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Do refinancing your car start your loan over? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering financial calculators and interactive tools as well as publishing unique and impartial content. We also allow you to conduct research and compare data at no cost and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on the site, such as, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be open to you. Westend61/Getty Images

3 minutes read. Published 20th October, 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched, and well-organized information that breaks down otherwise complex topics into manageable bites. The Bankrate promise

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If you have questions about money. Bankrate can help. Our experts have been helping you master your finances for more than four years. We continually strive to give our customers the right advice and tools required to make it through life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced by our advertisers. We’re honest about the ways we’re able to bring quality content, competitive rates, and useful tools for you , by describing how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods or services, or by you clicking on certain links posted on our website. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is offered in your area or at your own personal credit score could also affect the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include details about every financial or credit item or product. swaps your current loan by obtaining a new loan. You may get a lower interest rate and shorter or longer term that you are currently getting. If you opt for a longer time to pay back your new loan can make you feel like you’re starting over. A majority of people refinance in order to save money. But refinancing might not be the ideal solution for you if you’re facing more serious financial issues. Refinancing your car can restart the loan If you decide that refinancing the loan is the best solution for you financially and the terms that are offered can make your monthly loan payment less expensive. However, it is important to be mindful of the loan period you select to avoid the fear of “restarting the loan” even when you’ve been paying for a long time. In the ideal scenario, you’ll make sure you don’t add too many payments to pay off the balance by choosing a loan term that is equal or less than the remaining period of your current loan. For instance, if you have a remaining term of 36 months on your loan then you could refinance to 36-month loan. This will save the need to pay additional interest. And, with a lower interest rate the payments will be less. However, refinancing might not be advantageous if you have less than 24 months left in your car loan. It is common to pay the highest cost of interest during the first months of your loan and will limit the savings in costs if you refinance towards the end of the repayment period. The impact of refinancing on the length of your loan term The most common terms that drivers face when financing a car can range between 24 and 84 months. The shorter the term, the lower your monthly payment will be. If you take out a longer loan you could end up stuck paying hundreds of dollars more interest than with a smaller loan. While you may be able to get a different interest rate also, the term change will be the primary factor in whether or not you effectively “reset” the terms of your loan. The term can be shortened or made longer — and the right choice depends on your financial situation. To best determine your ideal length of time, make use of an opportunity to discover the one that will best balance the money saved and monthly payments that you are able to be able to afford. It’s an excellent idea to refinance your vehicle loan There are a few primary scenarios where it is a your car loan. It’s difficult to make monthly payments. Refinancing and changing your current loan’s terms could give you more time to repay your vehicle or a lower rate. You may also be able to from to your existing lender without refinancing. You’re taking out the current loan. More credit means better terms. This is especially true when you originally financed through an auto dealership. The financing for the current loan with the dealership. If you made use of the dealership your car to pay for it, you might be in a position to get better loan terms with an outside lender. Check to see how much you could potentially save by using a lower . If you choose to refinance then read the purchase agreement or reach out to your current lender to confirm they don’t for paying off the loan in a hurry. If you do not, you’ll be charged an enormous cost that is greater than the advantages of refinancing. How to refinance your car loan If you decide that refinancing is right for you, to take. Review the current loan and organize the paperwork for the next loan application. Check your current loan. Look up the rate of interest, the payment amount, remaining months as well as information on any fees or penalties. Examine your credit. Make sure you have a credit report in shape to get a decent rate. Examine your credit report for any mistakes while you’re at it. Compare lenders. Do not choose the first lender that offers a decent rate. Review several, including their eligibility criteria, penalties and what are the rates, terms and fees you qualify for. Refinance your loan. If you’ve decided to apply with the lender you can apply either online or in person. The lender will inform you what you can qualify for and how the rest of the process will work. The bottom line You’ll start from scratch with a new auto loan when you refinance and possibly get a lower monthly payment or . But before you make a decision, take into consideration the potential risks associated with refinancing. Find other options to save money, if refinancing isn’t the best move in your situation financially.


Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and informative details that cut otherwise complicated topics into digestible pieces.

Auto loans editor

Next Part of Refinancing a Car Loan Auto Loans

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