Get Directions

540 Route 440 North, Jersey City, NJ, 07305

How to Refinance a Car Loan

Man and Woman Signing Contract

The process of refinancing a car loan involves evaluating your current terms, working with a lender, and settling on new loan terms that work better for your current financial situation. Read our guide of how to prepare and go through a car loan refinancing, and rely on the Metro Honda finance team when you need auto finance help in Jersey City!

How Do You Refinance a Car Loan?

When you refinance a loan, you are trying to lower the interest rate you pay each month. Accordingly, you need to know what you’re currently paying. Check your documents or chat with your lender in Newark to make sure you know what your current monthly payments and interest rate are. Follow these steps to make that determination:

  • Check your credit score: Paying your bills on time will lead to a higher credit score and means you can get the perks of refinancing.
  • Start applying: Apply to multiple financiers to get the best rate you can, but be sure to send them all within 14 days because not doing so will give a negative impact on your credit score.
  • Evaluate your offers: Take some time and check that your offers will get you the monthly payment you want.
  • Figure out your loan term: If you have a shorter term loan, you’ll have a different grasp of the situation than you would with a longer term loan. A shorter term loan gives you higher monthly payments but you pay less in total. A longer term loan gives you lower monthly payments but you pay more over the life of the loan.

Also, when you’re in Hoboken and you want to refinance your auto loan, you want to keep this in mind:

  • If you’ve got fees associated with paying your car off early, it might make the process of refinancing your car more expensive.
  • Underwater cars, or cars that owe much more than they’re worth, will have a harder time of getting approved.
  • If your car is older, you might run into difficulty getting your car refinanced.

Turn to Metro Honda for Auto Financing

Whether you’re getting ready to buy a new Honda, or you’re working on refinancing the loan on your pre-owned model, our team is here to help. Contact our finance team to schedule an appointment and get started on the auto loan refinancing process!

Explore Our Models

  • What Colors Does the 2021 Honda CR-V Come In?

      The Honda CR-V has remained a customer favorite in the Bayonne area year after year, so it’s no surprise to see these popular SUVs on the roads of Newark. And, with eight different 2021 Honda CR-V colors to explore, you can stand out from the crowd with your own unique style. From Crystal Black…

  • 2022 Honda CR-V Colors

      The Honda CR-V is great for drivers looking for a combination of interior space and exterior durability. While the Honda CR-V allows you to perform on the Bayonne roads, it also allows you to look good as well. Compare the wonderful assortment of 2022 Honda colors with Metro Honda to see which color option accurately…

  • 2022 Honda HR-V MPG

      If a sporty, fun-to-drive subcompact crossover SUV is at the top of your wish list, you should take a look at the new Honda HR-V. In addition to its roomy interior, a wide array of convenient features, and spirited performance capabilities, you will also benefit from the impressive 2022 Honda HR-V MPG rating which…

Contact Us
Metro Honda 40.7149789, -74.0955029.