Auto Loans
Refinance your car loan and keep more money in your pocket
What is Auto Loan Refinancing?
If you bought your car when your credit wasn't great, or rates have dropped since your purchase, refinancing your auto loan could save you hundreds or thousands of dollars.
- Lower your monthly payment - Refinancing to a lower rate reduces your monthly payment
- Reduce total interest - Save money over the life of the loan
- Shorten the loan term - If your credit improved, you might be able to pay off faster
When to Refinance Your Auto Loan
- Your credit score has improved since you got the loan
- Interest rates have dropped in the market
- You have equity in the vehicle (owe less than it's worth)
- The lender offers better rates than your current lender
Warning Signs to Avoid:
- Extending the loan term significantly (you might pay more total interest)
- Very high refinancing fees that eat into your savings
- Rates that are similar or higher than what you currently have