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When should I refinance my car loan?

I’m thinking about refinancing because my credit has improved. I’m not sure if it’s the right move though. When is it a good idea to refinance a car loan?

avatar
Rob Shapiro · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great about your credit improving! It might be a good idea to refinance your car loan.
If your income has increased, refinancing can help you pay off the loan faster through larger installments. Also, since your credit score is often tied to your interest rate, if your credit score has improved, you should consider refinancing to pay less interest.
If either of these applies to you, then you should refinance your car loan.
Saving on your car loan payments is great and all, but you can save even more by shopping for new
car insurance
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