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How to Refinance a Car Loan

Tiny car with coins and finance paperwork
 

If you’re like most Cincinnati drivers, then you’re probably always interested in ways to lower your monthly car payments. Refinancing is a great way to do this, but how do you refinance a car loan? Learn how to refinance a car loan with the finance center at Beechmont Toyota to see how you can lower your monthly rates!

What to Consider When Refinancing

Before we learn how to refinance a car, there are some things you’ll need to consider beforehand. Here’s what to know when refinancing your car: 

  • Vehicle Age: Since used vehicles have undergone more depreciation, most lenders won’t refinance a car that is significantly old. 
  • Penalty Fees: Some lenders may vary, but you’ll want to make sure that your lender doesn’t charge any fees for paying off a loan early. 
  • Debt: If what you still owe on the car is more than the car’s actual value, then refinancing may not be an appropriate step to take.

Best Ways to Refinance an Auto Loan

How do you refinance a car loan? Well, here’s what to know when refinancing your car: how much are you currently paying? Ideally, you’re trying to refinance in an effort to lower your monthly interest rate. To do this successfully, you need to review your documents and statements to find out what you’re currently paying, or you can contact your lender and ask them. Once you know what you’re paying, you’ll want to do the following: 

  • Check your credit score. The higher your credit score, the more likely you are to get approved for refinancing. 
  • Apply to as many different Loveland lenders as you can. Try and apply within a 14-day period so as to not have a negative impact on your credit score. 
  • Compare offers you get from different lenders to see which is the best offer. You can use our payment calculator at Beechmont Toyota to get an estimate on your monthly payment amount.
  • Choose how long you want your loan term to be. A longer term means lower payments with higher interest. A shorter term means higher payments with lower interest.

Ultimately, the best way to refinance an auto loan is to choose the method and offer that works for your current circumstances. Visit our dealership near Mason to discuss a plan that works for you and apply for financing online.

Get the Financing You Need at Beechmont Toyota

Now that you know how to refinance a car, you can take the next steps. Visit us in Cincinnati or contact us to find a refinancing plan that works for you.

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