How to Refinance a Car Loan

Tiny car with coins and finance paperwork

 

Life has its ups and downs, and so do our credit scores. If your credit is better now than when you first bought your car, it might be time to find out how to refinance a car loan. But how do you refinance a car loan? The best way to refinance an auto loan just involves a little know-how. Our finance department has helped lots of Costa Mesa drivers do it. We talk about what to know when refinancing your car below.

How Do You Refinance a Car Loan?

So, how do you refinance a car loan, exactly? Get informed by doing a little homework. This is the best way to refinance an auto loan. Here is the research you should do:

How to Refinance a Car Loan

  • Pull your credit report. When it comes to what to know when refinancing your car, this is critical. So, check your report and fix any issues that are impacting your credit.
  • Figure out what your monthly payment should be. Our car payment calculator can help with that.
  • Get pre-approved. We have an online tool for that, too!
  • Shop around for the best rate. Applying to only one lender is not the best way to refinance an auto loan. Fortunately, most dealerships work with multiple lenders. So, talk to our finance department before you approach every lender in Tustin.

What to Know When Refinancing Your Car

Any expert on how to refinance a car loan will tell you it’s not for everyone. Here are some things to consider:

What to Know When Refinancing Your Car

  • You will probably only get a better rate if your credit score has improved.
  • Your old lender may charge a prepayment penalty.
  • Your new lender will likely charge fees on your new loan.
  • Some states will require you to re-register or transfer the title of your car (more costs).
  • You may not save money or qualify for a new loan if your car is older than eight years old, has over 100,000 miles on it, or you now owe more than the car is worth.

Let the Finance Department at Weir Canyon Acura of Anaheim Help

The experts in our finance center will be happy to explain to you how to refinance a car loan. So, drop in. They’ll be happy to help. In the meantime, why not check out our other car buying tips? We’re conveniently located near Montclair. So, stop by or contact us today!

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