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Should I refinance my car loan?

I’ve been working hard to get better credit and my credit score has improved. Should I refinance my car loan? What would it benefit?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congratulations on your better credit score! You can definitely refinance your car loan.
By refinancing with an improved credit score, you can get a lower interest rate. This process works by essentially taking out a new car loan with terms that better reflect your situation versus when you first got your loan.
The benefit of refinancing your
car loan
is that you’ll save money in the long run by lowering your interest rate. You can also adjust the loan length, meaning you could pay it off sooner.
To determine whether it’s beneficial for you to refinance your loan, shop around! An easy way to do this is with the
Jerry
app. We’ll compare your refinancing options and get you a better deal so that you’re paying less in the long run.”
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