A lower cost of borrowing
A two-point reduction on a 27,500 dollar balance over four years saves more than 1,400 dollars in interest. On larger truck balances, five figures of interest can disappear.
A payment that fits real life
Income changes. A payment that made sense when you signed can become the hardest line in the budget after a job change, a new baby, or a rate increase elsewhere.
- Lower the payment without borrowing more money.
- Keep the same vehicle and the same mileage.
- Restore breathing room without touching savings.
A cleaner file
Removing a co-signer releases someone who took on risk for you. Shortening a term clears the lien sooner, which makes the vehicle easier to sell privately when the time comes.
Preparing your credit before you apply
Your rate is priced on risk. A few weeks of preparation can move you into a better tier before an application is submitted.
- Bring every account current and keep it that way for two billing cycles.
- Pay down revolving balances below 30% of the limit where you can.
- Avoid opening new credit in the month before you apply.
- Request your free credit reports and dispute any error that is dragging the score down.
Save thousands
Save thousands by refinancing your vehicle anywhere in Canada.
Free to apply, no obligation, and no credit check to pre-qualify.
Frequently asked questions
On a 27,500 dollar balance moving from 9.99% to 6.93% over 48 months, the interest saved is typically over 5,000 dollars. Your own numbers will differ with credit and term.
A lower rate lowers the payment on the same term. If you want a bigger drop, the term can be adjusted, though that usually increases total interest.
Usually not on its own, unless you also shorten the term or remove a co-signer. Two points is the more reliable threshold.