How to refinance a car loan
A practical look at the information, comparisons, and decisions involved.
Start with your current loan
Gather your payoff balance, APR, monthly payment, remaining term, lender, and any prepayment terms. Your latest statement may not equal the exact payoff quote.
Understand the vehicle factors
Providers may consider model year, mileage, value, title status, usage, and loan-to-value ratio. Requirements vary.
Compare complete offers
Review APR, term, fees, payment, amount financed, and total of payments. A longer term may lower the payment while increasing total interest.
Complete the provider process
A provider may verify identity, income, insurance, registration, title, and payoff information and may request authorization for a credit inquiry.