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Common car refinancing mistakes to avoid Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and where products are displayed on this site, including for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that might be open to you. Tom Werner/Getty Images
3 minutes read. Published on February 24, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the ways and pitfalls of taking out loans to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee
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You have money questions. Bankrate has answers. Our experts have been helping you manage your finances for over four decades. We continually strive to give consumers the professional guidance and tools required to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and precise. Our award-winning editors and reporters provide honest and trustworthy 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 from our advertising. We’re honest about the ways we’re able to bring quality information, competitive rates and useful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or through you clicking certain links posted on our website. This compensation could affect the way, location and in what order products appear in listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, such as our own website rules and whether or not a product is offered in your area or at your own personal credit score could also affect how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include the details of every financial or credit product or service. If you’re having difficulty paying your current loan payment, changing the current auto loan with a new one can be an excellent way to save money and keep driving your car. However, there are a few common mistakes to avoid in order to ensure you don’t find yourself in another financial bind. Top 7 car refinancing mistakes Avoid these common traps when refinancing your vehicle loan. 1. Do not check refinancing requirements. Lenders are strict when it comes to refinancing. Be on the lookout for the criteria pertaining to your vehicle’s age, mileage and the amount left on the loan. For instance, lenders typically require a minimum of six months’ worth of payments for the loan and a remaining balance between $3,000 to $5,000 to refinance. A tip from the Bankrate
There are specific refinancing requirements from lenders’ websites or Bankrate’s .
2. Don’t contact your current lender initially. Although your current lender may not offer the most competitive rates, it is still the most effective place to begin. Before you look into refinancing options that aren’t offered by the current lender it is advisable to reach out and discuss your situation with them to determine if they are able to assist. Certain lenders provide this service , which alters the conditions, the payment due date or interest rate , to provide borrowers with financial relief. Bankrate tip
If you do go the process of refinancing your loan, it is possible that they’ll offer more than the new lender might.
3. The extension of your loan term too much Refinancing is a way to reduce costs, however should you extend the term of your loan too much, you could spend more money over its life. While a will mean lower monthly payments, you will also pay more interest. Tips from Bankrate
Before term adjustment make use of an auto refinance to confirm you will save money.
4. Don’t take into account your credit score As with most cases regarding finance, credit is used as the main determinant for approval. So, work to improve and prior to changing your loan. You’re more likely to receive the available and get a better loan overall. If your credit score is 670 or more generally qualifies borrowers to the highest interest rates. Tips from Bankrate
Check your credit ahead of loan applications by using AnnualCreditReport.com.
5. Shopping with just only one lender Similar to when shopping for your initial auto loan, we recommend comparing at least three lenders. While deciding on the first loan offer might be tempting, not all options are made equally. Ultimately, the lower your interest rate the lower your car loan. It is important to make sure you’re getting the best offer available. Tips for Bankrate
Compare the rates currently that are offered by a variety of lenders. Be aware of the eligibility requirements, repayment options, and how they compare to what you currently have on your loan.
6. Being upside down on your loan Before refinancing, make sure you know what equity in your vehicle is by comparing it to an . Equity is the amount by which the value of the car is higher than the amount that you owe to the car loan. If you have debt that is greater than what your car is worth, or hold negative equity, refinancing is likely not a good idea. Tips from Bankrate
Don’t make a deal to refinance a vehicle that you can’t afford. Check where your may be overextending and estimate the costs prior to signing an additional loan.
7. Giving up after your first rejection Auto loan refinancing guidelines differ from lender to lender Therefore, even if you’ve been denied by one lender doesn’t necessarily mean that you’ll be rejected at all. If you’re asking, “Why can’t I refinance my car?” you have the right to ask your lender in accordance with the (ECOA). They must explain to you the reason your application was not approved. Bankrate tip
Knowing the reason you were rejected will help improve your chances of being approved in the future. For example, if your credit score is too low You can work towards improving it before you apply next time.
The bottom line is that refinancing your vehicle loan could be risky but it’s a great way to lower your monthly cost and continue paying for your car. Be aware of these mistakes common to all in mind and be up-to-date on the latest trends for you to be sure you leave with the most suitable loan for your needs.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied details that cut complex topics into manageable bites.
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