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Requirements to refinance your car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing authentic and objective content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website come from companies that pay us. This compensation may impact how and when products appear on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offers that may be available to you. MoMo Productions/Getty Images

5 minutes read. published on November 16, 2022.

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Written by Bankrate Bankrate. This article was written by using automated technology. It was then thoroughly checked and edited by an editor from our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the beginning of 2021. They are committed to helping readers gain confidence to manage their finances by providing precise, well-studied information that breaks down otherwise complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally well-known student financial aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans. The Bankrate promise

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We make sure that everything we publish is objective, accurate and reliable. Our loans reporter and editor concentrate on the points consumers care about most — the various types of loans available and the most competitive rates, the top lenders, how to pay off debt and much more. So you’re able to be confident about investing your money. Integrity of the editing

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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We strive to continuously provide consumers with the expert advice and tools required to make it through life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, which means that you can trust that our content is truthful and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial choices. Our content produced by our editorial staff is objective, truthful, and not influenced from our advertising. We’re honest about how we are in a position to provide quality information, competitive rates and helpful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or through you clicking certain links posted on our site. Therefore, this compensation may impact how, where and in what order products are listed and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether a product is available in the area you reside in or is within your self-selected credit score range could also affect how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit products or services. Refinancing your existing vehicle loan often depends on the amount of savings you’ll get — either monthly or over the course of. However, before you can sign a new loan, you must confirm that you and your vehicle meet the criteria. While requirements vary between lenders, keep an eye out for the requirements listed below. What are the requirements to take out the loan in order to finance your car Be aware of these elements when you are considering your auto loan. The remaining time on the loan The length of time left for the loan is a typical eligibility requirement. In general, lenders want you to be current on your loan payment, have made at-least six payments into the loan and have at least six months left. This will allow the lender to verify that you have an established history of making payments, or still have enough to make a profit from interest once you finish the repayment. If you’ve taken out 60-month auto loan and are only three months into making payments it is likely that you won’t be eligible to refinance the loan for a few more months. If you’ve already completed 54 installments, you will likely have to make it through the process of paying the loan off, rather than refinancing it. Rest of the amount loan amounts vary by lender however, you should anticipate having at minimum the amount of $3,000-$5,000 left in your loan. Refinancing is basically borrowing a new loan lender, they don’t want to offer small amounts because they’ll be unable to make as much money from them. And if you bought an expensive car, you may be unable to refinance immediately. Refinancing autos with loans for over $50,000 can be difficult. Model year and mileage If you bought a heavily used vehicle and are looking to refinance the loan or just racked up a lot of miles, it’s possible that you won’t be eligible to. The majority of lenders limit their loans to 100,000-150,000 miles. While lenders don’t have an age limit but you might not qualify for a loan if you own an older car. Most lenders have a hard limit at the age of 10. But some may require a vehicle less than eight years old to be able to refinance the loan. Credit score As with every loan it is the primary element. Refinancing is generally a good option if you’ve got an unsatisfactory interest rate on your auto loan and have since raised your score on credit. Anything under 600 likely won’t net you a better rate, but it could happen, particularly when you extend the loan duration to lower monthly payments. There’s no cost online. If your debt isn’t where you would like it to be, think about working on it prior to making an application for refinancing. Debt-to-income ratio requirements Your debt-to-income ratio is a measure of your debt against your income and is usually expressed in terms of a percentage. The acceptable range differs depending on lender to lender but generally is lower than 50 percent. Paying down your current outstanding debts is the best way to reduce your DTI should the lender deems it too high. Reducing other installment loans or credit card charges could help show that you are financially responsible to a potential lender. Consider using a to find your DTI. This way, you’ll know the amount of debt you’ll have to pay down before applying. How to refinance an existing car loan Refinancing a vehicle loan is a simple process. It’s the same process as getting a fresh car loan. This article will assist you in streamlined the process: Shop around for an loan. Apply for with at least three lenders, the same way you would for taking out an auto loan. You must apply for the loan. Carefully fill out all of the required informationabout your identity, employment, current loan and car — and provide documentation. Receive your loan funds. The lender will send you the money and pay you your existing lender directly. It could take anywhere from a few days to several weeks, so keep on making payments. Begin to pay off your new loan. Once your loan has been approved then it’s time to start paying it off. Pay your bills on time and then send them to the right lender. Learn how to best use your savings. Once you have repaid the new loan and have repaid it, you can utilize the money to enhance your financial position. Consider putting money toward a loan, debt repayment or . The pros and cons of refinancing your vehicle loan Prior to refinancing consider the . Pros You may secure a lower interest rate. The lender refinancing your loan may offer you a lower , saving money over the life of your loan. A lower interest rate is more likely in the event that your credit score is improving or you have financed your loan through a dealer. Your monthly installment can be reduced. Extending your term or lowering the interest rate could reduce your monthly payments. Be cautious, however. The extension of the auto loan period will also incur more interest. Cons The interest rate you pay could increase. If you’re not eligible for a lower interest rate take into consideration improving your credit score prior to applying. You may extend the life of your loan as well as the amount of interest you have to pay. Even if your interest rate is lower, you may nonetheless increase the amount the interest you have to pay if you choose to extend the loan duration. The longer you take to pay off your car, the more interest you’ll pay. You may end up upside-down with your loan. In the event that you decide to extend your loan term when refinancing, the amount you owe could exceed the vehicle’s value as a result of depreciation. This is known as being upside down on your loan and could cause problems for you to sell or refinance your car without losses. Consider these things before refinancing your auto loan There are some important questions to consider before deciding to refinance your auto loan. Are your current interest rates competitive? If you’re paying a competitive interest rate, then you’ll be able to compare rates to make sure you’re getting a loan is worthwhile. In the last few months, the Federal Reserve increased the multiple meetings in a row which may mean auto loan rates are likely to increase in the next year. Bankrate tip

You must compare rates with several lenders to see which one offers the best price. Use a to compare your monthly payments and the total amount of interest you pay on your current loan.

What’s your car worth? Prior to refinancing your car loan be aware of your ratio of loan-to-value. The ratio is a measure of how much you have to pay. If you are close to owing more on your vehicle than what it’s worth it, you might want to refinance for the shorter duration. What are the terms for the loan? You should know some of the fundamental details of your current loan when looking into refinancing. It includes your loan’ APR, length, the time left and monthly payment. It is also possible to check the loan documents for more details on late charges and . Future steps Refinancing your vehicle loan is a smart decision, but it is important to do a few things to be prepared ahead for this process. Consider your current credit score, the car’s mileage and age, the amount you owe on your car and your ability to make the payments for the new loan. Based on your financial situation think about asking ways to make your car loan payment more affordable. Learn more

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Written by This article was created using automated technology and thoroughly edited and fact-checked by an editor on our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with concise, well-researched, and clear details that cut complicated topics into digestible pieces.

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Review by Mark Kantrowtiz by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships as well as tax benefits for education as well as student loans.

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