How Do You Refinance a Car Loan?

finance-dealership

Wondering the best way to refinance an auto loan? What to know when refinancing your car loan in Lawerenceburg can have huge benefits. For Columbia drivers whose credit has recently improved and wondering, “how do you refinance a car loan”, refinancing can lower their monthly payment and interest rate as well as making the loan shorter. 

But knowing the best way to refinance an auto loan can be stressful. The finance team at Sharp Chrysler Dodge Jeep RAM made this breakdown of what to know when refinancing your car loan.

What to Know When Refinancing Your Car

So, how do you refinance a car loan? Typically, the goal of refinancing is to lower your monthly interest rate. Review your car financing documents, or call your lender to confirm your current interest rate and monthly payments. After that information has been established, these are your next steps for the best way to refinance an auto loan:

  • Check Your Credit Score: If your monthly bills have been paid on time, chances are your credit score has improved and refinancing could prove beneficial.
  • Start Applying: Don’t apply to just one automotive refinance company; apply to several to ensure the best rate. Submit all applications within a 14 day period to minimize the negative importance on your credit score.
  • Evaluate Offers: Run the numbers on offers to verify you’ll receive the monthly payment you’ve been hoping for
  • Decide Loan Term: Shorter term loans guarantee you larger monthly payments, but less interest. Longer term loans provide smaller payments, but you will end up paying more in interest overall

The most important item to know when refinancing your car is to choose the offer that works for your situation.

What to Know When Refinancing Your Car

Other things for Lewisburg drivers to keep in mind when refinancing:

  • Fees: Check our original cat loan to make sure there aren’t any early payoff fees. If so, refinancing might not be cost-effective
  • Underwater Finances: If your vehicle’s value is lower than what you still owe on the auto loan, approval for refinancing will be harder to obtain
  • Older Vehicles: Many lenders won’t refinance an older car with major depreciation

Learn About Your Financing Options at Sharp Chrysler Dodge Jeep RAM

Our finance experts in Pulaski are waiting to walk you through the best way to refinance an auto loan! If you have any questions, contact us to speak with someone today! Also, take a look at to see the value of your trade-in!

Learn More With Sharp Chrysler Dodge Jeep RAM

  • 2020 Jeep Gladiator Engine

    If you’ve been waiting to experience the power of the 2020 Jeep Gladiator engine in Columbia, the wait’s over! The Jeep Gladiator engine offers the capability you’ve come to expect from Jeep that will keep you moving through the Tennessee Valley with ease. Take a look at the Jeep Gladiator specs with Sharp Chrysler Dodge Jeep RAM. We’d be…

  • 2020 Jeep Gladiator Dimensions

    There’s a new truck on the roads in Columbia, and it’s the only one made by Jeep. The 2020 Jeep Gladiator dimensions put the latest Jeep family member into the midsize truck category, with a spacious interior and two rows of seating. The Jeep Gladiator bed size is just right for your payload, without being…

  • 2020 Jeep Gladiator Configurations

    From the base model Jeep Gladiator Sport to the plush and stylish Jeep Gladiator Altitude, or the comfortable Overland to the rugged Rubicon, there’s a 2020 Jeep Gladiator configuration for every budget and driving style in Columbia. With six Jeep Gladiator trim levels, there’s something for every truck fan to love at Sharp Chrysler Dodge Jeep RAM. We’re here…

Saved
Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact
Contact Us

931-347-6503

Call Now

1516 W College St • Pulaski, TN 38478

Get Directions

Today's Hours:

Open Today! Sales: 8am-6pm

Open Today! Service: 7am-5pm

Open Today! Parts: 7am-5pm

Sharp Chrysler Dodge Jeep RAM 35.20364, -87.05953.