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Requirements to refinance your car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing authentic and objective content, by enabling users to conduct research and analyze information for no cost and help you make informed financial decisions. Bankrate has partnerships 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 who pay us. This compensation could affect how and where products appear on this website, for example such things as the order in which they be displayed within the listing categories, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be open to you. MoMo Productions/Getty Images

5 minutes 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. Written 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 manage their finances through providing clear, well-researched information that breaks down complex subjects into bite-sized pieces. Written by Mark Kantrowtiz and reviewed by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on student financial aid as well as the FAFSA, 529 plans, scholarships educational tax benefits, and student loans. The Bankrate promises

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If you have questions about money. Bankrate can help. Our experts have helped you understand your money for more than four decades. We strive to continuously give our customers the right guidance and the tools necessary 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 create honest and accurate content that will help you make the best financial choices. The content created by our editorial team is objective, factual, and not influenced by our advertisers. We’re honest about the ways we’re in a position to provide quality information, competitive rates and useful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or by you clicking on specific links on our site. So, this compensation can influence the manner, place and in what order products are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home loan products. Other factors, like our own rules for our website and whether a product is available within the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this site. We strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Whether you should refinance your existing vehicle loan is often based on the savings you’ll make — either in a month-to-month or overall. Before you sign off on the new loan, you must confirm that your vehicle and you meet the criteria. Though requirements vary among lenders, you should keep an eye out for the ones listed below. Requirements for taking out a loan to refinance your car Be aware of these factors when considering an auto loan. The remaining time on the loan The length of time left on your loan is a common qualification requirement. Typically, lenders require you to be current with your loan payments, have made at-least six payments of the loan in addition to having at least 6 months remaining. This will allow the lender to determine if you have an established history of making payments, or still have enough to profit off interest when you finish paying off. If you took out a 60-month auto loan and are three months into making payments, you likely won’t be in a position to refinance it for another few months. In the same way, if you’ve completed 54 installments and are in the process of paying them off, you’ll likely need to make it through the process of paying the balance off instead of refinancing it. Amount left Minimum loan amounts are different for each lender and lender, but you can expect to need at least $3,000 to $5,000 left in your loan. Since refinancing is essentially borrowing a new loan , lenders don’t want to offer small amounts because they will not be able to earn as much from them. If you purchased an expensive vehicle it is possible that you won’t be able to refinance it immediately. Finding auto refinance loans for over $50,000 can be a challenge. Model year and mileage If you bought a heavily used car and want for refinancing the loan — or you’ve just racked up a lot of miles — you might not be in a position to. Most lenders will limit their loans to 100,000-150,000 miles. While lenders don’t have a minimum age however, you might not be eligible even if you own an older car. In general, lenders establish a hard limit at the age of 10. However, some lenders may require a vehicle less than eight years old to consolidate the loan. Credit score As with any loan it is an important factor. Refinancing is generally a good idea if you have low interest rates on your auto loan and have since raised your score on credit. Anything less than 600 is unlikely to net you a better rate, and it might , especially when you extend the loan term to reduce your monthly payments. It’s free to apply online. If you’re not happy with where it is or would like it to be, take a look at reworking it before applying to refinance. Debt-to-income ratio requirements Your debt-to income ratio measures the amount of debt you have against your income, and is often expressed as an amount. The acceptable range is different from lender to lender but is typically lower than 50 percent. Repaying your outstanding debts is the best way to lower your DTI if the lender finds it to be excessive. The reduction of other installment loans or credit card debts can help show your financial responsibility to a prospective lender. Consider using a to find your DTI. That way, you’ll know the amount of debt you’ll need to pay down before applying. How do you refinance the car loan Refinancing a car loan is a simple process. It involves the same as applying for a fresh car loan. Here are to help streamline the process: Shop around for an loan. You must apply with at minimum three lenders, the same way you would for taking out a new auto loan. Apply for the loan. Carefully fill out all required information — about your employment, identity and current loan and vehicle — and provide the necessary documentation. Receive your loan funds. The lender will then send you the funds to pay the current lender directly. This could take from between a couple of days and several weeks, so keep on paying your loan. Start paying off your new loan. After your loan is fully funded and you have it, it’s time to pay it back. Make your payments on time and make sure you send them to the correct lender. Find out the best way to use your savings. Once you’ve repaid your new loan and have repaid it, you can utilize the money to boost your financial situation. You might consider putting the money towards a debt repayment, or . Refinancing pros and cons for your auto loan Before refinancing, weigh the . Pros You may secure a lower interest rate. A lender refinancing your loan might provide you with a lower rate cost, thereby reducing the amount you pay over the life of your loan. A lower rate is more likely if your credit score has improved or you have financed your loan through a dealer. The monthly payments you make can be reduced. By extending your term or lowering your interest rate can lower your monthly payments. Be cautious, however. Extending the auto loan term will also cost additional interest. Cons Your interest rate could increase. If you don’t qualify to lower rates take into consideration improving your credit score prior applying. You can extend the term of your loan — and the interest you pay. Even if your interest rate will be lower than the one you currently have, you could still increase the amount of interest you pay when you opt to extend the loan term. The longer you take to repay your car, the more interest you’ll pay. It’s possible to be upside down in your loan. When you prolong the loan time frame when refinancing the amount you owe may exceed the vehicle’s value as a result of depreciation. This is referred to as being upside down when you loan and may cause problems for you to sell or refinance your vehicle without incurring a loss. Things to think about prior to refinancing your car loan There are a few important questions to consider prior to deciding whether or not to refinance your auto loan. Are your current interest rates competitive? If you’re already paying a reasonable interest rate, you will want to compare current rates to make sure a new loan is worthwhile. The Federal Reserve increased the multiple meetings in a row which could result in auto loan rates increase over the next few years. Bankrate tip

It is important to compare rates from several lenders to see which offers you the best price. Utilize a calculator to compare the monthly payment you could make and total interest with the current loan.

What’s your car worth? If you are considering refinancing your vehicle loan it is important to know your loan-to-value ratio. This ratio will tell you how much you have to pay. If you’re near owing more on your vehicle than its value You may wish to refinance to an earlier term. What are the conditions of the loan? You should know some of the basic specifics of your current loan when you are considering refinancing. These include the loan APR, the length of loan, duration, time left and the monthly installment. Also, you can look through the loan documents for more details on late fees and . Next steps Refinancing your car loan can be a wise decision, but it is important to do a few things to plan to go through the procedure. Take into consideration your credit score, the car’s age and mileage and the amount of debt you have on your car and the ability to make the payments for your new loan. Based on your financial situation, consider instead asking about to make your auto loan payment more affordable. Find out more

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Written by The article was produced using automated technology, and was thoroughly checked for accuracy and quality by an editor on our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched, and clear facts that break down complex topics into manageable bites.

Auto loans editor

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

Nationally recognized student financial aid expert

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