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When does it make sense to refinance a car?

My dad told me that the interest rate on my car loan was too high and said I should refinance. Is this the right move for me? I have a credit score of 780 and steady income.

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With steady income and a credit score of 780, you’re a prime candidate for getting approved for refinancing a
car loan
! However, you should consider whether it makes sense for you. If any of these pertain to your situation, refinancing is a great idea:
  • Your car loan payments make it difficult to save money
  • Your interest rate is too high for your corresponding credit score
  • Interest rates have fallen
  • You’ve improved your credit
By refinancing, you can get a lower interest rate, effectively saving you money in the process.
And since you’re going over your loan, you may as well take a glance at your car insurance to save more money! One of the easiest ways to find the best deal on the coverage you need is through the
Jerry
 app—we’ll get you quotes from top providers in seconds so that all you need to do is choose the plan that works best for you.
Best of luck on your refinancing!
MORE: How to refinance a car
Car LoanCredit ScoreAuto Refinance
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