If your current monthly car payment is higher than you’d like, you are not alone. Many drivers are locked into auto loans with rates that strain their budgets. The good news? You may have a better option. If you refinance your existing auto loan, you could unlock a lower rate, reduce your monthly payment, and possibly even pay off your car sooner.
At Everwise, we make the refinancing process fast, secure, and you can easily apply from the convenience of your home.
Is refinancing my car a good idea?
For many people, it is. Refinancing is a smart financial move as it can allow you to pay your car loan off at a lower interest rate. Refinancing means you could:
- Lower your monthly payment.
- Save on interest over the life of your loan.
- Pay off your balance faster.
- Free up room in your budget for other priorities.
- Take our quiz (below) too see what's right for you.
When is the best time to refinance my car?
Refinancing can be a smart move when:
- Interest rates are lower than when you purchased your car.
- Your credit score has improved.
- You’re still early in your loan term when most of the interest is front-loaded, which allows for maximum savings.
- You want a lower monthly payment to free up room in your budget.
Try our Auto Refi Calculator to estimate your new payment in just a few minutes.
Will refinancing hurt my credit score?
Although refinancing can involve a credit check with a small hit to your score, consistent on-time payments on your new car loan can help build your credit over time. For many loan holders, the lower payments and reduced interest charges outweigh the short-term credit impact.
Three easy steps to refinance.
- Estimate your savings. Use our Auto Refi Calculator to see your potential new payment in a few minutes.
- Apply online (or at any Everwise branch).
- Start saving. Once approved, your old loan is paid off and your new auto loan with Everwise is set up.
Put your savings to work.
Imagine freeing up hundreds of dollars each year. You could pay down debt, build your savings, or enjoy breathing room in your monthly budget. With Everwise, your car payment can finally work for you, not against you.
