Contact the Team

Car refinancing is the process of replacing an existing car loan with a new one, often to secure better interest rates, lower monthly payments, or change the loan terms.

Common reasons include obtaining a lower interest rate, reducing monthly payments, changing the loan term, or consolidating debt.

It's typically a good idea to consider refinancing when interest rates have decreased, your credit score has improved, or your financial situation has changed for the better.

The amount you can save depends on factors like the new interest rate, loan term, and your current financial situation. Use online calculators or consult with lenders to estimate potential savings.

Yes, there may be fees such as loan origination fees, prepayment penalties, or title transfer fees. It's essential to consider these costs when evaluating the overall benefit of refinancing.

The refinancing process can take anywhere from a day to a week, depending on the lender and the required documentation.

Some lenders may allow refinancing an underwater car loan, but it might be challenging. You may need to bring additional funds to the table or explore other options.

No, you can choose a different lender for refinancing. Shopping around and comparing offers from multiple lenders can help you find the best terms.

The act of applying for a refinanced loan may result in a temporary dip in your credit score due to the hard inquiry. However, if you make timely payments on the new loan, it can positively impact your credit over time.

Yes, you can refinance your car more than once if it makes financial sense. However, be mindful of any fees and ensure that the benefits outweigh the costs.