How to Refinance a Car Loan

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Why do some drivers decide to refinance their car loans? This process could lower your monthly car payments as well as help you save on interest. Before you decide on refinancing your car loan, there are a few factors to consider. At Butler Auto Group, we have the details on refinancing, so you’re armed with all the information you need. Learn more about how to refinance a car loan with our finance experts today.

How Do You Refinance a Car Loan?

What is the best way to refinance an auto loan? Before you can refinance your car loan and lower your interest payments, you first need to know what you are currently being charged in interest. Review your documents or contact your lender to confirm your current interest rate and monthly payments. After you obtain all of the information that you need, you are able to move on to the steps listed below:

  • Check Your Credit Score: Have you consistently been on top of paying your bills on time? If this is the case, there is a good chance that your credit score has received a boost. This may make it a good time to refinance.
  • Begin the Application Process: If you want to be completely sure you are getting a great deal, you will want to apply to a few different automotive refinance companies. Remember to submit all applications within a 14 day period so there is less of a negative impact on your credit score.
  • Thoroughly Consider Each Offer: Be sure to take a good look at all of the offers you receive. See if they fall within the amount you are looking to pay.
  • Choose the Right Loan Term: Is a shorter or longer term loan better for your budget? Opt for a shorter term loan if you want to pay less in interest over time. Keep in mind that your payments will be a bit higher. Choose a longer term loan for smaller monthly payments. Remember that you will end up paying more in interest in the long run.

What to Know When Refinancing Your Car

Before you make a final decision on whether to refinance your car or not, see if any of the situations below apply to you:

  • You are charged for paying the loan off early: You will want to check your original car loan to make sure there aren’t any fees associated with paying it off early. If there are, it may not be the most cost-effective option for you.
  • You owe more on your car than it is currently worth: If you owe much more than your vehicle’s current value, you may not be approved to refinance your loan.
  • You drive an older vehicle: If you drive an older car that has suffered significant depreciation, it is not likely that a lender will refinance the vehicle.

If you find yourself in any of these situations, don’t worry. Visit Butler Auto Group to speak with our finance experts. We would be happy to discuss your options.

Turn to Butler Auto Group for Hassle-Free Financing

At Butler Auto Group, we strive to make automotive financing as stress-free as possible. Whether you have questions about refinancing, obtaining a car loan, or leasing, we are here to assist you. Contact us today for more information.

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