How to Refinance a Car Loan

Signing Finance Documents for Car

With each monthly car payment you make, do you ever wish that you could lower your monthly payment and decrease your total interest paid? You could achieve this goal by refinancing your auto loan! You might imagine that the process for how to refinance a car loan is complicated, but it’s really no different than when you initially applied for your original loan. In the guide below, the finance center at RBM of Alpharetta covers what to know when refinancing your car in Alpharetta!

How Do You Refinance a Car Loan?

Cumming drivers looking to refinance their car loan have one common goal: lowering the interest rate they’re charged each month. To get started, you’ll need to know what you’re currently paying. If you can’t recall the exact amount, refer back to your loan documents or ask your lender to confirm it for you. Armed with this information, you can move forward with the steps outlined below:

  • What is Your Credit Score?: If you’ve been diligent about making your loan payments and paying all other bills on time each month, your credit score is probably higher than it was when you first got your loan.
  • The Application Process: It is prudent to apply with several car refinancing companies so you can receive and compare their different rates. Remember: You should limit your applications to a 14-day period so your credit score doesn’t suffer.
  • Compare Your Offers: After sending applications and receiving offers, work out the numbers for each offer to be sure you choose the right lender. If you’d like, you can utilize our online monthly payment calculator to estimate the payment amount each offer would give you.
  • Choose Your Loan Term: Will a short-term or long-term loan better help you reach your financial goals? A short-term loan will require larger monthly payments but will lead to less total interest paid. A long-term loan lowers your monthly payment amount but raises your total interest paid.

At the end of the day, the best way to refinance an auto loan depends on your personal financial goals and circumstances. Give yourself plenty of time to carefully consider your various offers and choose the one that is most advantageous for you.

What to Know When Refinancing Your Car

Before you dive right in to refinance your car loan in Johns Creek, there are some key factors you should consider:

  • Fees: Some auto loans have early repayment fees; check your original contract to make sure this doesn’t apply to you. If your loan does have such fees, then refinancing might be ill-advised.
  • Upside Down Finances: Are you in the situation of owing more money than your car is worth? This may deter refinance lenders from approving you.
  • Older Vehicles: Older cars that have already undergone the majority of their depreciation are sometimes denied for refinancing.

If any of the above situations apply to you and you’re unsure of how to proceed, you can reach out to the finance center at RBM of Alpharetta for assistance. Our friendly automotive financial advisors will be glad to help you explore alternative options.

Finance Paperwork with Glasses

Get More Car Finance Tips From Our Team

Whether you need to know the best way to refinance an auto loan or you’re seeking advice on leasing a used car, the team at RBM of Alpharetta is here to help. Consult our online car-buying information center to learn more today!

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