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Refinance Your Car Loan

Save Money by Refinancing your Car Loan

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Car loan refinancing explained

Car loan refinancing is the process of acquiring a new loan, hopefully with better terms, to pay off your existing loan. If done correctly, refinancing can save you hundreds of dollars over the life of the loan.

Refinancing can be a great financial decision, but is not one to approach without proper knowledge. Use this page to help guide you in your car loan refinance journey.

Calculate Your Car Refinance

Why refinance your car with LendingTree?

As with any type of loan, you should want to get the best deal possible. By using LendingTree to refinance your car loan, you’ll receive multiple offers from our top-rated lenders, allowing you to take control and select the best deal for you. Start comparing lenders now and find the best opportunity to refinance your car loan.

When to refinance your car loan

Refinancing your car loan can allow you to decrease your interest rate or reduce your payments, saving money on your loan. It can also allow you more flexible loan terms.

There are times when refinancing can be especially beneficial. For example, if your credit score has improved or interest rates have gone down, you could potentially lower the amount of overall interest you pay on your loan. It can also be beneficial if you are simply searching for better terms. If you have a higher income and want to pay off your loan faster or are looking to budget your money more tightly, a refinance can get you better terms that align with your new financial goals.

While refinancing your car has some great advantages, there are situations when it may not be the right decision. If you extend your car loan term without a lower interest rate, you will pay more in interest over the loan’s life. Also, if you are upside on your car loan or have not had your loan for a significant amount of time, refinancing may not be an available option.

It is important to fully understand the benefits and drawbacks of refinancing before you start the process. And if you decide to refinance, always remember to shop around for your loan to ensure you are getting the best deal possible.

Car refinancing checklist

To apply for a car refinance with LendingTree, you will need some information about you and your car. Having this information on hand before you start the application will make it more efficient.

  • VIN (Vehicle Identification Number)
  • Mileage
  • Current Interest Rate
  • Current Lender
  • Current Payoff Amount
  • VIN (Vehicle Identification Number)
  • Mileage
  • Current Interest Rate
  • Current Lender
  • Current Payoff Amount

Auto refinance rates

Auto refinance calculator

Monthly payments are an estimate and are for informational purposes. They do not represent a finance offer. Other tax, license, title, or fees may apply.