How to Refinance a Car Loan

Posted: Tuesday, March 20th, 2018

If you’re looking to save money on monthly payments, take the following steps to refinance your car loan.

  • Check your credit report and see if your score has improved from when you first financed the car.
  • If it has improved, you can likely refinance your loan and save money on interest.
  • Apply with different refinancing sources to get the best rate.
  • When you apply, be sure to do so within a 15-day period to minimize the negative impact on your credit score.
  • Evaluate your loan offers to see if refinancing will actually save you money.
  • Decide how long your new loan term should be.

Learn Refinancing Basics at Green Light Auto Credit

While that covers most of the steps involved in refinancing your car, keeping an eye out for the following will also help:

  • Calculate your car buying budget to see if your new monthly payments will fit.
  • Check to see if your old loan has any fees associated with paying off early. They can make refinancing less appealing.
  • Refinancing a loan is not the same as modifying a loan. The latter option has different implications and is better-suited to individuals who may be struggling to make their payments.
  • Contact Green Light Auto Credit to find out how much you can save with a new auto loan.

Before you get in touch with us, be sure to apply for financing online to lock in a low interest rate.

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