How to Get a Refinance Used Car Loan

Get Car Financing
Even with poor credit.

By

The CarsDirect editorial team is dedicated to providing our readers with the latest on new and used cars, expert opinions on which vehicles make the grade, and all the fun stuff in between.


, - January 9, 2014

A refinance used car loan can potentially free you from the high monthly payments and interest rates that you might currently be paying. If interests have been dropping or you have substantially improved your credit rating in the last six months refinancing your used car loan could be a great way to save money. Here's how it works.

How Does a Refinance Used Car Loan Work?

You can think of a refinancing your used car loan like refinancing a mortgage. Put simply, the amount borrowed with your refinanced used car loan is used to pay off the original loan, typically at a lower interest so you can pay less toward this loan every month.

Keep in mind that the amount you can borrow with a refinance used car loan is determined by your current loan's balance due and your car's current market value.

Find your auto loan refinancing rates now >>

To begin your quest to get refinancing, your first step should be to contact the institution that funded your current loan. If you have been making your monthly payments regularly and on time, then it should be easier to persuade them to refinance your used car loan.

If they refuse, there are many other companies, some specializing in refinancing, that may be able to help you instead. To find alternatives to refinance you used car loan, start on websites like Bankrate.com or LendingTree.com to shop and compare rates.

You will be asked to provide your personal information and they will provide a list of interest rates or quotes from multiple lenders. Their databases have multiple lending institutions, thus alleviating the time-consuming task of finding these on your own. Be sure to get multiple quotes so that you get the best rate possible.

Free Credit Score

Get your free credit score now! Get a copy of your most recent credit score.

Get Your Free Score

Auto Insurance

Get competitive quotes on insurance in your area.

Vehicle Warranty

Protect your vehicle and you could save thousands on auto repairs.

Get a Free Quote

Need a Car Loan?

It only takes a minute.

The CarsDirect editorial team is dedicated to providing our readers with the latest on new and used cars, expert opinions on which vehicles make the grade, and all the fun stuff in between.


Loan approval is not guaranteed and is subject to credit application and approval of the lender. Individual loan terms may vary. Use of this website constitutes acceptance of CarsDirect.com's Terms of Use, Disclaimer, Privacy Policy, and Cookie Policy.

Privacy Policy|Do Not Sell My Personal Information|Terms of Use|Cookie Policy|Disclaimer|
COPYRIGHT 1999-2020 MH Sub I, LLC dba CarsDirect.com