There are many good reasons to refinance your auto loan. Review our auto loan refinance checklist to help determine if it’s right for you.
Has your credit score improved?
If your current rate is based on a previous lower credit score, refinancing at a better rate could save you money.
Have interest rates improved?
If the current interest rate is a significant improvement over the rate you’re paying, it may be time to consider refinancing.
Do you need to lower your monthly payments?
If a change in your financial situation means lowering your monthly payment is in your best interest, you could consider auto refinancing. If rates have dropped and you qualify, or you’re able to extend the terms of your loan, refinancing could make it easier to meet your financial obligations.
What documents do I need to refinance my auto loan?
You’ll need proof of employment, proof of residence and proof of insurance. We also will need information related to your vehicle – year, make and model, current mileage and VIN. (All of this information is on your vehicle registration card.) You’ll also need your current loan payoff amount and the remaining term (length of the loan). We’ll do a credit check to verify your credit score.