If your credit score has improved since you bought your car, you may be able to refinance and get a lower interest rate, which can reduce your monthly payments and save you money in the long run.
If you earn more now than you did when you took out the loan, you may be able to refinance, lower your interest rate, shorten the loan term and save.
If you’re struggling to manage your bills, refinancing can extend the loan term and reduce your monthly payments, but you will pay more in interest over the life of the loan.
You may be able to refinance your car loan, tap into equity and get money to put toward other bills.Â
If you owe more than the car is worth, you may have trouble selling it or trading it in.
