lenders won’t work with you due to the risk involved.
  • A steady income that can support the loan
  • Good or above-average credit: If your credit score has fallen considerably since you took out your current loan, you may not qualify.
While you’re shopping rates for a refinance, you may as well do the same for your car insurance. Use the Jerry app to compare dozens of rates so you always get the best coverage at the most affordable price.
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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