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Can refinancing trigger your auto loan over? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not contain the universe of companies or financial offers that may be accessible to you. Westend61/Getty Images

3 minutes read. Published 20th October, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promises

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Therefore, this compensation may affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether or not a product is available in the area you reside in or is within 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 credit or financial products or services. Swap your current loan to a new one. It could result in a lower interest rate and shorter or longer term than the one you have currently. If you opt for a longer term for repayment on the new loan may cause you to feel as if you’re beginning from scratch. Many people refinance their loans for savings. However, refinancing may not be the ideal solution if you face an even bigger financial issue. How refinancing restarts your car loan In the event that you choose that refinancing the loan is the best solution for you financially The new terms you can get could make your monthly auto loan payment more affordable. But, you must be aware of the loan duration you select to avoid the feeling of «restarting your loan» even when you’ve been paying for some time. Ideally, you can make sure you don’t add too many payments to settle the balance by choosing a loan term that is equal or less than the remaining term on the current loan. For instance, if you have a remaining term of 36 months on your loan, you would refinance to 36-month loan. This will stop you from having to pay interest. With a lower interest rate your monthly payments will be less. However, refinancing isn’t advantageous if you have less than 24 month remaining of your automobile loan. You’ll generally pay the most cost of interest during the first year of the loan, minimizing the potential savings that you could earn when you refinance at the end of your term of repayment. What effect does refinancing have on your loan term The most common terms drivers are met with when financing a car can range from 24 to 84 month. The shorter the term, the lower your monthly payments will be. If you take out a longer loan you could end up forced to pay several hundred dollars more interest than have with a shorter loan. While you may be able to get a different interest rate also, the term modification will be the most significant element in determining if you can effectively «reset» your loan. The term can be shortened or extended and the best choice is contingent on your budget. To best determine your ideal duration, make use of an opportunity to discover the one that will best balance the money saved and monthly payments you can manage. If you’re looking for a reason to refinance your vehicle loan There are some principal scenarios in which it’s an automobile loan. You’re having trouble making monthly payments. Refinancing and reworking your current loan’s terms can give you more time to pay off your car or get a lower interest. You may also be able to from the current lender with no refinancing. The reason you are using this loan. More credit means more favorable terms. This is particularly true if you originally financed through the car dealer. You paid for the current loan with the dealership. If you used , you could be qualified for better loan terms with an outside lender. See the amount you can save through a reduced . If you decide to refinance then read the purchase agreement or call the current lender to confirm they don’t allow you to pay off the loan early. If you do not, you’ll be charged a sizable fee that outweighs the benefits of refinancing. Refinancing your car loan If you think refinancing is the right option, to take. Review the current loan and organize the paperwork to submit the next loan application. Review your current loan. Check the interest rate, payoff amount, months remaining as well as information on any penalties or fees. Examine your credit. Check to see if the credit rating is good in order to be able to obtain a good rate. Examine your credit report for any errors while you’re at it. Compare lenders. Don’t choose the first lender which has a good rate. Examine several such lenders, including their eligibility criteria as well as penalties, rate and conditions you are eligible for. Refinance your loan. If you’ve decided on the lender you can apply on the internet and in person. Once you have submitted your application, the lender will let you know if you qualify and explain how the process will go. The main thing to remember is that you’ll be starting from scratch with a new auto loan when you refinance and possibly receive a lower monthly installment or . However, before you apply, think about the potential risks involved with refinancing. Consider other methods to save money if refinancing isn’t a good choice to take based on your budget.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-researched and informative information that breaks down complicated subjects into bite-sized pieces.

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