Should I refinance my car loan if I'm halfway through payments?

Go too your bank or credit union if you already have a relationship with one. I'd probably recommend a credit union. Rates are generally better, in my opinion. Sit down. Speak to a loan assistant about doing so. You'll fill out a small application. They'll know how much you're seeking. Then they'll pull your credit report. They'll discuss your options: interest rates and loan terms. I work at a bank. I can vouch for how simple the process usually is for moving forward.
 
Once I hit ~$2k, I started adding extra to it & got it paid off in ~8 months instead of 12. They actually ended up owing me money back lol. Wasn't much tbh, but I got some cash back
 
Depends tbh.
Refinancing could get u a better rate & lower payment.

I finally qualified for a lower rate last yr, but to lower the payment it would’ve added 9 months to my car loan. I did the math & overall it only would’ve saved my $50. I just kept it as is. It’ll be paid off in April (6 months early!)
 
Go to the place you want to refinance with or fill out on line application. I did this once... through my credit union. They will have you come there to check out the condition of the car and then give the check in exchange for the title from where ever you are paying it off from. I did it to free up money... I was able to extend the loan at a lower rate which worked out for me.
 
It can be. I refinanced mine from 16% to 8% it drops every few months and will stop at 6.5% and my monthly payment is much lower. If refinancing is not going to make a major change, I would not deal with the headache.
 
Just remember, you're bborrowing against Black Book value, and vehicles lose about 30% of their value each year.

There's a chance the next lender won't see enough value in the vehicle to pay off the current loan.

You'll need to talk with your current bank about your situation to find out if you qualify for refinancing.

If you have some savings and can make a lump sum payment so you're not borrowing the full amount of your current car loan, today's interest rate might be low enough to lower your overall monthly payment if cash flow is your issue.

If you're just trying to save on total interest, I'd say make the lump sum payment on your current loan and keep it as is... Or bump up your regular payments a bit so the loan is paid off faster.
 
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