Auto Refinance

Refinancing your car can save you big!

Why refinance your car?

You may find you are eligible for a lower interest rate and, therefore, lower payments. But lowering monthly loan payments goes beyond rates, you may also be able to restructure your loan extending the term and reducing your payments.

How do I know if refinancing will save me money?

For a rough estimate of your loan savings, start with your current monthly payment. Then investigate your refinancing alternatives soliciting quotes based on your credit history and that of your co-signer, your car, the amount you want to finance, etc. SmartCarCredit™ is a great way to get automotive loan quotes. Based on those loan offers (and assuming you keep the same end date), deduct from the sum of your current monthly payments the sum of your anticipated monthly payments. Get refinance quotes now!

Don't stop there!

Now, deduct any pre-payment penalties or other fees associated with getting out of your current loan. Deduct also any processing or other costs associated with the new loan. While it may sound surprising, many people find after they do this basic math that it was worth their time because they saved a lot of money. If you find that you don't, at least you'll know that refinancing is not for you before you start incurring costs. Compare loan terms in step 3 of our car loan calculator.

Finally...

...if you've leased your car and would like to keep it after the lease expires, consider one form of refinancing called a lease buy-out.

Related Links

• Think you may have bad credit? Read about bad credit auto loans.

• Want to run the numbers? Try our car-payment-calculator.

• What rate can you expect? Read our auto loan rates guide.

• Ready to get started? Get a refinance quote.

Disclosure: We developed the content for SmartCarCredit™ while working with automotive industry clients. We hope you find it helpful in making informed decisions. While we believe the information to be accurate, we do not guarantee its accuracy.