How to Refinance a Car Loan

a car owner refinancing a car loan

If you’re like most Lemon Grove drivers, then you’re probably always looking for ways to reduce your monthly payments or interest rates on your car loan. Choosing to refinance your car loan can be a great option to lowering your monthly payments. How do you refinance a car loan? Learn how to refinance a car loan the smart and efficient way with the finance center at San Diego Chrysler Dodge Jeep Ram. Let’s help you get those monthly rates down!



What to Know When Refinancing

Before we talk about how to refinance a car, there are a few things that El Cajon drivers should know before they go about getting refinancing. To help you get the best rates possible, here is what to know when refinancing your car: 

  • Check with your lender to see if there are penalty fees for paying off a loan early. 
  • It can be more difficult to get approved for refinancing if you still owe more on your vehicle than what the vehicle is currently worth.
  • Older vehicles have undergone a significant amount of depreciation, and many lenders may not want to finance an older vehicle. 

What’s the best thing to know when refinancing your car? Choose the plan that works for your circumstances. 

Best Ways to Refinance an Auto Loan

So, how do you refinance a car loan? To help you go about refinancing in the most efficient way, here are some of the best ways to refinance an auto loan: 

  • Know Your Payments: Check with your lender or review your monthly statements to see what you’re currently paying. 
  • Know Your Credit: The higher your credit score is, the better chance you have of getting approved for refinancing. If you have paid your bills on time, then there’s a good chance that your credit score has improved. 
  • Apply: Apply to multiple lenders to get the best deal. To avoid a negative impact on your credit score, apply within a 14-day window. 
  • Compare Offers: Compare the offers you get from different La Jolla lenders to see which is the best deal. Once you have the best offer, you can use our payment calculator at San Diego Chrysler Dodge Jeep Ram to get an estimate on what you’ll pay. 
  • Choose a Loan Term: A longer loan term will mean lower payments with higher interest. A shorter loan term will mean higher payments with lower interest. 

Apply for financing at San Diego Chrysler Dodge Jeep Ram and discuss a payment plan that works for you with our finance team. 

Finance Your Vehicle with San Diego Chrysler Dodge Jeep Ram

Now that you know how to refinance a car loan, all you have to do is visit San Diego Chrysler Dodge Jeep Ram and see what your options are. Contact us at San Diego Chrysler Dodge Jeep Ram in San Diego to see how you can lower your monthly payments with refinancing. 


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