Moncton Refinancing Guide for Cars and Trucks in New Brunswick

Refinance My Car

What is Car Refinancing?


Car refinancing involves replacing your existing auto loan with a new loan, typically with a different lender, to secure better terms such as a lower interest rate, reduced monthly payments, or a shorter loan term.


Why Refinance Your Vehicle in Moncton?


Refinancing can be a smart financial move for Moncton drivers looking to:


  1. Lower their interest rates if their credit score has improved.
  2. Reduce monthly payments by extending the loan term.
  3. Pay off the loan faster with better terms.
  4. Free up cash flow for other expenses.


Eligibility for Car Refinancing in New Brunswick


To qualify for car refinancing, lenders typically look at:


  1. Your credit score – A higher score can unlock better interest rates.
  2. Your vehicle’s age and mileage – Most lenders have limits on how old a car can be.
  3. Your existing loan balance – Some lenders require a minimum or maximum loan amount.
  4. Your payment history – A good record of on-time payments improves your chances.



Steps to Refinancing Your Car or Truck in Moncton


  • Check Your Credit Score – A score of 650+ often qualifies for better rates.
  • Compare Lenders – Look at banks, credit unions, and online lenders.
  • Get a Loan Estimate – Understand the new loan terms before committing.
  • Calculate Savings – Ensure the new loan provides a financial benefit.
  • Apply for Refinancing – Submit your application with the necessary documents.
  • Close the Deal – Pay off the old loan and start the new one.


Where to Refinance in Moncton


  • Several financial institutions and lenders offer car refinancing in Moncton, including:
  • Local banks such as RBC, TD, and Scotiabank
  • Credit unions like OMISTA Credit Union
  • Online lending platforms including CarRefinancing.ca


Things to Consider Before Refinancing


  • Prepayment Penalties – Check if your current loan has any penalties for early repayment.
  • Loan Term Adjustments – Extending your loan term reduces payments but increases total interest paid.
  • Fees and Costs – Ensure any refinancing fees do not outweigh potential savings.


Get Started with Car Refinancing in Moncton


If you’re considering refinancing your vehicle in New Brunswick, CarRefinancing.ca can help you compare the best options and find the right loan for your situation. Start your refinancing journey today and take control of your car loan payments!

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1. Apply online

Confirm your VIN and provide some details about the vehicle you're looking to refinance. We may ask for pictures of your vehicle.

2. Sign documents

Sign online without ever leaving home. Once your rate and pre-approval have been secured, your Finance Manager will send you documents via DocuSign to review and sign.

3. Get money

Reduce your payments with decreased interest rates. Plus, you can postpone Payments for 6 Months and Receive Cash Back of Up to $30,000!

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