How to Refinance a Car Loan

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If you’re interested in lowering your monthly car payments and saving on interest, then refinancing your car loan may be the best option for you. As long as you know how to buy a car, you shouldn’t have any trouble with the process. Learn more about auto loan refinancing at Jaguar Chandler! We’ll help you get all of the information you need to see how you can refinance your car loan and get the process started today.

How Do You Refinance a Car Loan?

Refinancing means your goal is to lower the interest rate you’re being charged each month. When going in, it’s important to know what you’re paying. Look over your documents or contact your lender to confirm your current interest rate and monthly payments. Once you know this information, follow these steps:

  • Check Your Credit Score: If you’ve been making all of your monthly payments on time, there’s a good chance your credit score has improved! This means you could benefit from refinancing.
  • Start Applying: Apply to a couple of automotive refinance companies to compare rates. This way you can find the best deal for you. Also be sure to submit these applications within a 14 day period to minimize the negative impact on your credit score.
  • Evaluate Offers: Use an online monthly payment calculator to see which offers will give you the numbers for your monthly payment you’re looking for.
  • Decide Loan Term: Keep in mind whether a longer or shorter term loan best fits your situation. While a shorter loan means you’ll be paying less interest overall, you’ll be making larger monthly payments. With a longer-term loan, your monthly payments will be smaller, but you will pay more in interest in the end.

What to Know When Refinancing Your Car

If you’re still unsure if refinancing is for you, check out a few more things to keep in mind that might help you determine whether you should refinance your car or not:

  • Fees: You will want to check your original car loan to make sure there aren’t any fees associated with paying it off early. If there are, refinancing may not be cost effective.
  • Underwater Finances: If you owe much more than your vehicle’s currently worth, it can be harder to get approved for refinancing.
  • Older Vehicles: Many lenders won’t refinance an older car that has already experienced major depreciation. This is doubly-true if you have outstanding car repair financing.

Although “guaranteed car financing” sounds great in theory, it may not be the best option for the driver who wants to lower their interest rate.

Learn About Your Financing Options at Jaguar Chandler

Our finance experts are waiting to share what you need to know when refinancing your car. If you have any questions in the meantime about our lease specials, GAP insurance, or how to apply for financing, don’t hesitate to contact our finance center at Jaguar Chandler or visit our dealership in Chandler.

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