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Requirements to refinance your car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted 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 can affect the way and when products are featured on this site, including for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that could be open to you. MoMo Productions/Getty Images

5 min read Released November 16, 2022

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Written by Bankrate Bankrate. This article was written by using automated technology. It was then thoroughly edited and fact-checked by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally well-known student financial aid expert Mark Kantrowitz is an expert on student financial aid as well as the FAFSA, scholarships, 529 plans, benefits for education and tax credits as well as student loans. The Bankrate promises

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If you have questions about money. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our information is trustworthy and precise. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced through our sponsors. We’re transparent about how we are capable of bringing high-quality information, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or by you clicking on specific links that are posted on our website. So, this compensation can affect the way, location and when products are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, like our own proprietary website rules and whether a product is available in your area or at your personal credit score can also impact the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit products or services. If you’re considering refinancing your vehicle loan is often based on whether you’ll save money — either month to month or overall. Before you sign off on the new loan, you must confirm that you and your vehicle meet the criteria. Although the requirements differ between lenders, you should keep an eye out for the ones below. The requirements for taking out a loan to refinance your vehicle Consider these aspects when you’re considering an auto loan. Time left on loan The amount of time remaining to your loan is a standard qualification requirement. Typically, lenders require you to be current with your loan payments, have paid at least six months of your loan as well as have at minimum six months remaining. This will allow the lender to verify that you have a track record of paying your loan — or still have enough to earn a profit on interest when you’re done paying off. If you took out an auto loan and are just three months away from making payments then you’re likely to not be in a position to refinance it for a few more months. If you’ve already made 54 payments already it is likely that you’ll need to make it through the process of paying the loan off, rather than refinancing it. Rest of the amount loan amounts vary by lender and lender, but you can anticipate having at minimum $3,000 to $5,000 left in your loan. Refinancing is basically taking out a new lender, they don’t want to provide small amounts as they won’t be able to make as much money from them. If you purchased a particularly expensive car and you’re unable to refinance immediately. Refinancing autos with loans for over $50,000 can be a challenge. Model year and miles If you bought a heavily used car and want for refinancing the loan — or you’ve already accumulated a number of miles, it’s possible that you won’t be able to. Lenders tend to have a limit of 100,000 to 150,000 miles. While lenders don’t have the minimum age, you may not qualify if you have an older car. Most lenders have the minimum age at the age of 10. But some may require a car under eight years of age to be able to refinance the loan. Credit score Like any loan, your will be an important aspect. Refinancing is generally a good idea if you have a poor interest rate on your car loan and you’ve since increased your score on credit. Anything below 600 will not result in a higher rate and could , especially in the event that you lengthen the loan term to reduce the monthly payment. There’s no cost online. If your debt isn’t where you would like it to be, consider working to before making an application for refinancing. The debt-to-income ratio measures your debt against your income, and is often expressed as an amount. The acceptable range is different depending on lender to lender but generally is not more than 50. The process of paying down debts is the simplest method to reduce your DTI in the event that you find that a lender deems it excessive. Lowering your other installment loans or credit card charges could help show that you are financially responsible to a potential lender. Think about using a calculator to calculate your DTI. This way, you’ll know the amount of debt you’ll need to pay off before submitting an application. Refinancing an existing car loan Refinancing your car loan is fairly simple. It’s the same process as applying for a new car loan. Here are to help streamline the process: Shop around for the best loan. You must apply with at minimum three lenders, as you would do for an auto loan. Apply to the loan. Carefully fill out all the information requested — about your identity, work, current loan and car — and submit the required the necessary documentation. Receive your loan funds. The lender will send you the funds to pay the current lender directly. It could take anywhere from between a couple of days and several weeks, so keep on making payments. Start paying off your new loan. After your loan is fully funded then it’s time to begin paying off the loan. Pay your bills on time and then send them to the correct lender. Find out the best way to use your savings. Once you’ve repaid the new loan and have repaid it, you can utilize the savings to enhance your financial position. You might consider putting the money towards a , debt repayment or . Pros and cons of refinancing your car loan Prior to refinancing, weigh 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 rate is more likely when your credit score has improved or if you have financed your loan through a dealer. The monthly payments you make can be decreased. By extending your term or lowering your interest rate may decrease your monthly payment. Be careful, though. Extension of your auto loan term will also cost more interest. Cons Your interest rate could rise. If you don’t qualify for a lower interest rate, consider upgrading your credit rating prior applying. You can extend the term of your loan and also the amount of interest you have to pay. Even if the rate you pay may be less, you can still increase the amount of interest you pay if you opt to extend the loan duration. The longer it takes you to repay your car in full, the more interest you’ll accrue. It’s possible to be upside down on your loan. When you prolong the loan period when refinancing, the amount you owe could surpass the value of your vehicle as a result of depreciation. This is referred to as being upside down in your loan and may make it difficult to refinance or sell your car without incurring a loss. Consider these things before refinancing your auto loan There are a few important questions to consider before deciding to refinance your auto loan. Are your current rates reasonable? If you’re already paying a competitive interest rate, you’ll be able to compare rates to determine if a new loan is worthwhile. In the last few months, the Federal Reserve increased the multiple sessions in a row, which may mean auto loan rates are likely to increase in the next year. Bankrate tip

You must compare rates with various lenders to see which offers you the most value. Compare your monthly payments and the total amount of interest you pay on your current loan.

What is your current vehicle worth? Before refinancing your car loan, you should know the ratio of your loan to value. This ratio will tell you how much you have to pay. If you are close to owing more on your vehicle than its value it, you might want to refinance for an earlier term. What are the conditions that apply to the loan? You should know some of the basic information about your current loan when you are considering refinancing. It includes your loan’ APR, the length of loan, the time left and monthly payment. Also, you can look through the loan documents to find out more about late fees and . Next steps Refinancing your car loan could be a good decision, but you should do a few things to plan to go through the procedure. Examine your credit score, the car’s age and mileage as well as the amount that you owe to your vehicle, and your capacity to pay for your new loan. Depending on your financial situation think about asking ways to make your car loan payment less expensive. Learn more

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Written by This article was produced using automated technology, that was then thoroughly edited and checked by an editor from our editorial staff. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing concise, well-researched, and clear details that cut complex topics into manageable bites.

Auto loans editor

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

Nationally acknowledged expert in student financial aid

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