Refinancing an auto loan simply means replacing an existing car loan contract on your vehicle with a new loan. This is typically done to secure a more favorable interest rate, loan term, and/or monthly payment.
Whether or not it would benefit a driver to refinance their auto loan depends on certain factors, such as how long they have owned their current vehicle, how much equity in the vehicle they have, and current auto loan interest rates.
Review Current Loan Details
Determine if your current financing is eligible for refinancing, and if it is beneficial to do so.
Submit Online Refinance Request
Complete our easy form to get the best refinancing options for your vehicle and your situation.
Discuss Details and Finalize Loan
Once you’re satisfied with your new loan terms, complete the refinancing process.
Refinancing Online
Submit the quick online form to get all the details and money-saving options from refinancing your auto loan.
Let Auto Credit Express help today.
While different finance companies each have their own eligibility and approval requirements, there are some common prerequisites that you are likely to encounter when refinancing a vehicle loan.
Who should refinance a car loan?
Anyone interested in (and eligible for) reduced interest rates or lower monthly payments may benefit from an auto loan refinance.
What are the current auto loan refinancing interest rates?
As with all auto financing, interest rates vary widely depending on credit score, vehicle age, and several other factors. Average refinancing rates span between 4.6% and 13.5%.
Is it easy to refinance a car loan?
If you and your vehicle meet the basic approval requirements, it is relatively straightforward to refinance your car loan.
Can you refinance a car with bad credit?
While there are not as many available bad credit financing options as there are for original vehicle loans, some companies do specialize in refinancing with lower credit scores.
