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Can refinancing trigger your auto 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 interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can 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 who pay us. This compensation can affect the way and when products are featured on this website, for example, for example, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be accessible to you. Westend61/Getty Images

3 min read Published October 20, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing concise, well-researched and reliable facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporters and editors are focused on the things that consumers care about the most — the various kinds of loans available and the most competitive rates, the best lenders, the best ways to pay off debt and much more. So you’ll feel safe making a decision about your investment. Editorial integrity

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There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial staff is objective, factual and is not influenced through our sponsors. We’re honest about the ways we’re capable of bringing high-quality content, competitive rates and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products andservices or through you clicking specific links on our site. So, this compensation can impact how, where and in what order items appear within listing categories and categories, unless it is prohibited by law for our mortgage or home equity, and other home loan products. Other elements, like our own website rules and whether a product is available within your area or at your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial products or services. Swap your current loan by obtaining a new loan. It could result in an interest rate that is lower and a shorter or longer duration than the one you have currently. However, if you choose to extend the repayment period on your new loan may make you feel like you’re starting from scratch. Many people refinance their loans for savings. However, refinancing could not be the best solution if you have an even bigger financial issue. Refinancing your car can restart the loan In the event that you choose that you want to refinance your loan is the best choice for your financial situation The new terms you can get can make your monthly loan payment more affordable. However, you want to be mindful of the loan period you select to avoid the fear of “restarting your loan” even when you’ve been paying for some time. In the ideal scenario, you’ll avoid adding too many additional payments to pay off the loan by selecting a term that is the same or shorter than the remaining period of your current loan. If, for instance, you still have 36 months on your loan, you would refinance to 36-month loan. This will save the need to pay additional interest. Also, with an interest rate that is lower the payments will be less. However, refinancing isn’t beneficial if you have less than 24 month remaining on your auto loan. The majority of people pay interest in the first few years of the loan and will limit the savings in costs when you refinance at the close of the repayment period. How refinancing affects the duration of your loan duration The most frequent terms that drivers face when financing a car vary between 24 and 84 months. The lower the monthly payment will be. However, with a larger loan you could end up in the position of paying hundreds of dollars more in interest than you would with a shorter loan. Even though you could obtain a different rate of interest and term, the duration change will be the primary factor in whether or not you actually “reset” your loan. The term can be shortened or made longer — and the right choice depends on your budget. To figure out your ideal term length, take advantage of an to find the one that will best ensure that you are able to make the monthly installments you can manage. When it’s a good idea to refinance your vehicle loan There are a few principal scenarios in which it’s an auto loan. You’re having trouble making the monthly installments. Refinancing and reworking your current loan’s terms could provide you with more time to repay your vehicle or get a lower interest. You may also be able to get a loan from your current lender and not refinancing. The reason you are using this loan. A better credit score will result in better conditions. This is particularly true if you first financed your loan with an auto dealership. You paid for your current loan with the dealership. If you used your car to pay for it, you might be qualified for better loan terms with an outside lender. See what you can save through a reduced . If you are considering refinancing, read the purchase agreement or reach out to your current lender to verify that they aren’t have any requirements to repay the loan early. If you do not, you’ll be charged a sizable fee that outweighs the benefits of refinancing. Refinancing your car loan If you determine refinancing is the right option, to take. Review your current loan and prepare the documents for your future loan application. Review the current loan. Look up the rate of interest, the payment amount, the remaining months, as well as information on any fees or penalties. Verify your credit. Check to see if you have a credit report in shape to get a decent rate. Verify your credit score for errors while you’re at it. Compare lenders. Do not choose the first lender which has a good rate. Review several of them, including their eligibility requirements as well as penalties, are the rates, terms and fees you prequalify for. Refinance your loan. After you have decided on a lender to apply, you can do so online and in person. Once you have submitted your application, the lender will inform you whether you’re eligible and how the rest of the process will go. The final result is that you’ll begin from scratch with a new auto loan in the event that you refinance, and possibly receive a lower monthly installment or . But before you make a decision, take into consideration the potential risks involved with refinancing. Find other options to save money, if refinancing isn’t the best move in your situation financially.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complicated topics into digestible pieces.

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