How to Refinance a Car Loan

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Refinancing your car loan is one way to lower your monthly car payments, as well as save on interest. Depending on your current loan term, the condition of your vehicle, and other factors, refinancing could be a sensible option for you. The financing experts at First Acura are happy to guide Providence-area drivers through the details! To make an informed decision, check out our Guide to Leasing and stop by First Acura in Seekonk for personalized financing tips.

How Do You Refinance a Car Loan?

The goal of refinancing is to lower your interest rate. Any Warwick driver will tell you that sounds good, but first you need to be certain that refinancing is the best choice for your circumstances. Get familiar with your current loan agreement terms, interest rate, and monthly payment details. With that info in hand, follow these steps:

  • Check Your Credit Score — The lower your credit score, the easier it will be to get approved for refinancing. Take actions to quickly build your credit score before you start the refinancing process.
  • Apply to Multiple Refinancing Companies — To secure the best rate, it’s a good idea to apply to a handful of refinancing companies. Make sure to submit your applications within a 14-day period to prevent a negative impact on your credit score.
  • Evaluate Your Offers — As you receive offers, crunch the numbers and make sure they give you the monthly payment you’re looking for. Our Payment Calculator can help you easily compare offers.
  • Decide on Your Loan Term — Depending on your circumstances, a shorter or longer loan term may be the best fit. Short-term loans require a higher monthly payment, but will accrue less interest in the end. Longer-term loans are more manageable on a budget, but will result in higher total interest.

Tips for Refinancing Your Car

After you’ve decided to refinance, there are several things to keep in mind as you begin the process:

  • Fees — Carefully go over your original car loan to be sure you won’t be charged a fee for paying it off early. If there are fees, refinancing may not be your best choice. If you’d rather go over your options with a finance expert, the staff at our Finance Center are happy to help.
  • Underwater Finances — If the amount remaining on your lana is more than your vehicle’s current worth, be prepared for some difficulty in getting a refinance loan approved.
  • Older Vehicles — If you’re the owner of an older vehicle, you may have a hard time getting a refinancing loan because the vehicle has already experienced major depreciation.

Learn More About Refinancing Your Car with First Acura

If you’d like expert guidance as you apply for financing, visit First Acura near Cranston to go over the details with our financing experts, and take a look at our Car-Buying Tips. You can also check out more finance features such as how to trade in a car, used vs, CPO models, and leasing a used car. We offer an extensive selection of used car specials and new vehicle specials to drivers near Warwick. Reach out to schedule a test drive today.

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16 Highland Avenue, Route 6 • Seekonk, MA 02771

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First Acura

16 Highland Avenue, Route 6 Seekonk, MA

Phone: (508) 336-1400

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16 Highland Avenue, Route 6 Seekonk, MA

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16 Highland Avenue, Route 6 Seekonk, MA

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16 Highland Avenue, Route 6 Seekonk, MA
41.808434 -71.3369972
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First Acura
First Acura
16 Highland Avenue, Route 6
Seekonk, MA, 02771 USA
(508) 336-1400
https://www.firstacura.com/wp-content/themes/DealerInspireDealerTheme/images/logo.png
First Acura 41.808434, -71.3369972.