Newfoundland and Labrador Car and Truck Refinancing: A Smart Driver’s Guide

Take the Wheel on Your Car Loan with Refinancing

Feeling like your car loan is dragging you down harder than a St. John’s winter storm? Refinancing lets you swap your current loan for one with better terms—think lower interest rates, reduced monthly payments, or a faster payoff. It’s like upgrading your ride without trading in your wheels!

Why Refinancing in Newfoundland and Labrador is a Smart Move

If you're driving across Newfoundland and Labrador with a loan that’s holding you back, refinancing could help you:

• Lower your interest rate—especially if your credit score has improved.
• Reduce your monthly payments so you can keep more cash for gas and groceries.
• Pay off your loan faster and ditch debt sooner.
• Free up extra funds for important things—whether it’s boat fuel or a weekend getaway.

Do You Qualify for Car Refinancing in Newfoundland and Labrador?

Before lenders offer you a better deal, they’ll check a few things:

• Your credit score – A higher score means better rates.
• Your vehicle’s age and mileage – Some lenders prefer newer vehicles.
• Your current loan balance – There may be limits on how much you can refinance.
• Your payment history – A strong track record of on-time payments improves approval chances.

How to Refinance Your Ride in Newfoundland and Labrador

• Check Your Credit Score – Know where you stand before applying.
• Compare Lenders – Banks, credit unions, and online lenders have different offers.
• Get Loan Quotes – See who’s offering the best refinancing deal.
• Run the Numbers – Make sure refinancing actually saves you money.
• Apply for the New Loan – Submit your application and required documents.
• Seal the Deal – Pay off the old loan and enjoy your new, improved terms!

Where to Find the Best Refinancing Deals in Newfoundland and Labrador

Skip the long search—here’s where to look:

• Major banks like RBC, TD, and BMO.
• Local credit unions such as Newfoundland and Labrador Credit Union.
• Online platforms like CarRefinancing.ca that help compare multiple offers in one place.

Things to Watch for Before Refinancing

Prepayment penalties – Some lenders charge a fee for early loan payoff.

Loan term changes – Lower payments may extend your loan, meaning more interest paid overall.

Hidden fees – Make sure refinancing saves you money, not costs you more.

Ready to Put More Cash Back in Your Pocket?

If your car loan is straining your budget, refinancing could be the game-changer you need. Check out CarRefinancing.ca to compare rates and take back control of your finances!

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!