I’ve been happy with my car loan and haven’t struggled to make the monthly payments, but my credit has significantly improved since I took out the loan. Is refinancing my car loan a good idea?
and haven’t struggled to make payments! Because your credit has significantly increased, it is a good idea to refinance your car loan because you may be eligible for a better interest rate.
Before you shop around and compare offers from a few lenders to find the best interest rate, ask your current lender if they can offer a better rate or have any
, also known as having negative equity. If you have negative equity, lenders will refuse your application because if you default, your car isn’t going to cover the remaining balance of the loan.
Because you’re taking the time to review your car ownership documents, you should also look over your
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
MORE: Does refinancing a car hurt your credit score?
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