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How to Refinance a Car Loan

Closeup of man signing a contract of car sale.

Interested in refinancing your car loan? Refinancing your auto loan in New Town can have huge benefits. For Bismarck drivers whose credit has recently improved, refinancing can lower their monthly payment and interest rate as well as making the loan shorter. But knowing the best way to refinance an auto loan can be stressful. The finance team at Ryan Buick GMC made this breakdown to know how to refinance a car loan.

What to Know When Refinancing Your Car

Typically, the goal of refinancing is to lower your monthly interest rate. Review your car financing documents, or call your lender to confirm your current interest rate and monthly payments. After that information has been established, these are your next steps for the best way to refinance an auto loan:

  • Check Your Credit Score: If your monthly bills have been paid on time, chances are your credit score has improved and refinancing could prove beneficial.
  • Start Applying: Don’t apply to just one automotive refinance company; apply to several to ensure the best rate. Submit all applications within a 14 day period to minimize the negative importance on your credit score.
  • Evaluate Offers: Run the numbers on offers to verify you’ll receive the monthly payment you’ve been hoping for
  • Decide Loan Term: Shorter term loans guarantee you larger monthly payments, but less interest. Longer term loans provide smaller payments, but you will end up paying more in interest overall

The most important item to know when refinancing your car is to choose the offer that works for your situation.

What to Know When Refinancing Your Car

Other things for Bottineau drivers to keep in mind when refinancing:

  • Fees: Check our original cat loan to make sure there aren’t any early payoff fees. If so, refinancing might not be cost-effective
  • Underwater Finances: If your vehicle’s value is lower than what you still owe on the auto loan, approval for refinancing will be harder to obtain
  • Older Vehicles: Many lenders won’t refinance an older car with major depreciation

Learn About Your Financing Options at Ryan Buick GMC

Our finance experts in Minot  are waiting to walk you through how to refinance a car loan! If you have any questions, contact us to speak with someone today! Also, take a look at to see the value of your trade-in!

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