Can You Refinance a Car Loan? When and How to Save

Auto loan interest rates change frequently. If you have a high rate, you might be able to swap it for a lower one.

When Your Credit Improves

If you've spent the last year improving your credit score, you likely qualify for a much lower rate than when you first bought the car.

The Loan-to-Value Problem

If you owe more than the car is worth ('underwater'), it can be difficult to find a lender willing to refinance.

Check the Fees

Ensure that the application fees and potential prepayment penalties don't outweigh the interest savings.