If you’re struggling with your car payments or just hoping to save some money on your auto loan, now could be a great time to refinance your current auto loan.
By refinancing, you’ll receive a new car loan with a lower interest rate and lower monthly payments. If you keep the term the same, you could save thousands over the life of the loan. You can also choose to extend your term to get your monthly payments even lower, but keep in mind this could cause you to pay more money in interest over the life of the loan. Estimate your auto refinance with our auto refinance calculator to see if you can save money by refinancing. Whatever you’re looking for, let LendingTree help you find opportunities to save on your car loan.
What is an auto refinance?
An auto refinance is the process of applying for a new auto loan to pay off your existing auto loan, hopefully with a better interest rate and better terms. If your credit score has improved or if interest rates have gone down since you first financed your car, refinancing your auto loan could lower your monthly payment and save you thousands of dollars over the life of your loan.
Congratulations! You’ve decided to refinance your auto loan. Here are the steps you need to take to ensure the process will move as smoothly as possible.
Review your current auto loan
Write down your lender, your loan term, your interest rate and your monthly payment. When you start receiving auto refinancing quotes, you can easily compare them to your current auto loan to make sure you are getting the best deal possible.
Check your credit score
You can view your credit score for free on LendingTree. If your score doesn’t look quite right, you’ll want to take care of any discrepancies prior to refinancing. Your credit score will have a direct impact on your interest rate. The better your score, the more likely you are to get the best rate on your loan.
View today's auto loan rates
Take a look at current auto loan rates and use our auto refinance calculator to see exactly how much money you could save by refinancing your auto loan.
Fill out a form and start comparing offers
When you find a lender that meets your needs and is able to offer a competitive rate, contact that lender and get the refinancing process started.