Refinance Your Auto Loan And Save
Think you may qualify for a lower interest rate? If so, it might be a good time to refinance your current auto loan, saving you money on interest and lowering your monthly payment. Read on to learn more and see our top recommendations for refinancing your loan.
What Is Car Loan Refinancing?
Refinancing your car loan means replacing your current auto loan with a new loan that saves you money long-term. The new loan pays off your current loan balance and you begin paying off the new loan, ideally with a lower interest rate the decreases your monthly payment and helps you free up cash.
Should I Refinance?
There are a few scenarios where it could be beneficial to refinance your current car loan:
- Interest rates have dropped since you took out your first loan. This drop could mean serious savings over the lifetime of your loan.
- Your overall income, credit score, and/or debt-to-income ratio has improved. A better financial standing means better options when it comes to vehicle refinancing.
- You’re struggling to keep up. Even if your financial situation and interest rates haven’t significantly improved since you first financed your vehicle, it may be worth shopping around for a better rate. This is especially true if you got a loan from a dealer, as they often have higher interest rates than other third-party loan options.
Think refinancing your car loan may be a good idea? Check out the calculator below to see how much you could be saving and browse our recommended refinance partners.
It’s important to keep in mind that refinancing isn’t for everyone. This is a big financial decision that should be taken seriously, so be sure to check out our related content on this topic before making a final decision.
How Much Could You Be Saving On Your Car Loan?
Refinancing your auto loan can help you get a better rate and pay off your car faster. Use the calculator below to discover your potential savings!
Auto loan amortization calculator
See how your auto loan balance changes over time, and how lower rates can speed your payoff.
If your credit has improved since you took on your loan, consider auto loan refinancing.
Average auto loan rates by credit scores
|Credit score||Average APR, new car||Average APR, used car|
|Deep subprime: 300-500.||12.53%.||19.87%.|
Source: Experian Information Solutuions.
Compare auto refinance options find the right fit for your needs. Check out our top recommendations below.
Upgrade can help you lower your monthly car payment with a quick and easy online process. Click below to check your rate and get offers instantly.
Why refinance with Upgrade?
Caribou helps drivers save monthly with a new auto loan, custom-built just for you. Click below to access competitive rates and find out how you could join thousands of drivers who have saved $110+ a month on their car loan with Caribou!
Why refinance with Caribou?
Upstart auto refinance customers save an average of $1,234/year on their car loan. They’re trusted partners with an excellent rating of 4.9/5 stars on Trustpilot. Click below to see how much you could be saving with Upstart!
Why refinance with Upstart?
RefiJet helps people lower their monthly auto loan payment an average of $150 a month. Their simple online process takes minutes and they offer personalized support for your refinance. Click below to get started!
Why refinance with RefiJet?
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