How to Refinance Your Car Loan
Shopping for a better auto loan — and refinancing your current car loan — will probably save you money and can be relatively painless. Car Loan Refinancing your auto loan can make sense under several scenarios. For instance, if your credit has recently improved, there’s a good chance you can lower your interest rate and monthly payment. You might also be able to shave some time off the loan, or go the other way and extend the term — lowering your payment — if you’re having trouble making your monthly payment. Applying to refinance often takes less than an hour, and many lenders promise to make a loan decision in minutes. Here are the steps to take to successfully refinance your auto loan. 1. Collect documents Find a recent payment stub from your current auto loan and make sure you know the following: Your current monthly payment and the remaining balance. The amount of time left to repay the loan in months, often called the loan term. The interest rate you're paying. The cus...