Save money on your monthly car payments and get rates as low as 3.19% APR* when you choose to refinance your auto loan from another lender with us.
If you struggle to keep up with your current monthly repayment or you’d like to change the length of your loan, auto refinancing could be a great option. Our affordable auto refinances let you keep your current vehicle but with better loan terms that are more suitable to your current budget.
When you refinance your auto loan, you may enjoy these great benefits:
- A lower interest rate
- Lower monthly payment
- Ability to extend the length of the loan
- Ability to remove or add as a co-signer to the loan
Apply today and let us evaluate your situation to see if refinancing is a good option for you.
*APR=Annual Percentage Rate. Terms and conditions apply. Rate is for loan terms up to 48 monthly payments. A $25,000 loan at 3.19% APR for 48 months would have 48 payments of $555.46. The rate is based on credit approval and subject to change. Other rates and terms available. The promotion applies to competitor refinance only.
When is auto loan refinancing a good idea?
Your financial situation may have changed since you first took out your original car loan. Refinancing could give you access to lower interest rates or a longer-term for your loan. Both of these options can lower your monthly loan payment.
It’s also possible that your credit score has improved and now you’re eligible for lower rates. Or maybe you previously financed your loan through a dealer who didn’t give you the most competitive offer.
Whatever your situation, refinancing your auto loan could help you tailor your loan payments to fit your current budget.
Will refinancing an auto loan hurt my credit?
If you already have excellent credit, then refinancing an auto loan will make a comparatively small dent in your credit history. However, if you have bad credit, you might want to think twice before refinancing.
Applying to refinance your car loan triggers a “hard inquiry” on your credit report, which will temporarily lower your score. This decrease typically goes away in six months. However, within these six months, you should avoid other activities that could trigger more hard inquiries.
For example, if you’re applying for a mortgage, you should wait until six months have passed after refinancing your car loan.
