Mitsubishi: Additionally, paste this code immediately after the opening tag: Saved Vehicles
Close

How to Refinance a Car Loan

Tiny car with coins and finance paperwork

 

Did you know you can lower your monthly payments on your car loans? Just like a home loan, refinancing a car loan is an option for many Louisville, KY drivers. But how do you refinance a car loan? Don Franklin Auto covers what to know when refinancing your car, the best way to refinance auto loans and other tips below! Consult our finance center for car loan advice!


How to Refinance a Car Loan: Step-by-Step 

So, how do you refinance a car loan? Here are some step-by-step instructions to simplify the whole process for Russel Springs, KY drivers: 

  • Check Your Credit: This is one of the most important things to do, because all financing decisions are based upon your credit. 
  • Figure Out Your Payments: Look at your bills or use a payment calculator to figure out exactly how much you’re paying and what you would like to pay.
  • Talk to Multiple Lenders: Most dealerships like Don Franklin Auto work with multiple lenders when they are working out a deal. The best way to refinance a car loan is to compare offers and choose which one looks best for your needs. 

What to Know When Refinancing Your Car

The list of what to know when refinancing your car is fairly short, but important. The best way to refinance a car loan is to be prepared, so check these out: 

Helpful Tips for Refinancing Your Car

  • As noted above, know your credit score. You’ll get a better rate if your credit score has improved. Deferring payments will lower your credit score. 
  • There will probably be fees associated with refinancing your car
  • The older lender may also charge a penalty. 
  • In some states, refinancing a car loan also requires re-registering the vehicle and transferring the title. 
  • If your car is more than eight years old, 100,000 miles on it, or your loan is underwater, you probably won’t be able to refinance your car. 

Car Buying is Made Simple at Don Franklin Auto

“How do you refinance a car loan?” is one question among many we get at Don Franklin Auto. We’ve served a lot of customers in our large dealership family, and we pride ourselves in being able to help Lexington drivers get their next car quickly and easily! Contact us today to set up an appointment with our finance center and refinance your car.

More from Don Franklin Auto

  • How Many Miles Per Gallon Does the 2023 Chevy Silverado 1500 Get?

      If you’re looking for a versatile but fuel-efficient new Chevy pickup, there’s no better option than the 2023 Silverado! Whether you choose the light-duty Chevy Silverado 1500 or its big brother, the heavy-duty Silverado HD, your Lexington drives will never be the same! Are you wondering if the 2023 Chevy Silverado is good on…

  • How Many Miles Per Gallon Does the 2023 Nissan Rogue Get?

      A new SUV shouldn’t mean you have to sacrifice power for fuel economy on your Lexington drives! Fortunately, the 2023 Nissan Rogue mpg estimates mean you will never have to! The base model 2023 Nissan Rogue gas mileage reaches up to 30 mpg in the city and 37 mpg on the highway. See how…

  • How Much Can the 2022 Dodge Durango Tow?

      The 2022 Dodge Durango is the latest update on a go-to SUV for Lexington families. So, how much can the 2022 Dodge Durango tow? Not only does this SUV offer comfort and spaciousness, but it also provides you with 8,700 pounds of towing power with the proper equipment. That makes it great for trips…

Don Franklin Auto 37.996606, -84.442716.