Car Refinance

If your car payment is taking up too much room in your budget, refinancing could help. A lower interest rate, a longer loan term — or both — may reduce your monthly payment and give you more flexibility each month.

Want to spend less on interest? If you qualify for a lower rate, refinancing may let you shorten your loan term and pay off your car faster, without paying more than you need to over the life of the loan.

Your credit score isn't set in stone, and your loan doesn't have to be either. If your credit has improved since you bought your car, refinancing could help you qualify for better rates and more favorable loan terms.

If you're ready to take over your loan on your own, refinancing may let you remove a cosigner. It's a simple way to update your loan to match where you are financially today.

Refinancing doesn't automatically improve your credit — in fact, you could see your credit score go down by a few points at first due to the hard inquiry. But if you're struggling to make your car payments on time and you could refinance to a more manageable monthly payment, that could help improve your credit score over time.

The financing you chose at the dealership may have made sense when you bought the car, but that doesn't mean you have to keep it for the life of your loan. If rates have changed or your financial situation has improved, refinancing could help you find terms that are a better fit today.