Where refinancing pays off in Newfoundland and Labrador
- St. John’s and Mount Pearl commuters with a payment above what the vehicle is worth monthly.
- Drivers in Corner Brook and Grand Falls-Windsor who want an online-only process.
- Owners who financed at a dealership rate above 9% and have paid on time since.
- Households that need a lower payment after a change in income.
How the refinancing process works
Refinancing is not a sale and it is not a new purchase. Your current lender is paid out in full, a new loan is registered against the vehicle you already own, and your payments restart on the new terms.
- Apply online with your VIN, the vehicle details and a rough idea of your current loan balance.
- Your finance manager requests a payout statement from your current lender.
- Documents arrive by DocuSign. Review the rate, term and payment, then sign from home.
- The old loan is paid out, the new loan begins, and your payment drops to the new amount.
Who qualifies to refinance
Most Canadian drivers with an active auto loan qualify. The vehicle, the remaining balance and your payment history matter more than a perfect credit score.
- The vehicle is registered, insured and roadworthy, with no active insurance claim against it.
- The loan is an auto loan or a dealer-arranged finance contract, not a lease.
- You have made at least a few months of payments on the current loan.
- The vehicle is not already pledged as security on a separate title or payday loan.
- You live outside Quebec, where our lending partners do not currently operate.
What to watch for before you sign
A lower payment is not automatically a lower cost. Check these four things before you agree to new terms.
- The full cost of borrowing, not just the monthly payment: a longer term can lower the payment and raise the total interest.
- Payout penalties on your current loan, such as an early payoff fee or a discharge administration charge.
- Lender fees rolled into the new balance, which quietly increase what you owe.
- The vehicle value against your balance. If you owe far more than the car is worth, refinancing may not be approved without extra down payment.
Save thousands
Save thousands by refinancing your vehicle anywhere in Canada.
Free to apply, no obligation, and no credit check to pre-qualify.
Refinancing questions in Newfoundland and Labrador
Yes. Refinancing adds no sales tax and no inspection, and you keep your current plates and insurance. The whole process is completed online.
Applying and pre-qualifying are free. Where a lender charges an administration or registration fee, it is disclosed in writing before you sign.
Yes. Refinancing does not change ownership, registration or insurance, so nothing about the vehicle's paperwork changes.