How to Refinance a Car Loan

Couple signing sales contract for car at dealership
Knowing how to refinance a car loan can be a smart financial move, helping you save on interest and lower your monthly car payments. Not sure where to start? Let the finance experts at Allen Samuels Dodge Chrysler Jeep Ram FIAT be your guide!

How Do You Refinance a Car Loan?

When refinancing, your goal is to receive a lower interest rate. Start by confirming your current rate, either on your payment statements or directly through your lender. Once you know where you’re at, work through the following steps:

  • Check Your Credit Score: Your credit score will play a big role in whether or not you can achieve a lower rate. Since you’ve already been paying for your car on a monthly basis, your score may have improved.
  • Start Applying: Credit score in hand, start applying to automotive refinance companies, comparing the various rates. Be sure to submit all applications within a 14-day period though, or else you may see negative hits to your credit score.
  • Evaluate Offers: Use a monthly payment calculator to see which offer will benefit you most, taking into account the term length as well. Even the smallest fluctuations in rates can make a big difference in your payment.
  • Decide Loan Term: In addition to your interest rate, evaluate how the loan term will impact your budget. A longer term will afford you smaller monthly payments, but you’ll pay more interest over time, while a shorter term will see larger monthly payments, but less interest in total.

Anytime you take on a financial commitment in Temple, it’s important to ensure it fits comfortably within your budget. Be realistic about what you can afford, and how long you’ll be responsible for these payments. Borrowing within your limits will improve your credit score over time, so choose responsibly.

Sale of automobiles

What to Know When Refinancing Your Car

In addition to interest rates and loan terms, there are more points to know when refinancing your car in Woodway.

  • Fees: If your current lender charges fees for paying off your loan early, it may not make refinancing a wise choice.
  • Underwater Finances: How much do you owe on your vehicle? If your total is higher than what the vehicle is worth, lenders may be wary to extend refinancing.
  • Older Vehicles: Similarly, if your car has already experienced major depreciation, you may have a harder time securing favorable rates.

Do any of these circumstances apply to you? We can help! Use our car buying tips to help you understand how financing works, and reach out to us with all your questions.

Learn About Your Financing Options at Allen Samuels Dodge Chrysler Jeep Ram FIAT

The best way to refinance your auto loan is to work with a knowledgeable professional who can help you find ideal options for your Gatesville budget. If you’re ready to save money every month, get started at Allen Samuels Dodge Chrysler Jeep Ram FIAT! Our dealership offers many incentives over borrowing from a bank, and we will work hard to secure terms that work for you. We can even walk you through trading in an already-financed car. Contact us today!

More from Allen Samuels Dodge Chrysler Jeep Ram FIAT

  • 2020 Dodge Journey Towing Capacity

    How much can the Dodge Journey tow? Woodway drivers looking for a cozy but durable vehicle for Temple for hauling cargo on road trips and vacations should consider the new Dodge Journey, thanks to its impressive towing capacity. To keep your Gatesville trips interesting, the Journey provides ample interior entertainment features, and you can cruise…

  • 2020 RAM 2500 Towing Capacity

    Searching for a rugged work truck to help you take on tough tasks in Woodway? Whether you need to rule the jobsite in Temple or haul cargo through Gatesville, the powerful RAM 2500 has you covered. This muscular pickup offers a robust exterior while providing a comfortable cabin allowing drivers to work hard and relax…

  • How Much Can a Jeep Wrangler Tow?

    The 2019 Jeep Wrangler was a fast favorite in the Woodway area due to its outstanding performance, features, and style. But the Jeep Wrangler towing capacity is one of the most popular selling points with adventure-ready Temple drivers. Just how much can a Jeep Wrangler tow? This powerhouse has a maximum capacity of 3,500 pounds…

Saved
Saved Vehicles ×

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact
Contact Us ×

(254) 772-1000

Call Now

201 W. LOOP 340 • Waco, TX 76712

Get Directions

Today's Hours:

Open Today! Sales: 8:30am-8pm

Open Today! Service: 7am-7pm

Open Today! Parts: 7am-7pm

Allen Samuels Dodge Chrysler Jeep Ram FIAT

201 W. LOOP 340 Waco, TX

Phone: (254) 772-1000

http://maps.google.com/?q=201%20W%20LOOP%20340%2C%20WACO%2C%2C%20TX%2076712-6731

Parts

Phone: (888) 495-6718

201 W. LOOP 340 Waco, TX

Mobile Parts

Phone: (888) 851-3080

201 W. LOOP 340 Waco, TX

Sales

Phone: (888) 350-1851

201 W. LOOP 340 Waco, TX

Mobile Sales

Phone: (888) 314-7866

201 W. LOOP 340 Waco, TX

Service

Phone: (888) 364-1591

201 W. LOOP 340 Waco, TX

Mobile Service

Phone: (888) 731-3959

201 W. LOOP 340 Waco, TX
31.5097545 -97.188118
Allen Samuels Dodge Chrysler Jeep Ram FIAT 31.5097545, -97.188118.