Refinancing your auto loans is an easy way to save money on your monthly payments, but not everyone will qualify!
Most lenders will review your application and credit score to see if you qualify. Donโt let a credit score in the 400s or 500s keep you from applying for refinancing. Lenders will work with to people with good or bad credit so donโt let a low credit score keep your from applying!
When is a good time to refinance a car?
If your car is worth less than the loan balance most lenders will not offer refinancing. To find the value of your current car review your make and model year with the Kelly Blue Book.
What is a refinance loan?
Most car refinancing loans work by replacing your original loan with a new loan that has different lengths or interest rates. A loan is secured to pay the existing balance on the original loan while the vehicle is used as collateral. Most refinanced loans have fixed interest rates and monthly payments until the loan is fulled paid off.