What is the best way to refinance a car loan?

When I initally got my loan, my credit wasn't great. I've improved my score and I've been told refinancing would be a good move. What’s the best way to do this?

Answer
“You’re right! Refinancing is a great way to lower your interest rate or monthly payments.
The best way to refinance is to shop around with different lenders. To get started, here’s what you’ll need:
  • Your name (the one on legal documents)
  • Your address
  • Your social security number
  • Proof of employment
  • Proof of insurance
  • Information on your current car loan
  • Your vehicle information.
With this information, you can begin requesting quotes from various lenders. Like car insurance companies, every lender has a different way of determining rates.
You can save yourself some time and energy by requesting quotes via the Jerry app. We’ll compare your options and try and give you the best deal you can get on your car loan.”
Lauren Smith
Answered on Oct 12, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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