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How to Refinance a Car Loan

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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!

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