There are plenty of benefits to refinancing a car loan, including a lower car payment, a revised payment calendar and gaining access to additional out-of-pocket money.
Refinancing is not for everyone, though, and there are several considerations you should make before deciding “should I refinance my car” or not.
Benefits of Refinancing a Car
There are many benefits of refinancing through CARS, including:
- A much lower car payment
- A lower rate, dependent on several factors including credit history
- No additional fees
- Ability to skip up to 60 Days of Payments1
Reasons to Refinance with CARS
Have you thought “should I refinance my car?” here are some benefits of refinancing that can help get you off the fence.
- Take advantage of historically lower interest rates than previous years
- Your credit score has improved significantly since your vehicle purchase and you may be eligible for a lower rate and lower car payment
- You want to pay off your vehicle sooner without substantially increasing payments
- CARS is trusted, and works with top lenders to help you get the best possible rate
When Refinancing Is Not Right for You
CARS cannot refinance vehicles with more than 100,000 miles on them, or refinance leased vehicles.
See a full list of what does and doesn’t qualify for refinancing through CARS here.
If you owe more than $8,500 on your vehicle and are not satisfied with your current interest rate, payment terms, or anything else about your current car loan, there is a good chance CARS will be able to help.
Apply for vehicle refinancing today, and experience why more than 75,000 customers have been satisfied with us after refinancing their auto loans.
1With this deferred payment option, interest will accrue during the deferred period. The deferred payment period of 60 days may not be available with all lenders.