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Refinancing pros and cons your car: is it the right choice for you? 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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. Westend61/Getty Images

4 minutes read Read Published March 02, 2023

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that simplifies complicated topics into bite-sized pieces. The Bankrate guarantee

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate follows a strict policy, which means you can be sure that our content is truthful and reliable. Our award-winning editors and journalists produce honest and reliable content that will help you make the right financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced by our advertisers. We’re transparent about the ways we’re capable of bringing high-quality information, competitive rates and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products or services, or by you clicking on certain hyperlinks on our website. This compensation could affect the way, location and in what order the products are listed within categories, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether the product is offered in the area you reside in or is within your personal credit score can also impact the manner in which products are featured on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about each credit or financial product or service. It is expensive to keep your car on the road each month is a challenge for many. Car payments have soared with the average monthly payment is $526 for vehicles that are used and $716 when you purchase new . Many people are considering either replacing or refinancing their current loan by getting a new loan — to make these costs less burdensome. Refinancing can reduce your monthly payment if your circumstances have shifted or market conditions have improved since you took out the current loan. However, refinancing comes with risks and could be expensive in certain instances. Therefore, you should think about the advantages and disadvantages of refinancing and assess the financial circumstances of your situation in order to determine if it’s a smart move. The advantages of refinancing your car The current car loan is based on saving money. You may also be able to refinance more than what you owe in case you need cash. Think about these factors when deciding whether refinancing is the right option for you. Lower interest rates The rate of interest significantly impacts your every month automobile loan payment. This is based on your score on credit, among other elements. If you’ve taken out your loan or credit card, which is the case if your have made timely loan payments and have handled your various debts. It may be a great time to consider refinancing your options. You will likely receive better terms and rates. Reduced monthly payments If you are struggling to make your monthly obligations Refinancing your mortgage can make your monthly payment less expensive and help you let you free up money in your budget. You can choose a lower rate and a longer duration or both. However, while signing off on a means you’ll save money every month, it can also result in more cost overall as you’ll have to pay more interest over the duration of your loan. Pay off your loan sooner Refinancing can be a way of having to pay off your loan early. If your income has grown since taking out your auto loan then it could be an ideal time to switch to a more short-term loan. If you pay your loan in advance you’ll save money on interest in the event that the lender’s fees don’t exceed the savings. If you don’t want to refinance, you could make larger monthly payments to reduce the balance faster. This will accomplish the same goal and could reduce costs by avoiding costs of origination that could be associated with refinancing. Get cash fast Some lenders offer this service, which is ideal if you need fast cash. It’s the same process as conventional refinancing. However, in addition to getting a new loan which replaces your existing loan, you’ll be able to receive an amount of cash in one lump dependent on the equity you have in your car. While you may also secure more favorable loan conditions or a lower monthly payment This type of refinancing does not come without risks. In the event that you pull out the equity you’ve built up in cash, it’s possible that you’ll end up upside-down on your loan which means you’ll be owing more than the amount it’s worth. This makes it difficult to earn a profit when it’s your intention to market. Additionally, you’ll incur additional debt since your outstanding auto loan balance will be greater. The disadvantages of refinancing your vehicle The process of refinancing not without its risks. Be aware of the disadvantages. High interest rates Refinancing also has the potential of more expensive interest rates. If your credit score has declined or interest rates have gone up, you may encounter interest rates that are more expensive than your current one. In the current market, steep interest rates aren’t unusual. Recent events have increased interest rates to record levels. Therefore, it’s recommended that you explore different options to do your best to stay away from the sky-high rates or wait it out until market conditions improve. Additional fees If you are struggling financially, remember that refinancing your loan comes with extra fees. The costs could include application for prepayment, title transfer, prepayment and origination charges. Since the costs could add up, consider how much the refinance will cost you , and also how the rate and term compare to your current loan. The loan could become upside down if you refinance your loan’s duration and you’re more likely to be owing more than your vehicle’s worth. This is commonly described as being on the wrong side of your loan. How to determine if refinancing your car is an excellent idea? The main factor to determining whether it is an appropriate choice is the amount of money you can potentially save. Weigh the pros and cons of taking advantage of an . Here are a few scenarios in which it could be beneficial to refinance your credit: Your credit has improved. When your score is better, you may get better rates and terms by refinancing. You received dealer financing. The terms typically offered by dealerships aren’t the most favorable. Explore other lending options if you have . You can’t make payments . In the event of a missed payment, it could result in penalties, credit damage or worse, taking possession of your vehicle. If you cannot make payments then refinancing could result in lower monthly payments. You qualify for a better interest rate. If the market rate is better than when you initially applied, you may qualify for a lower interest rate. However, this likely isn’t the case as rates aren’t currently decreasing because of recent Fed rate increase. If you’re looking to refinance your auto loan, start by shopping around with multiple lenders to determine the most competitive rate. Many offer pre-qualification tools on their websites that permit you to view potential loan offers, including estimated loan conditions, interest rates and monthly payments, all without affecting the credit rating. You should consider getting pre-approved by more than three banks before you can apply for a loan with confidence. The next step is to, prior to looking for , weigh the advantages and disadvantages, and consider how they can help you make an informed decision. In the ideal scenario, you would like to save money, not simply extending your loan term. If you are struggling financially it might be beneficial to to get an easier monthly auto loan installment. You can ask the lender to or consider trading your car in and selling the vehicle privately to get the relief you need. However, if refinancing seems like the right choice for you, then look for the most reliable auto lender.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into digestible chunks.

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