[{"data":1,"prerenderedAt":7351},["Reactive",2],{"/":3},{"data":4,"headers":7323,"perPage":7349,"total":7350},{"stories":5,"cv":7320,"rels":7321,"links":7322},[6,1048,1702,2525,3318,4098,4867,5696,6402],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":1039,"full_slug":1040,"sort_by_date":132,"position":1041,"tag_list":1042,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":1044,"first_published_at":1045,"release_id":132,"lang":1046,"path":132,"alternates":1047,"default_full_slug":132,"translated_slugs":132},"Refinance a Car Loan With Bad Credit","2025-04-07T18:30:56.747Z","2025-12-26T13:45:13.440Z","2025-12-26T13:45:13.520Z",651798181,"3512e936-02be-469f-aa5b-1eb8b9f7b1bc",{"seo":14,"_uid":20,"body":21,"author":49,"category":1035,"featured":45,"component":1036,"canonicalTag":1037,"_editable":1038},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"e5cdfead-eb1b-4778-8f4f-5a1d325b247d","How to Refinance a Car Loan with Bad Credit - Navient Marketplace","seo_metatags","","Refinancing your car loan can help you save money on interest, even if you have bad credit. Read our tips on how to make smarter refinancing decisions.","c3dfb6bc-82dc-4342-ab6f-3ade890377bb",[22,53,1010],{"id":23,"_uid":24,"image":25,"intro":26,"author":27,"classes":28,"category":18,"featured":45,"blogTitle":46,"component":47,"imageLink":48,"blendImage":45,"authorRoute":49,"publishedDate":50,"backgroundColor":51,"_editable":52},"blog-hero","d005c998-08ad-4cd0-8c91-891d065386f3","//a.storyblok.com/f/110029/1212x806/da36cf443a/refinance-car-loan-with-bad-credit.png","A bad credit score can limit your options when it comes to refinancing your car loan. But it's not impossible. Here's everything you need to know.","Natasha Khullar Relph",[29],{"_uid":30,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":44},"62aa7bad-ddff-4975-87db-08561f118b48","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold blog-info-section","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","600","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"62aa7bad-ddff-4975-87db-08561f118b48\", \"id\": \"651798181\"}-->",false,"How to Refinance a Car Loan with Bad Credit: Lenders, Tips, Alternatives","BlogHero","/images/refinance-car-loan-with-bad-credit.png","natasha-khullar-relph","Updated: May 9, 2023 ","#F6F2F7","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"d005c998-08ad-4cd0-8c91-891d065386f3\", \"id\": \"651798181\"}-->",{"_uid":54,"bloks":55,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":1008,"_editable":1009},"1948542a-4660-453d-a5a5-18c7c17d2310",[56],{"_uid":57,"bloks":58,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":1005},"4197f6e2-330f-411a-b394-bb8460271842",[59,954],{"lg":60,"md":60,"sm":61,"_uid":62,"cols":61,"bloks":63,"alignSelf":951,"component":952,"_editable":953},"7","12","6e839e34-8617-4c5b-907f-60e3a7a554f4",[64],{"_uid":65,"color":66,"classes":67,"content":18,"richText":68,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":947,"_editable":950},"60b8fd22-2c58-4bb0-a3d7-3ba54d17b109","#444444","blog-post-text blog-post-headers",{"type":69,"content":70},"doc",[71,86,93,100,110,151,159,166,173,182,192,201,225,247,255,263,284,291,299,307,336,344,352,359,380,388,396,403,411,419,426,433,441,449,456,463,470,478,485,493,540,548,555,563,597,605,612,620,654,662,729,737,744,752,773,781,802,810,831,839,860,868,875,883,890,898,926,935],{"type":72,"content":73},"paragraph",[74],{"text":75,"type":76,"marks":77},"Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.","text",[78,82],{"type":79,"attrs":80},"styled",{"class":81},"footer-text",{"type":83,"attrs":84},"textStyle",{"color":85},"#000000",{"type":72,"content":87},[88],{"text":89,"type":76,"marks":90},"If you’re paying too much interest on your car loan, you may be able to use refinancing to get a lower rate — even if you have a less-than-stellar credit score. Finding a refinance lender isn’t always easy if you have bad credit, but that doesn’t mean it’s impossible. ",[91],{"type":83,"attrs":92},{"color":85},{"type":72,"content":94},[95],{"text":96,"type":76,"marks":97},"These days, a number of lenders offer special provisions to help those with poor credit obtain a new loan that works for their budget. Some lenders accept borrowers with credit scores down to 550. Others have no minimums at all. So, while your final rate may be slightly higher than what you’d get with good credit, you could still secure a refinancing deal that helps you save hundreds of dollars in interest over the life of the loan. Here’s what you need to know to refinance a car loan with bad credit. ",[98],{"type":83,"attrs":99},{"color":85},{"type":101,"attrs":102,"content":104},"heading",{"level":103},2,[105],{"text":106,"type":76,"marks":107},"Key takeaways",[108],{"type":83,"attrs":109},{"color":85},{"type":111,"content":112},"bullet_list",[113,123,133,142],{"type":114,"content":115},"list_item",[116],{"type":72,"content":117},[118],{"text":119,"type":76,"marks":120},"You can refinance a car loan with bad credit, but the terms may not be as favorable. For that reason, these refinance loans are often called “subprime loans.” ",[121],{"type":83,"attrs":122},{"color":85},{"type":114,"content":124},[125],{"type":72,"content":126},[127],{"text":128,"type":76,"marks":129},"If you have a credit score of 550 or higher, you’ll likely qualify for a subprime refinance loan with a variety of lenders. ",[130],{"type":83,"attrs":131},{"color":132},null,{"type":114,"content":134},[135],{"type":72,"content":136},[137],{"text":138,"type":76,"marks":139},"In general, the lower your credit score, the higher your interest rate will be. ",[140],{"type":83,"attrs":141},{"color":132},{"type":114,"content":143},[144],{"type":72,"content":145},[146],{"text":147,"type":76,"marks":148},"You may want to work on improving your credit score before you apply for a refinance. ",[149],{"type":83,"attrs":150},{"color":132},{"type":101,"attrs":152,"content":153},{"level":103},[154],{"text":155,"type":76,"marks":156},"Can you refinance a car with bad credit? ",[157],{"type":83,"attrs":158},{"color":85},{"type":72,"content":160},[161],{"text":162,"type":76,"marks":163},"It is possible to refinance a car loan with bad credit. That said, lenders almost always perform a credit check before they issue a new loan, and they tend to prefer borrowers with credit scores above 650. If yours is below that, it may be challenging to find a lender willing to work with you. Even if you do find one, you may be subject to higher interest rates. For that reason, loans available to those with poor credit are usually referred to as “subprime” loans. ",[164],{"type":83,"attrs":165},{"color":85},{"type":72,"content":167},[168],{"text":169,"type":76,"marks":170},"However, if national interest rates have fallen since you took out your loan, you may still be able to get a better rate with a refinance. That could either lower your monthly payment or save you money in interest charges. But you may have to do some extra legwork to make it happen –– either by finding a lender willing to work with you, or improving your credit score before you apply. Here are some lenders that will let you refinance a car loan with bad credit. ",[171],{"type":83,"attrs":172},{"color":85},{"type":101,"attrs":174,"content":175},{"level":103},[176],{"text":177,"type":76,"marks":178},"Lenders that refinance car loans with bad credit ",[179],{"type":83,"attrs":180},{"color":181},"rgb(0, 0, 0)",{"type":101,"attrs":183,"content":185},{"level":184},3,[186],{"text":187,"type":76,"marks":188},"1. iLending",[189],{"type":83,"attrs":190},{"color":191},"rgb(67, 67, 67)",{"type":72,"content":193},[194],{"text":195,"type":76,"marks":196},"2.24% APR, 36-84 month term, 560 minimum credit score",[197,199],{"type":198},"bold",{"type":83,"attrs":200},{"color":85},{"type":72,"content":202},[203,208,220],{"text":204,"type":76,"marks":205},"With iLending, you can refinance cars, RVs, and even boats as long as your ",[206],{"type":83,"attrs":207},{"color":85},{"text":209,"type":76,"marks":210},"FICO score",[211,216,218],{"type":212,"attrs":213},"link",{"href":214,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.myfico.com/credit-education/what-is-a-fico-score","url",{"type":83,"attrs":217},{"color":132},{"type":219},"underline",{"text":221,"type":76,"marks":222}," is at least 560. The company will refinance vehicles produced in 2011 or later and with up to 200,000 miles on the odometer. You’ll need at least a $7,500 balance left on your loan to apply. ",[223],{"type":83,"attrs":224},{"color":132},{"type":72,"content":226},[227,232,242],{"text":228,"type":76,"marks":229},"iLending’s ",[230],{"type":83,"attrs":231},{"color":85},{"text":233,"type":76,"marks":234},"annual percentage rates (APRs)",[235,239,241],{"type":212,"attrs":236},{"href":237,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/interest-rate-vs-apr-personal-loan/","_blank",{"type":83,"attrs":240},{"color":132},{"type":219},{"text":243,"type":76,"marks":244}," start at 2.24%, which is on the lower end for refinance loans. (Keep in mind that your rate will likely be higher if you have bad credit.) iLending doesn’t charge a loan application fee for refinancing, and it allows borrowers to file joint applications. ",[245],{"type":83,"attrs":246},{"color":132},{"type":101,"attrs":248,"content":249},{"level":184},[250],{"text":251,"type":76,"marks":252},"2. Caribou",[253],{"type":83,"attrs":254},{"color":85},{"type":72,"content":256},[257],{"text":258,"type":76,"marks":259},"4.99% APR, 48-84 month term, 620 minimum credit score",[260,261],{"type":198},{"type":83,"attrs":262},{"color":85},{"type":72,"content":264},[265,270,279],{"text":266,"type":76,"marks":267},"To qualify for the best rates with ",[268],{"type":83,"attrs":269},{"color":85},{"text":271,"type":76,"marks":272},"Caribou",[273,276,278],{"type":212,"attrs":274},{"href":275,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://fiona.com/partner/navientalr/loans",{"type":83,"attrs":277},{"color":132},{"type":219},{"text":280,"type":76,"marks":281},", you’ll need a minimum credit score of 740. However, you can still refinance with this company as long as your credit score is at least 620 (and you don’t mind slightly higher interest rates). Your vehicle must have no more than 85,000 miles on it, and you’ll have to pay a $399 processing fee.",[282],{"type":83,"attrs":283},{"color":132},{"type":72,"content":285},[286],{"text":287,"type":76,"marks":288},"Keep in mind that these loans are not available in all states. To qualify for a Caribou loan, you cannot be a resident of Maryland, Massachusetts, Mississippi, Nebraska, Nevada, Wisconsin, or West Virginia. ",[289],{"type":83,"attrs":290},{"color":85},{"type":101,"attrs":292,"content":293},{"level":184},[294],{"text":295,"type":76,"marks":296},"3. RefiJet",[297],{"type":83,"attrs":298},{"color":85},{"type":72,"content":300},[301],{"text":302,"type":76,"marks":303},"3.49% APR, 24-84 month term, 500 minimum credit score",[304,305],{"type":198},{"type":83,"attrs":306},{"color":85},{"type":72,"content":308},[309,317,322,331],{"text":310,"type":76,"marks":311},"RefiJet",[312,314,316],{"type":212,"attrs":313},{"href":275,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":315},{"color":85},{"type":219},{"text":318,"type":76,"marks":319}," is a service that matches borrowers with appropriate lenders. All you have to do is submit a single application, and RefiJet will prequalify you for several loans at once. This will give you accurate rate information for each lender and allow you to compare potential loan offers side-by-side. However, the convenience does come at a cost. RefiJet charges $395 for each application it processes. The good news is that applying for prequalification quotes ",[320],{"type":83,"attrs":321},{"color":132},{"text":323,"type":76,"marks":324},"will not impact your credit",[325,328,330],{"type":212,"attrs":326},{"href":327,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/articles/basics/07/prequalified-approved.asp",{"type":83,"attrs":329},{"color":132},{"type":219},{"text":332,"type":76,"marks":333},". ",[334],{"type":83,"attrs":335},{"color":132},{"type":101,"attrs":337,"content":338},{"level":184},[339],{"text":340,"type":76,"marks":341},"4. Auto Approve",[342],{"type":83,"attrs":343},{"color":85},{"type":72,"content":345},[346],{"text":347,"type":76,"marks":348},"2.94% APR, 12-84 month term, 580 minimum credit score",[349,350],{"type":198},{"type":83,"attrs":351},{"color":85},{"type":72,"content":353},[354],{"text":355,"type":76,"marks":356},"Auto Approve is similar to RefiJet in that it acts as a bridge between borrowers and lenders. Once you fill out an application, Auto Approve will do the work of applying and prequalifying you for various loans. You’ll receive prequalification quotes from several different lenders in as little as a few seconds. You can then decide which refinancing option is right for you. ",[357],{"type":83,"attrs":358},{"color":85},{"type":72,"content":360},[361,366,375],{"text":362,"type":76,"marks":363},"Auto Approve doesn’t charge an upfront fee, but you may have to pay origination fees or other charges associated with your final loan. With Auto Approve, you’ll also have the option to ",[364],{"type":83,"attrs":365},{"color":85},{"text":367,"type":76,"marks":368},"add co-signers",[369,372,374],{"type":212,"attrs":370},{"href":371,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.bankrate.com/loans/personal-loans/personal-loan-with-co-signer/",{"type":83,"attrs":373},{"color":132},{"type":219},{"text":376,"type":76,"marks":377}," and vehicle protection options. ",[378],{"type":83,"attrs":379},{"color":132},{"type":101,"attrs":381,"content":382},{"level":184},[383],{"text":384,"type":76,"marks":385},"5. LendingArts",[386],{"type":83,"attrs":387},{"color":85},{"type":72,"content":389},[390],{"text":391,"type":76,"marks":392},"5.44% APR, 550 minimum credit score",[393,394],{"type":198},{"type":83,"attrs":395},{"color":85},{"type":72,"content":397},[398],{"text":399,"type":76,"marks":400},"LendingArts will work with you to find the lowest possible rates based on your income, credit score, and vehicle’s condition and age. The company accomplishes this by partnering with credit unions, which tend to offer lower rates and more flexible terms than larger financial institutions. LendingArts currently advertises a 5.44% APR for qualifying borrowers and requires a minimum credit score of 550. To work with LendingArts, you’ll need to fill out the application form on their website, which will ask for details about you and your vehicle. ",[401],{"type":83,"attrs":402},{"color":85},{"type":101,"attrs":404,"content":405},{"level":184},[406],{"text":407,"type":76,"marks":408},"6. RateWorks",[409],{"type":83,"attrs":410},{"color":85},{"type":72,"content":412},[413],{"text":414,"type":76,"marks":415},"4.29% APR, 36-72 month term, No minimum credit score",[416,417],{"type":198},{"type":83,"attrs":418},{"color":85},{"type":72,"content":420},[421],{"text":422,"type":76,"marks":423},"RateWorks specializes in lending to borrowers with bad credit. The company’s APR offers begin at 4.29%, but rise to 8.09% for those with credit scores below 620. That said, RateWorks doesn’t have a minimum credit score requirement. That makes it a great choice for those struggling to find a refinance lender elsewhere. ",[424],{"type":83,"attrs":425},{"color":85},{"type":72,"content":427},[428],{"text":429,"type":76,"marks":430},"Most of RateWorks’s loan terms range from 36 to 72 months. The company won’t charge you any closing costs or fees when you take out a new loan. However, its loans are only available in 22 states, as listed on their website.",[431],{"type":83,"attrs":432},{"color":85},{"type":101,"attrs":434,"content":435},{"level":184},[436],{"text":437,"type":76,"marks":438},"7. Gravity Lending",[439],{"type":83,"attrs":440},{"color":85},{"type":72,"content":442},[443],{"text":444,"type":76,"marks":445},"5.34% APR, 24-96 month term, 580 minimum credit score",[446,447],{"type":198},{"type":83,"attrs":448},{"color":85},{"type":72,"content":450},[451],{"text":452,"type":76,"marks":453},"Like many of the companies on this list, Gravity Lending uses borrowers’ personal details to pair them with a variety of financial institutions and online lenders. The company charges no fees, which is a major perk. ",[454],{"type":83,"attrs":455},{"color":85},{"type":72,"content":457},[458],{"text":459,"type":76,"marks":460},"To work through Gravity Lending, you’ll need to have at least a $10,000 balance remaining on your old loan. If you have a credit score of 750 or above and a vehicle produced in 2018 or later, you’ll likely qualify for the best loan options. If your car was purchased before 2012, however, Gravity Lending won’t be able to help you refinance.",[461],{"type":83,"attrs":462},{"color":132},{"type":72,"content":464},[465],{"text":466,"type":76,"marks":467},"Representative example: If you borrow $15,000 secured by vehicle title, for 60 months at 5% APR (annual percentage rate) the monthly payment would be $283.07. Total interest paid would be $1,984.11. Your actual rate and payment amount may vary as determined by your collateral, down payment, term, loan amount, state sales tax, registration fees, and credit qualifications.  ",[468],{"type":83,"attrs":469},{"color":181},{"type":101,"attrs":471,"content":472},{"level":103},[473],{"text":474,"type":76,"marks":475},"How to improve your credit for refinancing",[476],{"type":83,"attrs":477},{"color":85},{"type":72,"content":479},[480],{"text":481,"type":76,"marks":482},"Even if your credit score isn’t good enough to qualify for lenders’ best auto loan rates, that doesn’t mean you can’t refinance. It may just mean you have to do a little work to improve your credit score before you can get out of your current loan. Here are some easy ways you can make an impact on your credit in a relatively short period of time.",[483],{"type":83,"attrs":484},{"color":85},{"type":101,"attrs":486,"content":487},{"level":184},[488],{"text":489,"type":76,"marks":490},"Reduce your credit utilization ratio",[491],{"type":83,"attrs":492},{"color":85},{"type":72,"content":494},[495,500,508,513,521,526,535],{"text":496,"type":76,"marks":497},"Credit utilization, or the proportion of your available credit that you're using,",[498],{"type":83,"attrs":499},{"color":85},{"text":501,"type":76,"marks":502}," ",[503,506],{"type":212,"attrs":504},{"href":505,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.experian.com/blogs/ask-experian/credit-education/score-basics/credit-utilization-rate/",{"type":83,"attrs":507},{"color":132},{"text":509,"type":76,"marks":510},"can account for ",[511],{"type":83,"attrs":512},{"color":132},{"text":514,"type":76,"marks":515},"nearly a third of your credit score",[516,518,520],{"type":212,"attrs":517},{"href":505,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":519},{"color":132},{"type":219},{"text":522,"type":76,"marks":523},". Aim to keep your credit utilization ratio below 30% — or, ideally, below 10%. Try to avoid maxing out your cards and work to ",[524],{"type":83,"attrs":525},{"color":132},{"text":527,"type":76,"marks":528},"pay down high credit card balances",[529,532,534],{"type":212,"attrs":530},{"href":531,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/debt-reduction-strategy/",{"type":83,"attrs":533},{"color":132},{"type":219},{"text":536,"type":76,"marks":537},". It may also be helpful to request a credit limit increase from your card issuer, but only if you won't be tempted to overspend.",[538],{"type":83,"attrs":539},{"color":132},{"type":101,"attrs":541,"content":542},{"level":184},[543],{"text":544,"type":76,"marks":545},"Diversify your credit mix",[546],{"type":83,"attrs":547},{"color":85},{"type":72,"content":549},[550],{"text":551,"type":76,"marks":552},"New lenders like to see that you can manage different types of credit responsibly. Your credit mix, which includes revolving credit (e.g. credit cards) and installment loans (e.g. mortgages, car loans, and student loans), contributes to 10% of your credit score. While you shouldn't take on new debt solely to improve your credit mix, consider diversifying your credit portfolio if it makes financial sense for you.",[553],{"type":83,"attrs":554},{"color":85},{"type":101,"attrs":556,"content":557},{"level":184},[558],{"text":559,"type":76,"marks":560},"Limit hard inquiries on your credit report",[561],{"type":83,"attrs":562},{"color":85},{"type":72,"content":564},[565,570,579,584,593],{"text":566,"type":76,"marks":567},"Applying for new credit accounts triggers ",[568],{"type":83,"attrs":569},{"color":85},{"text":571,"type":76,"marks":572},"hard credit inquiries",[573,576,578],{"type":212,"attrs":574},{"href":575,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/soft-vs-hard-credit-inquiries/",{"type":83,"attrs":577},{"color":132},{"type":219},{"text":580,"type":76,"marks":581}," on your credit report, which can lower your score by a few points each. If you apply for a number of credit accounts in a short period of time, these hard inquiries can stack up, significantly lowering your score. So, if you recently applied for a personal loan or a new credit card, for example, you might want to wait for your credit score to recover before you apply for a refinance. You can keep track by viewing your credit score at ",[582],{"type":83,"attrs":583},{"color":132},{"text":585,"type":76,"marks":586},"annualcreditreport.com",[587,590,592],{"type":212,"attrs":588},{"href":589,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://annualcreditreport.com",{"type":83,"attrs":591},{"color":132},{"type":219},{"text":332,"type":76,"marks":594},[595],{"type":83,"attrs":596},{"color":132},{"type":101,"attrs":598,"content":599},{"level":184},[600],{"text":601,"type":76,"marks":602},"Keep old accounts open",[603],{"type":83,"attrs":604},{"color":85},{"type":72,"content":606},[607],{"text":608,"type":76,"marks":609},"Your credit history length, which accounts for 15% of your credit score, is determined by the age of your oldest account, the age of your newest account, and the average age of all your accounts. Closing old accounts can shorten your credit history and potentially lower your score. As long as there are no annual fees, consider keeping your old accounts open and active to maintain a longer credit history.",[610],{"type":83,"attrs":611},{"color":85},{"type":101,"attrs":613,"content":614},{"level":184},[615],{"text":616,"type":76,"marks":617},"Dispute errors and monitor your credit regularly",[618],{"type":83,"attrs":619},{"color":85},{"type":72,"content":621},[622,627,636,641,650],{"text":623,"type":76,"marks":624},"By regularly monitoring your credit, you'll be able to track your progress and quickly address any issues that arise. Many banks, credit card issuers, and personal finance apps offer free ",[625],{"type":83,"attrs":626},{"color":85},{"text":628,"type":76,"marks":629},"credit score monitoring services",[630,633,635],{"type":212,"attrs":631},{"href":632,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.cnbc.com/select/best-credit-monitoring-services/",{"type":83,"attrs":634},{"color":132},{"type":219},{"text":637,"type":76,"marks":638},". Use these tools to stay informed and proactive in managing your credit. And if you see any suspicious charges or errors, like a line of credit you don’t recognize, ",[639],{"type":83,"attrs":640},{"color":132},{"text":642,"type":76,"marks":643},"report them as soon as possible",[644,647,649],{"type":212,"attrs":645},{"href":646,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314/",{"type":83,"attrs":648},{"color":132},{"type":219},{"text":332,"type":76,"marks":651},[652],{"type":83,"attrs":653},{"color":132},{"type":101,"attrs":655,"content":656},{"level":184},[657],{"text":658,"type":76,"marks":659},"Use a credit-building service",[660],{"type":83,"attrs":661},{"color":85},{"type":72,"content":663},[664,669,676,684,689,696,704,709,716,724],{"text":665,"type":76,"marks":666},"There are some bills you don’t typically get credit for paying on time. These include utility bills, rent, and even payments to streaming services. That’s where services like",[667],{"type":83,"attrs":668},{"color":85},{"text":501,"type":76,"marks":670},[671,674],{"type":212,"attrs":672},{"href":673,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/consumer-products/score-boost.html",{"type":83,"attrs":675},{"color":132},{"text":677,"type":76,"marks":678},"Experian Boost",[679,681,683],{"type":212,"attrs":680},{"href":673,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":682},{"color":132},{"type":219},{"text":685,"type":76,"marks":686}," and",[687],{"type":83,"attrs":688},{"color":132},{"text":501,"type":76,"marks":690},[691,694],{"type":212,"attrs":692},{"href":693,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://stellarfi.com/compare/experian-boost",{"type":83,"attrs":695},{"color":132},{"text":697,"type":76,"marks":698},"StellarFi",[699,701,703],{"type":212,"attrs":700},{"href":693,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":702},{"color":132},{"type":219},{"text":705,"type":76,"marks":706}," come in. With these, you can select bills that you pay every month, and the service will automatically report them to credit bureaus on your behalf. Not all bills are eligible, but in some cases, you will see your credit score jump",[707],{"type":83,"attrs":708},{"color":132},{"text":501,"type":76,"marks":710},[711,714],{"type":212,"attrs":712},{"href":713,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/does-experian-boost-work",{"type":83,"attrs":715},{"color":132},{"text":717,"type":76,"marks":718},"immediately after signing up",[719,721,723],{"type":212,"attrs":720},{"href":713,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":722},{"color":132},{"type":219},{"text":725,"type":76,"marks":726},".  ",[727],{"type":83,"attrs":728},{"color":132},{"type":101,"attrs":730,"content":731},{"level":103},[732],{"text":733,"type":76,"marks":734},"Alternatives to refinancing a car loan ",[735],{"type":83,"attrs":736},{"color":85},{"type":72,"content":738},[739],{"text":740,"type":76,"marks":741},"Applying for a refinanced loan isn’t always the best option if you have bad credit, and building your credit can take time. Additionally, refinancing can come with prepayment penalties and other fees that could cut into your savings. Here are some alternatives if you don’t think refinancing makes sense for you. ",[742],{"type":83,"attrs":743},{"color":85},{"type":101,"attrs":745,"content":746},{"level":184},[747],{"text":748,"type":76,"marks":749},"1. Paying off the loan faster",[750],{"type":83,"attrs":751},{"color":85},{"type":72,"content":753},[754,759,768],{"text":755,"type":76,"marks":756},"If you can’t qualify for an auto loan refinance because of poor credit history, you can still save money on interest by ",[757],{"type":83,"attrs":758},{"color":85},{"text":760,"type":76,"marks":761},"paying off your car loan faster",[762,765,767],{"type":212,"attrs":763},{"href":764,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.bankrate.com/loans/auto-loans/how-to-pay-off-a-car-loan-faster/",{"type":83,"attrs":766},{"color":132},{"type":219},{"text":769,"type":76,"marks":770},". By making extra monthly car payments or paying more than the minimum each month, more of your money will go toward the principal. This will chip away at the actual loan amount instead of just the interest. You can also allocate any bonuses, tax refunds, or other windfalls toward your car loan to accelerate its repayment.",[771],{"type":83,"attrs":772},{"color":132},{"type":101,"attrs":774,"content":775},{"level":184},[776],{"text":777,"type":76,"marks":778},"2. Negotiating with your current lender",[779],{"type":83,"attrs":780},{"color":85},{"type":72,"content":782},[783,788,797],{"text":784,"type":76,"marks":785},"Before you decide to refinance or explore alternatives, try ",[786],{"type":83,"attrs":787},{"color":85},{"text":789,"type":76,"marks":790},"negotiating with your existing lender",[791,794,796],{"type":212,"attrs":792},{"href":793,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/how-to-negotiate-with-creditors/",{"type":83,"attrs":795},{"color":132},{"type":219},{"text":798,"type":76,"marks":799},". Explain your financial situation and ask if they can offer you a lower interest rate or more flexible repayment terms. Lenders often prefer to keep current customers, so they may be willing to work with you to find a mutually beneficial solution. ",[800],{"type":83,"attrs":801},{"color":132},{"type":101,"attrs":803,"content":804},{"level":184},[805],{"text":806,"type":76,"marks":807},"3. Using a home equity loan or a HELOC ",[808],{"type":83,"attrs":809},{"color":85},{"type":72,"content":811},[812,817,826],{"text":813,"type":76,"marks":814},"If you own a home and have built up equity in it, you may be able to use a home equity loan or a ",[815],{"type":83,"attrs":816},{"color":85},{"text":818,"type":76,"marks":819},"home equity line of credit",[820,823,825],{"type":212,"attrs":821},{"href":822,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.bankrate.com/home-equity/what-is-heloc/",{"type":83,"attrs":824},{"color":132},{"type":219},{"text":827,"type":76,"marks":828}," (HELOC) to pay off your car loan. These options typically offer better interest rates than auto loans, but they use your home as collateral. That means you risk losing your house if you default on your loan payments.",[829],{"type":83,"attrs":830},{"color":132},{"type":101,"attrs":832,"content":833},{"level":184},[834],{"text":835,"type":76,"marks":836},"4. Taking out a personal loan",[837],{"type":83,"attrs":838},{"color":85},{"type":72,"content":840},[841,846,855],{"text":842,"type":76,"marks":843},"Another alternative to consider is ",[844],{"type":83,"attrs":845},{"color":85},{"text":847,"type":76,"marks":848},"taking out a personal loan",[849,852,854],{"type":212,"attrs":850},{"href":851,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":83,"attrs":853},{"color":132},{"type":219},{"text":856,"type":76,"marks":857}," to pay off your original loan. A personal loan is a lump-sum loan that can be used for pretty much any expense, including debt consolidation, emergency expenses, and medical bills. Personal loans sometimes offer lower interest rates and better terms than auto loans. Just make sure you review the loan terms and fees carefully to ensure you're not increasing your overall costs.",[858],{"type":83,"attrs":859},{"color":132},{"type":101,"attrs":861,"content":862},{"level":184},[863],{"text":864,"type":76,"marks":865},"5. Selling the car and buying a more affordable one",[866],{"type":83,"attrs":867},{"color":85},{"type":72,"content":869},[870],{"text":871,"type":76,"marks":872},"If your current auto loan is a burden — and refinancing isn't a viable option — you might want to consider selling the car and using the funds to buy a more affordable one, such as a smaller vehicle or a  used car. This can help you lower your monthly payments and potentially avoid going upside-down on your loan.",[873],{"type":83,"attrs":874},{"color":85},{"type":101,"attrs":876,"content":877},{"level":184},[878],{"text":879,"type":76,"marks":880},"6. 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In less than a minute, you can fill in a few details about your car and your financial goals, and we’ll automatically match you with refinance lenders who fit your needs. Then, you can use our platform to browse the available options, compare offers, and choose the perfect provider for you.",[903],{"type":83,"attrs":904},{"color":85},{"text":501,"type":76,"marks":906},[907,910],{"type":212,"attrs":908},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://marketplace.navient.com/",{"type":83,"attrs":911},{"color":132},{"text":913,"type":76,"marks":914},"Get started here.",[915,918,920],{"type":212,"attrs":916},{"href":917,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://marketplace.navient.com",{"type":83,"attrs":919},{"color":132},{"type":219},{"text":922,"type":76,"marks":923}," ",[924],{"type":83,"attrs":925},{"color":132},{"type":72,"content":927},[928],{"text":929,"type":76,"marks":930},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax 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Car","2025-04-07T18:30:58.470Z","2025-12-26T13:45:13.693Z","2025-12-26T13:45:13.770Z",651798182,"45c8f9c2-424e-445f-be89-0cf3525401c0",{"seo":1056,"_uid":1060,"body":1061,"author":49,"category":1035,"featured":45,"component":1036,"canonicalTag":1692,"_editable":1693},{"_uid":1057,"title":1058,"plugin":17,"og_image":18,"og_title":18,"description":1059,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"7b76a283-5a1c-46ad-b91e-3474ebd415c3","When Can I Refinance My Car? - Navient Marketplace","The best time to refinance your car is when your new interest rate will be lower. Learn more about how to refinance your car here.","a556245c-6950-48e0-b0f2-040003b31b41",[1062,1074,1677],{"id":23,"_uid":1063,"image":1064,"intro":1065,"author":27,"classes":1066,"category":18,"featured":45,"blogTitle":1070,"component":47,"imageLink":1071,"blendImage":45,"authorRoute":49,"publishedDate":1072,"backgroundColor":51,"_editable":1073},"3627c8cf-6910-43c7-b5d8-8a506545ccba","//a.storyblok.com/f/110029/1207x801/72edc69b3d/when-can-i-refinance-my-car.png","It’s not uncommon to take out a car loan only to discover you’re paying too much in interest, and there are better options out there. Here’s everything you’ll need to know about timing it right.",[1067],{"_uid":1068,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":1069},"5a96c474-728c-405d-843a-29e17e1c3989","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"5a96c474-728c-405d-843a-29e17e1c3989\", \"id\": \"651798182\"}-->","When Can I Refinance My Car?","/images/when-can-i-refinance-my-car.png","Updated: April 27, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"3627c8cf-6910-43c7-b5d8-8a506545ccba\", \"id\": \"651798182\"}-->",{"_uid":1075,"bloks":1076,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":1675,"_editable":1676},"41898040-03ef-4844-9a47-f485123d0978",[1077],{"_uid":1078,"bloks":1079,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":1674},"7e50b2de-fe63-43da-b37f-c7743bee3d4c",[1080,1646],{"lg":60,"md":60,"sm":61,"_uid":1081,"cols":61,"bloks":1082,"alignSelf":951,"component":952,"_editable":1645},"41b2c2f2-c68f-4b7e-a4d2-2c53d67ba711",[1083],{"_uid":1084,"color":66,"classes":67,"content":18,"richText":1085,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":1641,"_editable":1644},"dc52fc20-8736-453b-aa1f-5dafb582207a",{"type":69,"content":1086},[1087,1107,1114,1122,1143,1150,1158,1166,1187,1195,1202,1209,1217,1224,1232,1239,1248,1256,1264,1271,1292,1299,1307,1328,1335,1342,1350,1371,1379,1386,1393,1401,1422,1429,1437,1444,1452,1459,1467,1474,1482,1510,1518,1525,1581,1589,1609,1617,1625],{"type":72,"content":1088},[1089,1094,1102],{"text":1090,"type":76,"marks":1091},"It’s not uncommon to take out a car loan only to discover you’re paying too much in interest, and there are better options out there. The good news is that you can switch your loan to a new lender (and possibly secure a lower interest rate) by refinancing",[1092],{"type":83,"attrs":1093},{"color":85},{"text":1095,"type":76,"marks":1096},"1",[1097,1100],{"type":79,"attrs":1098},{"class":1099},"superscript",{"type":83,"attrs":1101},{"color":132},{"text":1103,"type":76,"marks":1104},". The bad news? Some lenders have certain restrictions on the timing of your refinance. ",[1105],{"type":83,"attrs":1106},{"color":132},{"type":72,"content":1108},[1109],{"text":1110,"type":76,"marks":1111},"If you’re asking, “When can I refinance my car loan?” We’ve got you covered. Here’s everything you’ll need to know about timing it right.",[1112],{"type":83,"attrs":1113},{"color":85},{"type":101,"attrs":1115,"content":1116},{"level":103},[1117],{"text":1118,"type":76,"marks":1119},"When can I refinance my car?",[1120],{"type":83,"attrs":1121},{"color":85},{"type":72,"content":1123},[1124,1129,1138],{"text":1125,"type":76,"marks":1126},"You can refinance your car as soon as your ",[1127],{"type":83,"attrs":1128},{"color":85},{"text":1130,"type":76,"marks":1131},"vehicle title",[1132,1135,1137],{"type":212,"attrs":1133},{"href":1134,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.caranddriver.com/research/a32781807/what-is-a-car-title/",{"type":83,"attrs":1136},{"color":132},{"type":219},{"text":1139,"type":76,"marks":1140}," transfers to your current lender, and you find a new lender with requirements that meet your situation. Some lenders will require you to wait at least six months into a loan term to refinance, while others have no set waiting period at all. It usually takes around two to three months for your car title to transfer from the manufacturer or the previous owner, so once this happens, you can look for lenders to refinance your car.",[1141],{"type":83,"attrs":1142},{"color":132},{"type":72,"content":1144},[1145],{"text":1146,"type":76,"marks":1147},"That said, just because you can apply for an auto loan refinance immediately doesn’t mean you should. For example, if your credit score dropped due to the hard credit check you incurred by applying for the loan originally, it may make sense to wait a few months for it to recover before you apply for a refinance. Or, if this is your first car, it may be beneficial to wait until you can show a history of on-time payments before you try to refinance. The best refinance rates are offered to creditworthy borrowers, so the better your payment history is, the better interest rate you’re likely to be offered. ",[1148],{"type":83,"attrs":1149},{"color":85},{"type":101,"attrs":1151,"content":1152},{"level":103},[1153],{"text":1154,"type":76,"marks":1155},"The pros of refinancing your car ",[1156],{"type":83,"attrs":1157},{"color":85},{"type":101,"attrs":1159,"content":1160},{"level":184},[1161],{"text":1162,"type":76,"marks":1163},"You can override predatory terms ",[1164],{"type":83,"attrs":1165},{"color":85},{"type":72,"content":1167},[1168,1173,1182],{"text":1169,"type":76,"marks":1170},"Financing at a dealership usually happens through financial institutions such as banks and credit unions, as well as the ",[1171],{"type":83,"attrs":1172},{"color":85},{"text":1174,"type":76,"marks":1175},"financing arms of car manufacturers",[1176,1179,1181],{"type":212,"attrs":1177},{"href":1178,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.forbes.com/sites/jimhenry/2012/10/31/most-car-companies-want-their-own-finance-company-so-they-have-a-place-to-go-home-to/?sh=43b93905673b",{"type":83,"attrs":1180},{"color":132},{"type":219},{"text":1183,"type":76,"marks":1184},". But dealerships don’t always quote a lender’s lower rates. Sometimes, they’ll inflate them artificially to boost their own profits. Getting preapproved for a loan before you go into the dealership can keep this from happening, but if it’s already too late, and you think you got a bad deal on your loan, you can refinance to get yourself better loan terms. ",[1185],{"type":83,"attrs":1186},{"color":132},{"type":101,"attrs":1188,"content":1189},{"level":184},[1190],{"text":1191,"type":76,"marks":1192},"You can save money over the life of your loan ",[1193],{"type":83,"attrs":1194},{"color":85},{"type":72,"content":1196},[1197],{"text":1198,"type":76,"marks":1199},"If you weren’t approved for a loan with great terms because of your creditworthiness, it might make sense to refinance if your financial situation has improved. For example, if your credit score has increased, if you got a big raise or a higher-paying job, or if you paid off debt, you may be approved for a refinance loan with better terms. ",[1200],{"type":83,"attrs":1201},{"color":85},{"type":72,"content":1203},[1204],{"text":1205,"type":76,"marks":1206},"When just a small decrease in interest rate could save you thousands of dollars over the life of your loan, it’s worth considering. Not only that, but if you refinance for a shorter term, you’ll be able to pay off your debt faster and save even more in interest (though your monthly payments will be higher, so make sure you can afford the increase). ",[1207],{"type":83,"attrs":1208},{"color":85},{"type":101,"attrs":1210,"content":1211},{"level":184},[1212],{"text":1213,"type":76,"marks":1214},"You can make monthly payments more affordable ",[1215],{"type":83,"attrs":1216},{"color":85},{"type":72,"content":1218},[1219],{"text":1220,"type":76,"marks":1221},"If you’re struggling to make your car payments, a refinance could help. If you refinance for a longer term, your loan repayment will be spread over a longer period. That can lead to lower monthly payments, freeing up room in your budget for other necessities. Keep in mind that when you extend your loan term, you will end up paying more in interest. But if it could provide breathing room in your budget — or keep you from damaging your credit score by missing loan payments — you may decide it’s worth it. ",[1222],{"type":83,"attrs":1223},{"color":85},{"type":101,"attrs":1225,"content":1226},{"level":184},[1227],{"text":1228,"type":76,"marks":1229},"You can take a rebate and still get a low APR ",[1230],{"type":83,"attrs":1231},{"color":85},{"type":72,"content":1233},[1234],{"text":1235,"type":76,"marks":1236},"A popular incentive offered by dealerships is the choice between a rebate or 0% APR (usually only offered to customers with great credit). Say a lender offers you 0% APR or a $3,000 rebate. If you take the rebate, you are left with a 6% APR. Instead of choosing the 0% APR over the rebate, you can take the rebate and try to refinance for a lower APR than 6%. So, if you already took the rebate and you’ve been stuck with a higher APR, you may be able to get a lower one through auto loan refinancing. ",[1237],{"type":83,"attrs":1238},{"color":85},{"type":72,"content":1240},[1241],{"text":1242,"type":76,"marks":1243},"*Above scenario is hypothetical and may not be true for every borrower.",[1244,1246],{"type":1245},"italic",{"type":83,"attrs":1247},{"color":85},{"type":101,"attrs":1249,"content":1250},{"level":103},[1251],{"text":1252,"type":76,"marks":1253},"The cons of refinancing a car",[1254],{"type":83,"attrs":1255},{"color":85},{"type":101,"attrs":1257,"content":1258},{"level":184},[1259],{"text":1260,"type":76,"marks":1261},"You may not see much savings",[1262],{"type":83,"attrs":1263},{"color":85},{"type":72,"content":1265},[1266],{"text":1267,"type":76,"marks":1268},"If you’re far into your loan term and don’t have too many payments left, a refinance may result in negligible savings. In some cases, it may even result in you paying more in total interest. ",[1269],{"type":83,"attrs":1270},{"color":85},{"type":72,"content":1272},[1273,1278,1287],{"text":1274,"type":76,"marks":1275},"This is because of ",[1276],{"type":83,"attrs":1277},{"color":85},{"text":1279,"type":76,"marks":1280},"loan amortization",[1281,1284,1286],{"type":212,"attrs":1282},{"href":1283,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/terms/a/amortization_schedule.asp",{"type":83,"attrs":1285},{"color":132},{"type":219},{"text":1288,"type":76,"marks":1289},", which means that during the early months and years of your loan, your payments go largely toward paying down the interest rather than the principal. If you’re near the end of your car loan term, you’ve likely paid off a majority of the interest already. At this point, reducing your interest rate won’t matter very much.",[1290],{"type":83,"attrs":1291},{"color":132},{"type":72,"content":1293},[1294],{"text":1295,"type":76,"marks":1296},"Refinancing and getting a new car loan will reset your schedule, and even with a lower interest rate, you’d be starting off with interest payments again. Depending on how much time there is left on your loan, you could end up with very little savings or even paying more in interest over the life of the loan. ",[1297],{"type":83,"attrs":1298},{"color":85},{"type":101,"attrs":1300,"content":1301},{"level":184},[1302],{"text":1303,"type":76,"marks":1304},"You may find it difficult to qualify",[1305],{"type":83,"attrs":1306},{"color":85},{"type":72,"content":1308},[1309,1314,1323],{"text":1310,"type":76,"marks":1311},"Refinancing a car isn’t as simple as having good credit and a stable income. With auto loans in particular, the condition and age of your vehicle and sometimes even the make of your car will all factor into whether or not you qualify for a refinance. Many lenders ",[1312],{"type":83,"attrs":1313},{"color":85},{"text":1315,"type":76,"marks":1316},"will not refinance",[1317,1320,1322],{"type":212,"attrs":1318},{"href":1319,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/article/loans/auto-loans/requirements-refinance-car",{"type":83,"attrs":1321},{"color":132},{"type":219},{"text":1324,"type":76,"marks":1325}," a car that’s more than ten years old or that has more than 125,000 miles on it. ",[1326],{"type":83,"attrs":1327},{"color":132},{"type":72,"content":1329},[1330],{"text":1331,"type":76,"marks":1332},"It’s also important to remember that while your car may still drive, its value on paper will determine whether or not it qualifies for a loan. If your insurance company wrote off the car after an accident, for example, it would not be eligible for a refinance.",[1333],{"type":83,"attrs":1334},{"color":85},{"type":72,"content":1336},[1337],{"text":1338,"type":76,"marks":1339},"Note that most lenders also require a minimum loan balance for refinances. So, if the amount you owe on your current auto loan is below that threshold, you won’t make it past the application stage. ",[1340],{"type":83,"attrs":1341},{"color":85},{"type":101,"attrs":1343,"content":1344},{"level":184},[1345],{"text":1346,"type":76,"marks":1347},"You may have to pay a prepayment penalty",[1348],{"type":83,"attrs":1349},{"color":85},{"type":72,"content":1351},[1352,1357,1366],{"text":1353,"type":76,"marks":1354},"Both your existing loan and your new loan will likely cost you fees when you refinance. Because refinancing an old loan involves paying it off early, you may be on the hook for ",[1355],{"type":83,"attrs":1356},{"color":85},{"text":1358,"type":76,"marks":1359},"prepayment penalties",[1360,1363,1365],{"type":212,"attrs":1361},{"href":1362,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.way.com/blog/what-is-an-auto-loan-prepayment-penalty/",{"type":83,"attrs":1364},{"color":132},{"type":219},{"text":1367,"type":76,"marks":1368},". Meanwhile, the new loan will likely come with origination fees. These fees can add up, and unless you’re making significant savings on interest over the long term, it may not be worth the time and effort to get a new loan. ",[1369],{"type":83,"attrs":1370},{"color":132},{"type":101,"attrs":1372,"content":1373},{"level":184},[1374],{"text":1375,"type":76,"marks":1376},"You could go upside down on your loan",[1377],{"type":83,"attrs":1378},{"color":85},{"type":72,"content":1380},[1381],{"text":1382,"type":76,"marks":1383},"When most people refinance a car loan, they extend the life of the loan and thus reduce their monthly payment amount. This makes your bills much more affordable, but it increases the total amount you owe since you’ll be paying interest for a longer period of time. If refinancing makes your loan worth more than your car, that’s called “going upside down.” ",[1384],{"type":83,"attrs":1385},{"color":85},{"type":72,"content":1387},[1388],{"text":1389,"type":76,"marks":1390},"In this situation, even if you were to sell your car for exactly what it’s worth, you’d still need to come up with additional money to pay off the loan amount. This is why so many lenders have specifications regarding the age and condition of a car and why it’s important to run your numbers and shop around before taking out a refinance. ",[1391],{"type":83,"attrs":1392},{"color":85},{"type":101,"attrs":1394,"content":1395},{"level":184},[1396],{"text":1397,"type":76,"marks":1398},"You may experience a temporary dip in credit",[1399],{"type":83,"attrs":1400},{"color":85},{"type":72,"content":1402},[1403,1408,1417],{"text":1404,"type":76,"marks":1405},"It’s common for your credit score to dip slightly after any kind of ",[1406],{"type":83,"attrs":1407},{"color":85},{"text":1409,"type":76,"marks":1410},"hard inquiry",[1411,1414,1416],{"type":212,"attrs":1412},{"href":1413,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/what-is-a-hard-inquiry/",{"type":83,"attrs":1415},{"color":132},{"type":219},{"text":1418,"type":76,"marks":1419},", including the credit check required to refinance. So, if you have other personal finance goals, such as buying a home or taking out school loans, you’ll want to keep that in mind before you risk your credit. Having a lower credit score could lead to higher interest rates when applying for loans, including personal loans and new credit cards.",[1420],{"type":83,"attrs":1421},{"color":132},{"type":72,"content":1423},[1424],{"text":1425,"type":76,"marks":1426},"Fortunately, the dip after a credit inquiry is usually only five points or less. It’s also temporary. As long as you make your payments on time, your score will rebound. ",[1427],{"type":83,"attrs":1428},{"color":85},{"type":101,"attrs":1430,"content":1431},{"level":103},[1432],{"text":1433,"type":76,"marks":1434},"How to refinance a car ",[1435],{"type":83,"attrs":1436},{"color":85},{"type":72,"content":1438},[1439],{"text":1440,"type":76,"marks":1441},"If you’re ready to refinance your car loan, you’ll need to follow these steps:",[1442],{"type":83,"attrs":1443},{"color":85},{"type":101,"attrs":1445,"content":1446},{"level":184},[1447],{"text":1448,"type":76,"marks":1449},"Step 1: Check your current car loan",[1450],{"type":83,"attrs":1451},{"color":85},{"type":72,"content":1453},[1454],{"text":1455,"type":76,"marks":1456},"First, take a thorough look at your current loan. Make sure you know the remaining balance and how much time is left on the loan term. Check to see if there are any prepayment penalties you’ll need to factor in as a cost for taking out the new loan. ",[1457],{"type":83,"attrs":1458},{"color":85},{"type":101,"attrs":1460,"content":1461},{"level":184},[1462],{"text":1463,"type":76,"marks":1464},"Step 2: Check the condition of your car or vehicle",[1465],{"type":83,"attrs":1466},{"color":85},{"type":72,"content":1468},[1469],{"text":1470,"type":76,"marks":1471},"Make sure you know the age and current mileage of your car. Collect these details and keep them handy. You’ll need to compare them to each individual lender’s requirements before you apply.",[1472],{"type":83,"attrs":1473},{"color":85},{"type":101,"attrs":1475,"content":1476},{"level":184},[1477],{"text":1478,"type":76,"marks":1479},"Step 3: Check your credit score",[1480],{"type":83,"attrs":1481},{"color":85},{"type":72,"content":1483},[1484,1489,1496,1505],{"text":1485,"type":76,"marks":1486},"Now it’s time to look at your finances. Based on your credit score and credit history, are you likely to qualify for a refinance? While each lender has their own parameters for judging your creditworthiness, a bad credit score is unlikely to get your application through. Go to",[1487],{"type":83,"attrs":1488},{"color":85},{"text":501,"type":76,"marks":1490},[1491,1494],{"type":212,"attrs":1492},{"href":1493,"uuid":132,"anchor":132,"target":132,"linktype":215},"http://annualcreditreport.com",{"type":83,"attrs":1495},{"color":132},{"text":1497,"type":76,"marks":1498},"AnnualCreditReport.com",[1499,1502,1504],{"type":212,"attrs":1500},{"href":1501,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://AnnualCreditReport.com",{"type":83,"attrs":1503},{"color":132},{"type":219},{"text":1506,"type":76,"marks":1507}," to get your free annual credit report if you don’t have the numbers already.",[1508],{"type":83,"attrs":1509},{"color":132},{"type":101,"attrs":1511,"content":1512},{"level":184},[1513],{"text":1514,"type":76,"marks":1515},"Step 4: Apply for the loan",[1516],{"type":83,"attrs":1517},{"color":85},{"type":72,"content":1519},[1520],{"text":1521,"type":76,"marks":1522},"Now it’s time to make a list of lenders whose requirements you meet. Once you have that list, see if there are any loans you can get pre-approved for. If not, narrow it down to your top choices and submit applications. This is typically a quick and simple process, but you will need certain documents on hand to complete the application. These include:",[1523],{"type":83,"attrs":1524},{"color":85},{"type":111,"content":1526},[1527,1536,1545,1554,1563,1572],{"type":114,"content":1528},[1529],{"type":72,"content":1530},[1531],{"text":1532,"type":76,"marks":1533},"Proof of income",[1534],{"type":83,"attrs":1535},{"color":85},{"type":114,"content":1537},[1538],{"type":72,"content":1539},[1540],{"text":1541,"type":76,"marks":1542},"Proof of insurance",[1543],{"type":83,"attrs":1544},{"color":132},{"type":114,"content":1546},[1547],{"type":72,"content":1548},[1549],{"text":1550,"type":76,"marks":1551},"Proof of residence",[1552],{"type":83,"attrs":1553},{"color":132},{"type":114,"content":1555},[1556],{"type":72,"content":1557},[1558],{"text":1559,"type":76,"marks":1560},"Vehicle registration details",[1561],{"type":83,"attrs":1562},{"color":132},{"type":114,"content":1564},[1565],{"type":72,"content":1566},[1567],{"text":1568,"type":76,"marks":1569},"A copy of your driver’s license",[1570],{"type":83,"attrs":1571},{"color":132},{"type":114,"content":1573},[1574],{"type":72,"content":1575},[1576],{"text":1577,"type":76,"marks":1578},"Details of your original loan and payoff amount",[1579],{"type":83,"attrs":1580},{"color":132},{"type":101,"attrs":1582,"content":1583},{"level":103},[1584],{"text":1585,"type":76,"marks":1586},"Compare auto loans on Navient Marketplace ",[1587],{"type":83,"attrs":1588},{"color":85},{"type":72,"content":1590},[1591,1596,1604],{"text":1592,"type":76,"marks":1593},"Are you considering an auto loan refinance? Whether your goal is lower monthly payments or a lower interest rate, Navient Marketplace can help you find what you’re looking for. Just fill out a few details about you, and in less than a minute, you’ll be automatically matched with offers from top auto loan providers. Then compare, contrast, and choose the best offer for you. Ready to get started on ",[1594],{"type":83,"attrs":1595},{"color":85},{"text":1597,"type":76,"marks":1598},"Navient Marketplace",[1599,1601,1603],{"type":212,"attrs":1600},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":1602},{"color":132},{"type":219},{"text":1605,"type":76,"marks":1606},"? It’s fast, free, and it won’t affect your credit score. ",[1607],{"type":83,"attrs":1608},{"color":132},{"type":72,"content":1610},[1611],{"text":929,"type":76,"marks":1612},[1613,1615],{"type":79,"attrs":1614},{"class":81},{"type":83,"attrs":1616},{"color":85},{"type":72,"content":1618},[1619],{"text":75,"type":76,"marks":1620},[1621,1623],{"type":79,"attrs":1622},{"class":81},{"type":83,"attrs":1624},{"color":85},{"type":72,"content":1626},[1627,1634],{"text":1628,"type":76,"marks":1629},"1 ",[1630,1632],{"type":79,"attrs":1631},{"class":81},{"type":83,"attrs":1633},{"color":85},{"text":1635,"type":76,"marks":1636},"Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.",[1637,1639],{"type":79,"attrs":1638},{"class":81},{"type":83,"attrs":1640},{"color":132},{"type":69,"content":1642},[1643],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"dc52fc20-8736-453b-aa1f-5dafb582207a\", \"id\": \"651798182\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"41b2c2f2-c68f-4b7e-a4d2-2c53d67ba711\", \"id\": 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\"space\": \"157494\", \"uid\": \"7c4eb1c1-3342-4f1d-b246-eb04e1226e92\", \"id\": \"651798182\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"443c3b1e-bb95-4cac-a2bd-33ccf3cdb6b3\", \"id\": \"651798182\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"0179625c-2cf3-478c-9e03-e4136acd6af6\", \"id\": \"651798182\"}-->","https://www.marketplace.navient.com/blog/when-can-i-refinance-my-car-loan/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"a556245c-6950-48e0-b0f2-040003b31b41\", \"id\": \"651798182\"}-->","when-can-i-refinance-my-car","navient_marketplace/blog/when-can-i-refinance-my-car",-60,[],"a7982dba-70cd-4a5c-84fc-069c8b9bb877","2023-05-25T19:49:44.108Z","blog/when-can-i-refinance-my-car/",[],{"name":1703,"created_at":1704,"published_at":1705,"updated_at":1706,"id":1707,"uuid":1708,"content":1709,"slug":2518,"full_slug":2519,"sort_by_date":132,"position":2520,"tag_list":2521,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":2522,"first_published_at":2523,"release_id":132,"lang":1046,"path":132,"alternates":2524,"default_full_slug":132,"translated_slugs":132},"Upside-Down Car Loan Refinance","2025-04-07T18:31:03.996Z","2025-12-26T13:45:13.841Z","2025-12-26T13:45:13.920Z",651798187,"350607d8-9d7b-405c-bc4a-28e14a438938",{"seo":1710,"_uid":1714,"body":1715,"author":49,"category":1035,"featured":45,"component":1036,"canonicalTag":2516,"_editable":2517},{"_uid":1711,"title":1712,"plugin":17,"og_image":18,"og_title":18,"description":1713,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"724869d4-b9c3-44af-af21-4a9d7b177e85","Upside-Down Car Loan Refinance - Navient Marketplace","An upside-down loan is when you owe more than the car is worth. This is a tricky situation but we're here to help. Learn more about your options here.","6ccf8ac6-0365-4fdf-ba91-fe5662980fde",[1716,1726,2501],{"id":23,"_uid":1717,"image":1718,"intro":1719,"author":27,"classes":1720,"category":18,"featured":45,"blogTitle":1703,"component":47,"imageLink":1724,"blendImage":45,"authorRoute":49,"publishedDate":1072,"backgroundColor":51,"_editable":1725},"c7ea5002-a19a-4681-b330-cbbcbd8e740a","//a.storyblok.com/f/110029/1207x805/9b1a54a1ee/upside-down-car-loan-refinance.png","If you have a good credit score and a high income, an upside-down car loan refinance could help you get a new loan with a lower interest rate.",[1721],{"_uid":1722,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":1723},"e43f3fa8-bc86-49e7-9bb4-dfa6b9acf2d6","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"e43f3fa8-bc86-49e7-9bb4-dfa6b9acf2d6\", \"id\": \"651798187\"}-->","/images/upside-down-car-loan-refinance.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"c7ea5002-a19a-4681-b330-cbbcbd8e740a\", \"id\": \"651798187\"}-->",{"_uid":1727,"bloks":1728,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":2499,"_editable":2500},"196170dd-7e94-4793-b768-1638691466a8",[1729],{"_uid":1730,"bloks":1731,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":2498},"0edfba0e-ce3d-40a2-a511-669d5da03e33",[1732,2470],{"lg":60,"md":60,"sm":61,"_uid":1733,"cols":61,"bloks":1734,"alignSelf":951,"component":952,"_editable":2469},"90fff6b2-decf-4621-b030-7603e4b6508d",[1735],{"_uid":1736,"color":66,"classes":67,"content":18,"richText":1737,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":2465,"_editable":2468},"df34182a-d62b-488c-9ec6-5e865f63b677",{"type":69,"content":1738},[1739,1747,1754,1761,1768,1806,1814,1835,1882,1889,1897,1917,1938,1945,1953,1960,1981,2002,2010,2027,2034,2041,2049,2057,2064,2073,2089,2097,2104,2112,2139,2147,2174,2182,2189,2197,2218,2226,2247,2255,2276,2284,2305,2312,2320,2355,2362,2369,2377,2384,2405,2412,2448,2456],{"type":72,"content":1740},[1741],{"text":75,"type":76,"marks":1742},[1743,1745],{"type":79,"attrs":1744},{"class":81},{"type":83,"attrs":1746},{"color":85},{"type":72,"content":1748},[1749],{"text":1750,"type":76,"marks":1751},"A car loan goes upside down when you owe more on the loan than the vehicle is worth. For example, if you owe $15,000 on a car valued at $10,000, you have an upside-down car loan. If you were to sell the car or trade it in, you wouldn’t receive enough money to pay off your outstanding loan balance. So, how do you handle this stressful financial situation?",[1752],{"type":83,"attrs":1753},{"color":85},{"type":72,"content":1755},[1756],{"text":1757,"type":76,"marks":1758},"If you have a good credit score and a high income, an upside-down car loan refinance could help you get a new loan with a lower interest rate. That can help you pay down your loan balance and get your loan right side up again. Here’s how to make it happen. ",[1759],{"type":83,"attrs":1760},{"color":85},{"type":101,"attrs":1762,"content":1763},{"level":103},[1764],{"text":106,"type":76,"marks":1765},[1766],{"type":83,"attrs":1767},{"color":85},{"type":111,"content":1769},[1770,1779,1788,1797],{"type":114,"content":1771},[1772],{"type":72,"content":1773},[1774],{"text":1775,"type":76,"marks":1776},"A long loan term, low down payment, or sudden depreciation can cause you to go upside down on your car loan. ",[1777],{"type":83,"attrs":1778},{"color":85},{"type":114,"content":1780},[1781],{"type":72,"content":1782},[1783],{"text":1784,"type":76,"marks":1785},"Refinancing can help you salvage the situation by helping you get a lower interest rate and a new repayment plan. ",[1786],{"type":83,"attrs":1787},{"color":132},{"type":114,"content":1789},[1790],{"type":72,"content":1791},[1792],{"text":1793,"type":76,"marks":1794},"You’ll need a good credit score and a high income to qualify for a refinance loan.  ",[1795],{"type":83,"attrs":1796},{"color":132},{"type":114,"content":1798},[1799],{"type":72,"content":1800},[1801],{"text":1802,"type":76,"marks":1803},"To avoid going upside down on a car loan, you can make a larger down payment, pay taxes and fees up front, or choose a shorter loan term. ",[1804],{"type":83,"attrs":1805},{"color":132},{"type":101,"attrs":1807,"content":1808},{"level":103},[1809],{"text":1810,"type":76,"marks":1811},"1. Calculate your negative equity ",[1812],{"type":83,"attrs":1813},{"color":85},{"type":72,"content":1815},[1816,1821,1830],{"text":1817,"type":76,"marks":1818},"First, figure out how upside-down your loan is. ",[1819],{"type":83,"attrs":1820},{"color":85},{"text":1822,"type":76,"marks":1823},"Negative equity",[1824,1827,1829],{"type":212,"attrs":1825},{"href":1826,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.consumerfinance.gov/ask-cfpb/what-is-negative-equity-in-an-auto-loan-en-749/",{"type":83,"attrs":1828},{"color":132},{"type":219},{"text":1831,"type":76,"marks":1832}," is the difference between what you owe on the loan and the current value of the car. To calculate it, you need to determine how much your car is worth, then subtract that amount from what you still owe on your loan. ",[1833],{"type":83,"attrs":1834},{"color":132},{"type":72,"content":1836},[1837,1842,1849,1857,1862,1869,1877],{"text":1838,"type":76,"marks":1839},"You can figure out the value of your car using sites like",[1840],{"type":83,"attrs":1841},{"color":85},{"text":501,"type":76,"marks":1843},[1844,1847],{"type":212,"attrs":1845},{"href":1846,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.kbb.com/",{"type":83,"attrs":1848},{"color":132},{"text":1850,"type":76,"marks":1851},"Kelley Blue Book",[1852,1854,1856],{"type":212,"attrs":1853},{"href":1846,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":1855},{"color":132},{"type":219},{"text":1858,"type":76,"marks":1859}," or",[1860],{"type":83,"attrs":1861},{"color":132},{"text":501,"type":76,"marks":1863},[1864,1867],{"type":212,"attrs":1865},{"href":1866,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.edmunds.com/",{"type":83,"attrs":1868},{"color":132},{"text":1870,"type":76,"marks":1871},"Edmunds",[1872,1874,1876],{"type":212,"attrs":1873},{"href":1866,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":1875},{"color":132},{"type":219},{"text":1878,"type":76,"marks":1879},", which consider factors like the year, model, mileage, and condition of your vehicle. Once you know the value, subtract that amount from your remaining loan balance to determine your negative equity. ",[1880],{"type":83,"attrs":1881},{"color":132},{"type":72,"content":1883},[1884],{"text":1885,"type":76,"marks":1886},"For example, if you still owe $15,000 on your loan and your car is worth $10,000, then you have a total of $5,000 in negative equity. ",[1887],{"type":83,"attrs":1888},{"color":85},{"type":101,"attrs":1890,"content":1891},{"level":103},[1892],{"text":1893,"type":76,"marks":1894},"2. Discuss options with your lender ",[1895],{"type":83,"attrs":1896},{"color":85},{"type":72,"content":1898},[1899,1904,1912],{"text":1900,"type":76,"marks":1901},"Next, contact your lender. They may be willing to work out a deal to help you get your loan right side up again. Ask if you can make extra payments and have them put toward the loan’s principal. This will help you pay down the actual balance of your loan, which can reduce your negative equity. If your loan contract includes a provision for ",[1902],{"type":83,"attrs":1903},{"color":85},{"text":1358,"type":76,"marks":1905},[1906,1909,1911],{"type":212,"attrs":1907},{"href":1908,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/",{"type":83,"attrs":1910},{"color":132},{"type":219},{"text":1913,"type":76,"marks":1914},", ask your lender if they can waive these charges. ",[1915],{"type":83,"attrs":1916},{"color":132},{"type":72,"content":1918},[1919,1924,1933],{"text":1920,"type":76,"marks":1921},"If the lender is unwilling to work with you, you could consider selling your car. Just remember that most lenders ",[1922],{"type":83,"attrs":1923},{"color":85},{"text":1925,"type":76,"marks":1926},"will call in the full loan",[1927,1930,1932],{"type":212,"attrs":1928},{"href":1929,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/sell-car-if-it-isnt-paid-off/",{"type":83,"attrs":1931},{"color":132},{"type":219},{"text":1934,"type":76,"marks":1935}," at the time of sale. If you have the cash on hand, you could pay off the loan and be done with it. Again, you’ll need to speak with your lender about waiving any prepayment penalties.  ",[1936],{"type":83,"attrs":1937},{"color":132},{"type":72,"content":1939},[1940],{"text":1941,"type":76,"marks":1942},"If you can’t afford to pay off the full loan at the time of sale, it’s time to look into refinancing.",[1943],{"type":83,"attrs":1944},{"color":85},{"type":101,"attrs":1946,"content":1947},{"level":103},[1948],{"text":1949,"type":76,"marks":1950},"4. Get prequalified for a refinance loan ",[1951],{"type":83,"attrs":1952},{"color":85},{"type":72,"content":1954},[1955],{"text":1956,"type":76,"marks":1957},"If you’re ready to refinance your upside-down loan, it’s time to shop around. First, look up the loan options and interest rates offered by top banks, online lenders, and credit unions. You can either apply for a car-specific refinance loan or take out a personal loan with a low rate and use it to pay off your auto loan yourself. ",[1958],{"type":83,"attrs":1959},{"color":85},{"type":72,"content":1961},[1962,1967,1976],{"text":1963,"type":76,"marks":1964},"Currently, some of the lowest auto loan refinance rates are ",[1965],{"type":83,"attrs":1966},{"color":85},{"text":1968,"type":76,"marks":1969},"around 2 to 5%",[1970,1973,1975],{"type":212,"attrs":1971},{"href":1972,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/best/loans/auto-loans/refinance-car-loan",{"type":83,"attrs":1974},{"color":132},{"type":219},{"text":1977,"type":76,"marks":1978},". That said, your actual rate will depend on your credit history. Getting prequalified for a few loans can give you a better idea of the actual rates you’ll be offered.",[1979],{"type":83,"attrs":1980},{"color":132},{"type":72,"content":1982},[1983,1988,1997],{"text":1984,"type":76,"marks":1985},"Unlike actually applying for a refinance loan, ",[1986],{"type":83,"attrs":1987},{"color":85},{"text":1989,"type":76,"marks":1990},"prequalification",[1991,1994,1996],{"type":212,"attrs":1992},{"href":1993,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/pre-approved-vs-pre-qualified-whats-the-difference/",{"type":83,"attrs":1995},{"color":132},{"type":219},{"text":1998,"type":76,"marks":1999}," only triggers a “soft inquiry” into your credit report. This tells credit bureaus that you’re shopping around responsibly. As such, it won’t impact your credit score. ",[2000],{"type":83,"attrs":2001},{"color":132},{"type":101,"attrs":2003,"content":2004},{"level":103},[2005],{"text":2006,"type":76,"marks":2007},"5. Refinance your upside-down loan",[2008],{"type":83,"attrs":2009},{"color":85},{"type":72,"content":2011},[2012,2017,2023],{"text":2013,"type":76,"marks":2014},"Refinancing won’t reduce your loan balance, but it can help you get a lower interest rate and a new loan term. If you’ve been struggling to make your current car payments, refinancing for a longer term can help you reduce your monthly bill. However, this isn’t likely to save you money or help you get out of debt faster. You’ll probably end up paying more in interest over the life of the loan",[2015],{"type":83,"attrs":2016},{"color":85},{"text":1095,"type":76,"marks":2018},[2019,2021],{"type":79,"attrs":2020},{"class":1099},{"type":83,"attrs":2022},{"color":132},{"text":332,"type":76,"marks":2024},[2025],{"type":83,"attrs":2026},{"color":132},{"type":72,"content":2028},[2029],{"text":2030,"type":76,"marks":2031},"Conversely, refinancing to a shorter term will likely increase your monthly payment, but it will help you pay off your negative equity before your car has time to depreciate further. This can get your loan right side up faster. ",[2032],{"type":83,"attrs":2033},{"color":85},{"type":72,"content":2035},[2036],{"text":2037,"type":76,"marks":2038},"When you’re ready to finalize a refinance loan, you’ll fill out a formal loan application with the lender of your choice. The lender will conduct a hard credit check and present you with a final loan offer. (Keep in mind that you’ll need a good credit score to get the lowest refinance rates, and borrowers with bad credit may not qualify for refinancing at all.) Once you have a final loan offer, you can accept or reject it.",[2039],{"type":83,"attrs":2040},{"color":85},{"type":101,"attrs":2042,"content":2043},{"level":103},[2044],{"text":2045,"type":76,"marks":2046},"Upside-down car loan FAQ",[2047],{"type":83,"attrs":2048},{"color":85},{"type":101,"attrs":2050,"content":2051},{"level":184},[2052],{"text":2053,"type":76,"marks":2054},"How do upside-down car loans happen?",[2055],{"type":83,"attrs":2056},{"color":85},{"type":72,"content":2058},[2059],{"text":2060,"type":76,"marks":2061},"Here are the most common reasons for a car loan going upside down:",[2062],{"type":83,"attrs":2063},{"color":85},{"type":101,"attrs":2065,"content":2067},{"level":2066},4,[2068],{"text":2069,"type":76,"marks":2070},"Long loan term",[2071],{"type":83,"attrs":2072},{"color":85},{"type":72,"content":2074},[2075,2084],{"text":2076,"type":76,"marks":2077},"According to Edmonds",[2078,2081,2083],{"type":212,"attrs":2079},{"href":2080,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.edmunds.com/car-loan/how-long-should-my-car-loan-be.html",{"type":83,"attrs":2082},{"color":85},{"type":219},{"text":2085,"type":76,"marks":2086},", the most common auto loan term is 72 months, though they can get even longer. The likelihood that your car is worth what you paid for it six years later is very slim. Shorter loan terms make it more likely that you can pay off your loan before your car undergoes significant depreciation in value.",[2087],{"type":83,"attrs":2088},{"color":132},{"type":101,"attrs":2090,"content":2091},{"level":2066},[2092],{"text":2093,"type":76,"marks":2094},"No money down",[2095],{"type":83,"attrs":2096},{"color":85},{"type":72,"content":2098},[2099],{"text":2100,"type":76,"marks":2101},"Many lenders these days will let you buy a car without making a down payment. While this may seem like a great deal, it often results in high interest rates, which increase the cost of the car loan over time. It also means that you’re taking out a loan on not just the car, but the taxes, licensing, dealership, and registration fees, as well. When you’re paying a loan on more than the car’s value — and your interest rates are higher than average — it’s much easier for your loan to go upside down. ",[2102],{"type":83,"attrs":2103},{"color":85},{"type":101,"attrs":2105,"content":2106},{"level":2066},[2107],{"text":2108,"type":76,"marks":2109},"Excessive add-ons",[2110],{"type":83,"attrs":2111},{"color":85},{"type":72,"content":2113},[2114,2119,2126,2134],{"text":2115,"type":76,"marks":2116},"When you buy a car, the dealership",[2117],{"type":83,"attrs":2118},{"color":85},{"text":501,"type":76,"marks":2120},[2121,2124],{"type":212,"attrs":2122},{"href":2123,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.gobankingrates.com/saving-money/car/dont-pay-for-useless-things-at-car-dealerships/",{"type":83,"attrs":2125},{"color":132},{"text":2127,"type":76,"marks":2128},"will typically offer add-ons",[2129,2131,2133],{"type":212,"attrs":2130},{"href":2123,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":2132},{"color":132},{"type":219},{"text":2135,"type":76,"marks":2136}," like gap insurance, paint sealants, upgraded floor mats, and extended warranties. The more of these you purchase, the more you drive up the cost of your car without meaningfully increasing its value. If you don’t pay for these add-ons upfront, they can dramatically increase your overall loan amount.",[2137],{"type":83,"attrs":2138},{"color":132},{"type":101,"attrs":2140,"content":2141},{"level":2066},[2142],{"text":2143,"type":76,"marks":2144},"Overpriced models",[2145],{"type":83,"attrs":2146},{"color":85},{"type":72,"content":2148},[2149,2154,2161,2169],{"text":2150,"type":76,"marks":2151},"Whether it’s an impractical gas guzzler or a flashy sports car, overpriced cars are everywhere. These kinds of models tend to depreciate faster because buyers aren’t prepared for their high price tag and maintenance fees. Flashy or impractical cars are also",[2152],{"type":83,"attrs":2153},{"color":85},{"text":501,"type":76,"marks":2155},[2156,2159],{"type":212,"attrs":2157},{"href":2158,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.motor1.com/features/455448/worst-resale-value-cars/",{"type":83,"attrs":2160},{"color":132},{"text":2162,"type":76,"marks":2163},"much harder to resell.",[2164,2166,2168],{"type":212,"attrs":2165},{"href":2158,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":2167},{"color":132},{"type":219},{"text":2170,"type":76,"marks":2171}," When you’re purchasing a car, try to be as pragmatic as possible. Also be sure to get quotes from a few dealerships before you pull the trigger. ",[2172],{"type":83,"attrs":2173},{"color":132},{"type":101,"attrs":2175,"content":2176},{"level":184},[2177],{"text":2178,"type":76,"marks":2179},"How can I avoid an upside-down car loan in the future? ",[2180],{"type":83,"attrs":2181},{"color":85},{"type":72,"content":2183},[2184],{"text":2185,"type":76,"marks":2186},"The best way to get out of debt is to avoid going upside down on your loan in the first place. Here are a few key prevention measures.   ",[2187],{"type":83,"attrs":2188},{"color":85},{"type":101,"attrs":2190,"content":2191},{"level":2066},[2192],{"text":2193,"type":76,"marks":2194},"1. Own equity in the car",[2195],{"type":83,"attrs":2196},{"color":85},{"type":72,"content":2198},[2199,2204,2213],{"text":2200,"type":76,"marks":2201},"Instead of taking out a loan for the full value of the car, borrowers should put a sizable ",[2202],{"type":83,"attrs":2203},{"color":85},{"text":2205,"type":76,"marks":2206},"lump sum toward the down payment",[2207,2210,2212],{"type":212,"attrs":2208},{"href":2209,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/article/loans/auto-loans/how-much-down-payment-make-buying-car",{"type":83,"attrs":2211},{"color":132},{"type":219},{"text":2214,"type":76,"marks":2215},". If you put 20% down at the time of purchase, for example, you’ll own 20% positive equity in the car straight away. That makes your loan less likely to go upside down. ",[2216],{"type":83,"attrs":2217},{"color":132},{"type":101,"attrs":2219,"content":2220},{"level":2066},[2221],{"text":2222,"type":76,"marks":2223},"2. Pay taxes and fees upfront",[2224],{"type":83,"attrs":2225},{"color":85},{"type":72,"content":2227},[2228,2233,2242],{"text":2229,"type":76,"marks":2230},"When you purchase a vehicle, it’s not just the value of the car that you need to factor into your budget. You’ll also have to pay loan origination fees, ",[2231],{"type":83,"attrs":2232},{"color":85},{"text":2234,"type":76,"marks":2235},"title and registration fees",[2236,2239,2241],{"type":212,"attrs":2237},{"href":2238,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.creditkarma.com/auto/i/dealer-fees-buying-car",{"type":83,"attrs":2240},{"color":132},{"type":219},{"text":2243,"type":76,"marks":2244},", and taxes. While many lenders let you roll those fees into your loan, it can be smarter to pay them outright. This will leave you with a lower loan amount and a more manageable repayment plan.",[2245],{"type":83,"attrs":2246},{"color":132},{"type":101,"attrs":2248,"content":2249},{"level":2066},[2250],{"text":2251,"type":76,"marks":2252},"3. Do your research when purchasing",[2253],{"type":83,"attrs":2254},{"color":85},{"type":72,"content":2256},[2257,2262,2271],{"text":2258,"type":76,"marks":2259},"A new car begins losing value the moment you drive it off the lot. If the dealership also charged you more for your car than it’s worth, your loan will go upside down well within your first year of ownership. To avoid this scenario, ",[2260],{"type":83,"attrs":2261},{"color":85},{"text":2263,"type":76,"marks":2264},"do your research",[2265,2268,2270],{"type":212,"attrs":2266},{"href":2267,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.npr.org/2019/10/31/774757867/5-tips-for-buying-a-car-the-smart-way",{"type":83,"attrs":2269},{"color":132},{"type":219},{"text":2272,"type":76,"marks":2273},", compare prices, and ask for several quotes before buying. ",[2274],{"type":83,"attrs":2275},{"color":132},{"type":101,"attrs":2277,"content":2278},{"level":2066},[2279],{"text":2280,"type":76,"marks":2281},"4. Consider your loan term carefully",[2282],{"type":83,"attrs":2283},{"color":85},{"type":72,"content":2285},[2286,2291,2300],{"text":2287,"type":76,"marks":2288},"Six- or seven-year loan terms can be tempting because they often come with lower monthly payments. However, a longer loan term can ",[2289],{"type":83,"attrs":2290},{"color":85},{"text":2292,"type":76,"marks":2293},"quickly become a disadvantage",[2294,2297,2299],{"type":212,"attrs":2295},{"href":2296,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.npr.org/2019/10/31/773409100/the-7-year-car-loan-watch-your-wallet",{"type":83,"attrs":2298},{"color":132},{"type":219},{"text":2301,"type":76,"marks":2302},". For example, if you know you’ll upgrade your car in five years, then a seven-year loan term could mean you’ll be saddled with hefty prepayment penalties at the time of sale. ",[2303],{"type":83,"attrs":2304},{"color":132},{"type":72,"content":2306},[2307],{"text":2308,"type":76,"marks":2309},"Plus, the longer your term, the more payments you’ll make in total. That means more interest charges — and therefore a more expensive loan. As your car depreciates, your loan will get closer to going upside down. ",[2310],{"type":83,"attrs":2311},{"color":85},{"type":101,"attrs":2313,"content":2314},{"level":184},[2315],{"text":2316,"type":76,"marks":2317},"Does refinancing a car loan hurt my credit? ",[2318],{"type":83,"attrs":2319},{"color":85},{"type":72,"content":2321},[2322,2327,2336,2341,2350],{"text":2323,"type":76,"marks":2324},"Refinancing a car loan will have a slight negative effect on your credit score. When you apply to refinance, the lender typically checks your credit, which can result in a hard inquiry on your credit report. This hard inquiry will drop your score, but usually only by ",[2325],{"type":83,"attrs":2326},{"color":85},{"text":2328,"type":76,"marks":2329},"five points or less",[2330,2333,2335],{"type":212,"attrs":2331},{"href":2332,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/how-many-points-does-an-inquiry-drop-your-credit-score/",{"type":83,"attrs":2334},{"color":132},{"type":219},{"text":2337,"type":76,"marks":2338},". The drop is also temporary. It will generally stop affecting your score in one year and ",[2339],{"type":83,"attrs":2340},{"color":132},{"text":2342,"type":76,"marks":2343},"disappear from your credit report",[2344,2347,2349],{"type":212,"attrs":2345},{"href":2346,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.equifax.com/personal/education/credit/report/articles/-/learn/understanding-hard-inquiries-on-your-credit-report/",{"type":83,"attrs":2348},{"color":132},{"type":219},{"text":2351,"type":76,"marks":2352}," entirely in two years. ",[2353],{"type":83,"attrs":2354},{"color":132},{"type":72,"content":2356},[2357],{"text":2358,"type":76,"marks":2359},"Refinancing itself can also affect your credit. However, a refinance loan usually replaces an existing loan with another of roughly the same amount, so its impact on your credit score is generally minimal. ",[2360],{"type":83,"attrs":2361},{"color":85},{"type":72,"content":2363},[2364],{"text":2365,"type":76,"marks":2366},"Once you’ve refinanced, your new car loan will appear on your credit report, and your loan payments will be tracked. In most cases, the potential benefits of auto loan refinancing — like lowering your monthly car payment, saving you money through a lower rate, and helping you pay off your debt faster — outweigh the potential effect on your credit score. ",[2367],{"type":83,"attrs":2368},{"color":85},{"type":101,"attrs":2370,"content":2371},{"level":184},[2372],{"text":2373,"type":76,"marks":2374},"Should I trade in my car when my loan is upside down?",[2375],{"type":83,"attrs":2376},{"color":85},{"type":72,"content":2378},[2379],{"text":2380,"type":76,"marks":2381},"It’s not always the best idea to replace your car when your loan is upside down. You’ll not only have negative equity on the new vehicle from the very beginning, but your overall debt will likely grow, especially if you’ve chosen to upgrade.",[2382],{"type":83,"attrs":2383},{"color":85},{"type":72,"content":2385},[2386,2391,2400],{"text":2387,"type":76,"marks":2388},"If you do decide to trade in your current car, however, you can limit the effect on your debt by shopping smart. Consider buying a used car through a ",[2389],{"type":83,"attrs":2390},{"color":85},{"text":2392,"type":76,"marks":2393},"private sale",[2394,2397,2399],{"type":212,"attrs":2395},{"href":2396,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/best/loans/auto-loans/private-party-auto-loans",{"type":83,"attrs":2398},{"color":132},{"type":219},{"text":2401,"type":76,"marks":2402},". Going through a private party helps you avoid dealership fees. If possible, also try to negotiate the car’s price down to lower than its market value.",[2403],{"type":83,"attrs":2404},{"color":132},{"type":101,"attrs":2406,"content":2407},{"level":103},[2408],{"text":894,"type":76,"marks":2409},[2410],{"type":83,"attrs":2411},{"color":85},{"type":72,"content":2413},[2414,2419,2426,2431,2437,2444],{"text":2415,"type":76,"marks":2416},"Whether you’re looking for lower interest rates or longer terms, Navient Marketplace can help you find an auto loan refinance",[2417],{"type":83,"attrs":2418},{"color":85},{"text":2420,"type":76,"marks":2421},"2",[2422,2424],{"type":79,"attrs":2423},{"class":1099},{"type":83,"attrs":2425},{"color":132},{"text":2427,"type":76,"marks":2428}," provider that’s right for you. In less than a minute, you can fill in a few details about your car and your financial goals, and we’ll automatically match you with refinance lenders who fit your needs. Then, you can use our platform to browse the available options, compare offers, and choose the perfect provider for you.",[2429],{"type":83,"attrs":2430},{"color":132},{"text":501,"type":76,"marks":2432},[2433,2435],{"type":212,"attrs":2434},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":2436},{"color":132},{"text":913,"type":76,"marks":2438},[2439,2441,2443],{"type":212,"attrs":2440},{"href":917,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":2442},{"color":132},{"type":219},{"text":922,"type":76,"marks":2445},[2446],{"type":83,"attrs":2447},{"color":132},{"type":72,"content":2449},[2450],{"text":929,"type":76,"marks":2451},[2452,2454],{"type":79,"attrs":2453},{"class":81},{"type":83,"attrs":2455},{"color":85},{"type":72,"content":2457},[2458],{"text":2459,"type":76,"marks":2460},"1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.",[2461,2463],{"type":79,"attrs":2462},{"class":81},{"type":83,"attrs":2464},{"color":85},{"type":69,"content":2466},[2467],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"df34182a-d62b-488c-9ec6-5e865f63b677\", \"id\": \"651798187\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"90fff6b2-decf-4621-b030-7603e4b6508d\", \"id\": 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\"space\": \"157494\", \"uid\": \"ba04576d-8dcc-4ed1-b992-265e4bdcd94d\", \"id\": \"651798187\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"58bbd9a9-7646-4609-bf70-9b545ccd6041\", \"id\": \"651798187\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"535ecc0d-3afe-403e-865a-1ea993dacc50\", \"id\": \"651798187\"}-->","https://www.marketplace.navient.com/blog/upside-down-car-loan-refinance/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"6ccf8ac6-0365-4fdf-ba91-fe5662980fde\", \"id\": \"651798187\"}-->","upside-down-car-loan-refinance","navient_marketplace/blog/upside-down-car-loan-refinance",-40,[],"281fdd91-9e6d-4fda-91e5-11f7e4deb26a","2023-05-25T18:05:49.593Z",[],{"name":2526,"created_at":2527,"published_at":2528,"updated_at":2529,"id":2530,"uuid":2531,"content":2532,"slug":3311,"full_slug":3312,"sort_by_date":132,"position":3313,"tag_list":3314,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":3315,"first_published_at":3316,"release_id":132,"lang":1046,"path":132,"alternates":3317,"default_full_slug":132,"translated_slugs":132},"Pros and Cons of Refinancing a Car Loan","2025-04-07T18:31:12.279Z","2025-12-26T13:45:14.096Z","2025-12-26T13:45:14.126Z",651798192,"3c23eb7a-733f-4e9d-9dcc-1c3a3757ac4e",{"seo":2533,"_uid":2537,"body":2538,"author":49,"category":1035,"featured":45,"component":1036,"canonicalTag":3309,"_editable":3310},{"_uid":2534,"title":2535,"plugin":17,"og_image":18,"og_title":18,"description":2536,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"db825078-9852-44b7-ba28-87a0ab634c3c","Pros and Cons of Refinancing a Car - Navient Marketplace","Is refinancing your auto loan right for your situation? You can sometimes save money, but not always. Learn more about the advantages and drawbacks here.","b4f726d3-b250-4959-8ba5-96a548c8f070",[2539,2550,3294],{"id":23,"_uid":2540,"image":2541,"intro":2542,"author":27,"classes":2543,"category":18,"featured":45,"blogTitle":2547,"component":47,"imageLink":2548,"blendImage":45,"authorRoute":49,"publishedDate":1072,"backgroundColor":51,"_editable":2549},"8108c18b-7090-41a8-9cf5-cb558022c719","//a.storyblok.com/f/110029/1207x803/3a15f6c2fd/pros-and-cons-of-refinancing-a-car.png","A car loan refinance can get you a lower interest rate on your existing auto loan and even reduce your monthly payments. If you qualify for refinancing, it can help you save money and get out of debt faster.",[2544],{"_uid":2545,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":2546},"35b73934-8952-417e-a044-ff093864a938","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"35b73934-8952-417e-a044-ff093864a938\", \"id\": \"651798192\"}-->","Pros and Cons of Refinancing a Car","/images/pros-and-cons-of-refinancing-a-car.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"8108c18b-7090-41a8-9cf5-cb558022c719\", \"id\": \"651798192\"}-->",{"_uid":2551,"bloks":2552,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":3292,"_editable":3293},"08891e4d-6ae3-45a4-bdf4-96de0165b6df",[2553],{"_uid":2554,"bloks":2555,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":3291},"a5066230-9526-4e22-855a-022c327c8659",[2556,3263],{"lg":60,"md":60,"sm":61,"_uid":2557,"cols":61,"bloks":2558,"alignSelf":951,"component":952,"_editable":3262},"d0dc457f-10c8-40ff-a7ad-e9856d551058",[2559],{"_uid":2560,"color":66,"classes":67,"content":18,"richText":2561,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":3258,"_editable":3261},"79c5b935-428a-4f01-954a-527cf1bf772e",{"type":69,"content":2562},[2563,2581,2588,2596,2603,2611,2618,2625,2686,2693,2701,2719,2726,2734,2741,2748,2755,2775,2783,2790,2797,2804,2812,2819,2826,2833,2840,2847,2855,2862,2869,2877,2884,2891,3005,3013,3020,3028,3035,3043,3064,3071,3078,3086,3107,3114,3122,3129,3158,3165,3194,3201,3225,3233,3241,3250],{"type":72,"content":2564},[2565,2570,2576],{"text":2566,"type":76,"marks":2567},"A car loan refinance",[2568],{"type":83,"attrs":2569},{"color":85},{"text":1095,"type":76,"marks":2571},[2572,2574],{"type":79,"attrs":2573},{"class":1099},{"type":83,"attrs":2575},{"color":132},{"text":2577,"type":76,"marks":2578}," can get you a lower interest rate on your existing auto loan and even reduce your monthly payments. If you qualify for refinancing, it can help you save money and get out of debt faster — but only under the right circumstances. ",[2579],{"type":83,"attrs":2580},{"color":132},{"type":72,"content":2582},[2583],{"text":2584,"type":76,"marks":2585},"The fine print is that refinancing can come with hidden costs and limitations. That means it may not necessarily be the smartest move for your financial situation. Deciding whether or not to refinance is all about weighing the advantages against the potential drawbacks. With that in mind, here are some of the pros and cons of refinancing a car loan, and how to decide if it’s right for you.",[2586],{"type":83,"attrs":2587},{"color":85},{"type":101,"attrs":2589,"content":2590},{"level":103},[2591],{"text":2592,"type":76,"marks":2593},"The pros of refinancing a car ",[2594],{"type":83,"attrs":2595},{"color":85},{"type":72,"content":2597},[2598],{"text":2599,"type":76,"marks":2600},"Auto loan refinancing comes with a long list of benefits. Here are some of the major ones to consider. ",[2601],{"type":83,"attrs":2602},{"color":85},{"type":101,"attrs":2604,"content":2605},{"level":184},[2606],{"text":2607,"type":76,"marks":2608},"You can potentially lower your interest rate ",[2609],{"type":83,"attrs":2610},{"color":85},{"type":72,"content":2612},[2613],{"text":2614,"type":76,"marks":2615},"When you refinance, you essentially exchange your existing loan for a new loan. This new loan comes with new terms and a new interest rate. So, if you’re in a better financial position now than when you were originally approved for your loan, you might qualify for lower loan rates. ",[2616],{"type":83,"attrs":2617},{"color":85},{"type":72,"content":2619},[2620],{"text":2621,"type":76,"marks":2622},"Here are some markers that could indicate you’re in a better financial position: ",[2623],{"type":83,"attrs":2624},{"color":85},{"type":111,"content":2626},[2627,2636,2645,2654,2677],{"type":114,"content":2628},[2629],{"type":72,"content":2630},[2631],{"text":2632,"type":76,"marks":2633},"Your credit score has improved.",[2634],{"type":83,"attrs":2635},{"color":85},{"type":114,"content":2637},[2638],{"type":72,"content":2639},[2640],{"text":2641,"type":76,"marks":2642},"You got a raise. ",[2643],{"type":83,"attrs":2644},{"color":132},{"type":114,"content":2646},[2647],{"type":72,"content":2648},[2649],{"text":2650,"type":76,"marks":2651},"You got a new, higher-paying job. ",[2652],{"type":83,"attrs":2653},{"color":132},{"type":114,"content":2655},[2656],{"type":72,"content":2657},[2658,2663,2672],{"text":2659,"type":76,"marks":2660},"You took on a side gig to improve your ",[2661],{"type":83,"attrs":2662},{"color":132},{"text":2664,"type":76,"marks":2665},"cash flow",[2666,2669,2671],{"type":212,"attrs":2667},{"href":2668,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/what-is-cash-flow/",{"type":83,"attrs":2670},{"color":132},{"type":219},{"text":2673,"type":76,"marks":2674},".",[2675],{"type":83,"attrs":2676},{"color":132},{"type":114,"content":2678},[2679],{"type":72,"content":2680},[2681],{"text":2682,"type":76,"marks":2683},"You paid off other debts.",[2684],{"type":83,"attrs":2685},{"color":132},{"type":72,"content":2687},[2688],{"text":2689,"type":76,"marks":2690},"If any of these are true, you may qualify for a lower interest rate and, therefore, a lower car payment. Even just a small decrease in your rate could save you a significant sum in interest over the life of the loan. ",[2691],{"type":83,"attrs":2692},{"color":85},{"type":101,"attrs":2694,"content":2695},{"level":184},[2696],{"text":2697,"type":76,"marks":2698},"You can get better terms if you were taken advantage of",[2699],{"type":83,"attrs":2700},{"color":85},{"type":72,"content":2702},[2703,2708,2714],{"text":2704,"type":76,"marks":2705},"When you buy a new car (or a used car) through a dealership, all the financing is ultimately handled by credit unions, financial institutions, and certain car manufacturers. However, the process is completed ",[2706],{"type":83,"attrs":2707},{"color":85},{"text":2709,"type":76,"marks":2710},"through",[2711,2712],{"type":1245},{"type":83,"attrs":2713},{"color":132},{"text":2715,"type":76,"marks":2716}," the dealer. And the dealer won’t always quote you a lender’s best rates. ",[2717],{"type":83,"attrs":2718},{"color":132},{"type":72,"content":2720},[2721],{"text":2722,"type":76,"marks":2723},"Instead, they’ll sometimes quote you a higher rate and take the difference as profit. If you think you got a bad deal, refinancing could help you repair the damage. If you’re not sure, shop around and get prequalified with a few refinance lenders. What kind of rates could you get? If they’re significantly lower than what your dealer gave you, a refinance may be worth considering. ",[2724],{"type":83,"attrs":2725},{"color":85},{"type":101,"attrs":2727,"content":2728},{"level":184},[2729],{"text":2730,"type":76,"marks":2731},"You can pay off your debt faster",[2732],{"type":83,"attrs":2733},{"color":85},{"type":72,"content":2735},[2736],{"text":2737,"type":76,"marks":2738},"When you refinance your car, you’ll have the ability to select a new loan term. Selecting a shorter term is a great way to save money on interest and get out of debt sooner. ",[2739],{"type":83,"attrs":2740},{"color":85},{"type":72,"content":2742},[2743],{"text":2744,"type":76,"marks":2745},"Here’s an example to illustrate:",[2746],{"type":83,"attrs":2747},{"color":85},{"type":72,"content":2749},[2750],{"text":2751,"type":76,"marks":2752},"Let’s say you owe $10,000 on your car with three years remaining on your loan term. Your annual percentage rate (APR) is 8.5%. If you refinance this loan at the same interest rate — but select a two-year term — your monthly payment will go up from $316.38 to $454.56. However, you’ll get out of debt a whole year sooner. And you’ll save a whopping $454.95 on total interest just by switching to a shorter loan term.",[2753],{"type":83,"attrs":2754},{"color":85},{"type":72,"content":2756},[2757,2762,2771],{"text":2758,"type":76,"marks":2759},"If you want to see how these numbers shake out for your car loan, you can use a ",[2760],{"type":83,"attrs":2761},{"color":85},{"text":2763,"type":76,"marks":2764},"refinance loan calculator",[2765,2768,2770],{"type":212,"attrs":2766},{"href":2767,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.calculator.net/refinance-calculator.html",{"type":83,"attrs":2769},{"color":132},{"type":219},{"text":2673,"type":76,"marks":2772},[2773],{"type":83,"attrs":2774},{"color":132},{"type":101,"attrs":2776,"content":2777},{"level":184},[2778],{"text":2779,"type":76,"marks":2780},"You could lower your monthly payments ",[2781],{"type":83,"attrs":2782},{"color":85},{"type":72,"content":2784},[2785],{"text":2786,"type":76,"marks":2787},"If your monthly payments are so high that you’re struggling to make them, it might be worth refinancing to a longer loan term. If you miss a payment, that can have serious financial consequences. Even just one missed payment could lower your credit score and make it difficult to open new lines of credit in the future. ",[2788],{"type":83,"attrs":2789},{"color":85},{"type":72,"content":2791},[2792],{"text":2793,"type":76,"marks":2794},"Refinancing to a longer term spreads your loan repayment out over more months. Usually, that leaves you with a lower bill month to month. That can make it easier to pay your bills and free up room in your monthly budget for other things. ",[2795],{"type":83,"attrs":2796},{"color":85},{"type":72,"content":2798},[2799],{"text":2800,"type":76,"marks":2801},"There is one big downside to this. Though you’ll have lower monthly payments, you’ll be making more of them, which means you’ll end up paying more in interest over the life of your loan. You’ll have to consider whether or not it’s worth trading a higher overall loan balance for a lower monthly payment. ",[2802],{"type":83,"attrs":2803},{"color":85},{"type":101,"attrs":2805,"content":2806},{"level":184},[2807],{"text":2808,"type":76,"marks":2809},"You can access the equity in your car ",[2810],{"type":83,"attrs":2811},{"color":85},{"type":72,"content":2813},[2814],{"text":2815,"type":76,"marks":2816},"If you need cash for a short-term emergency, a “cash-out refinance” can help put extra money in your hands fast. ",[2817],{"type":83,"attrs":2818},{"color":85},{"type":72,"content":2820},[2821],{"text":2822,"type":76,"marks":2823},"Also called “cash-back auto loan refinancing,” a cash-out refinance works similarly to a regular refinance. You simply trade your old loan for a new loan, hopefully with a better interest rate and better terms. The difference is that, with a cash-out refinance, you can also trade in any built-up equity in your car for cash. ",[2824],{"type":83,"attrs":2825},{"color":85},{"type":72,"content":2827},[2828],{"text":2829,"type":76,"marks":2830},"Since you’re getting cash in exchange for the equity, this amount will get added to your outstanding loan amount. You’ll need to make consistent monthly payments on this new, higher balance, which means you’ll likely pay more in interest over the life of the loan. ",[2831],{"type":83,"attrs":2832},{"color":85},{"type":101,"attrs":2834,"content":2835},{"level":103},[2836],{"text":1252,"type":76,"marks":2837},[2838],{"type":83,"attrs":2839},{"color":85},{"type":72,"content":2841},[2842],{"text":2843,"type":76,"marks":2844},"Auto loan refinancing isn’t for everyone. Here are some potential disadvantages to keep in mind.",[2845],{"type":83,"attrs":2846},{"color":85},{"type":101,"attrs":2848,"content":2849},{"level":184},[2850],{"text":2851,"type":76,"marks":2852},"It may be hard to qualify",[2853],{"type":83,"attrs":2854},{"color":85},{"type":72,"content":2856},[2857],{"text":2858,"type":76,"marks":2859},"Some lenders have restrictions on who is eligible to refinance. For example, you may be required to have a certain balance left on your current loan to qualify for a new loan. Additionally, some lenders won’t refinance cars that are ten years or older. Others have maximum mileage limits. ",[2860],{"type":83,"attrs":2861},{"color":85},{"type":72,"content":2863},[2864],{"text":2865,"type":76,"marks":2866},"If you don’t meet your new lender’s requirements, talk to your current lender about a refinance, or consider alternatives like taking out a personal loan. ",[2867],{"type":83,"attrs":2868},{"color":85},{"type":101,"attrs":2870,"content":2871},{"level":184},[2872],{"text":2873,"type":76,"marks":2874},"Your rate might not improve ",[2875],{"type":83,"attrs":2876},{"color":85},{"type":72,"content":2878},[2879],{"text":2880,"type":76,"marks":2881},"A car refinance is only beneficial if it can save you a significant amount over the life of the loan. If your credit hasn’t improved much since you took out your current auto loan, you’re unlikely to qualify for sufficiently lower rates. (In some cases, you could even end up with a higher interest rate than you started with.) ",[2882],{"type":83,"attrs":2883},{"color":85},{"type":72,"content":2885},[2886],{"text":2887,"type":76,"marks":2888},"If you can, try to improve your credit score before you apply for a refinance. To do this, you can:",[2889],{"type":83,"attrs":2890},{"color":85},{"type":111,"content":2892},[2893,2916,2938,2947,2956,2965,2983],{"type":114,"content":2894},[2895],{"type":72,"content":2896},[2897,2902,2911],{"text":2898,"type":76,"marks":2899},"Open ",[2900],{"type":83,"attrs":2901},{"color":85},{"text":2903,"type":76,"marks":2904},"new lines of credit",[2905,2908,2910],{"type":212,"attrs":2906},{"href":2907,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/increase-credit-limit-vs-new-credit/",{"type":83,"attrs":2909},{"color":132},{"type":219},{"text":2912,"type":76,"marks":2913}," or ask for higher limits on existing lines of credit.",[2914],{"type":83,"attrs":2915},{"color":132},{"type":114,"content":2917},[2918],{"type":72,"content":2919},[2920,2925,2933],{"text":2921,"type":76,"marks":2922},"Use no more than 30% of your limit on any credit card (this is called ",[2923],{"type":83,"attrs":2924},{"color":132},{"text":2926,"type":76,"marks":2927},"credit utilization",[2928,2930,2932],{"type":212,"attrs":2929},{"href":505,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":2931},{"color":132},{"type":219},{"text":2934,"type":76,"marks":2935}," and is a key factor in determining creditworthiness).",[2936],{"type":83,"attrs":2937},{"color":132},{"type":114,"content":2939},[2940],{"type":72,"content":2941},[2942],{"text":2943,"type":76,"marks":2944},"Pay your bills on time.",[2945],{"type":83,"attrs":2946},{"color":132},{"type":114,"content":2948},[2949],{"type":72,"content":2950},[2951],{"text":2952,"type":76,"marks":2953},"Take on a side gig to improve your cash flow.",[2954],{"type":83,"attrs":2955},{"color":132},{"type":114,"content":2957},[2958],{"type":72,"content":2959},[2960],{"text":2961,"type":76,"marks":2962},"Check your credit report and dispute any errors.",[2963],{"type":83,"attrs":2964},{"color":132},{"type":114,"content":2966},[2967],{"type":72,"content":2968},[2969,2978],{"text":2970,"type":76,"marks":2971},"Ask your creditor",[2972,2975,2977],{"type":212,"attrs":2973},{"href":2974,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/article/finance/goodwill-letter",{"type":83,"attrs":2976},{"color":132},{"type":219},{"text":2979,"type":76,"marks":2980}," to remove any late payments or settled collection accounts from your record.",[2981],{"type":83,"attrs":2982},{"color":132},{"type":114,"content":2984},[2985],{"type":72,"content":2986},[2987,2992,3000],{"text":2988,"type":76,"marks":2989},"Sign up for a service like ",[2990],{"type":83,"attrs":2991},{"color":132},{"text":677,"type":76,"marks":2993},[2994,2997,2999],{"type":212,"attrs":2995},{"href":2996,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/what-is-experian-boost/",{"type":83,"attrs":2998},{"color":132},{"type":219},{"text":3001,"type":76,"marks":3002},", which will give you credit for on-time rent and utility payments.",[3003],{"type":83,"attrs":3004},{"color":132},{"type":101,"attrs":3006,"content":3007},{"level":184},[3008],{"text":3009,"type":76,"marks":3010},"Your loan could become upside down ",[3011],{"type":83,"attrs":3012},{"color":85},{"type":72,"content":3014},[3015],{"text":3016,"type":76,"marks":3017},"If the value of your car falls below the outstanding balance on your loan, this is called being upside down. Ideally, if you were to sell your car, you’d use the money from the sale of the vehicle to pay off the car loan. When you’re upside down, however, the amount you receive from the sale can’t cover the loan amount, which means you may have to take on additional debt or dip into savings in order to pay the balance. This can negatively affect both your credit score and your ability to borrow more.",[3018],{"type":83,"attrs":3019},{"color":85},{"type":101,"attrs":3021,"content":3022},{"level":184},[3023],{"text":3024,"type":76,"marks":3025},"You’ll have to pay fees ",[3026],{"type":83,"attrs":3027},{"color":85},{"type":72,"content":3029},[3030],{"text":3031,"type":76,"marks":3032},"Taking out a loan — whether it’s a new loan or a refinance — typically involves paying fees to the lender. These can include application fees, origination fees, or title transfer fees. Unless you have a long loan term, the savings you gain from a reduced interest rate may not be enough to offset the fees you’ll pay to refinance. You may also have to pay prepayment penalties on your current loan, which can eat into your savings, too.",[3033],{"type":83,"attrs":3034},{"color":85},{"type":101,"attrs":3036,"content":3037},{"level":103},[3038],{"text":3039,"type":76,"marks":3040},"Can you refinance your loan more than once? ",[3041],{"type":83,"attrs":3042},{"color":85},{"type":72,"content":3044},[3045,3050,3059],{"text":3046,"type":76,"marks":3047},"Technically, there’s no limit to how many times you can refinance your car loan. Refinancing can impact your credit history, but usually in a net-positive way. When you do a traditional auto refinance, you’ll only incur a small credit penalty — usually no more than ",[3048],{"type":83,"attrs":3049},{"color":85},{"text":3051,"type":76,"marks":3052},"a few points at a time",[3053,3056,3058],{"type":212,"attrs":3054},{"href":3055,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.clearviewfcu.org/Resources/Learn/Blog/Does-Refinancing-Hurt-My-Credit#:~:text=Refinancing%20will%20hurt%20your%20credit,back%20within%20a%20few%20months.",{"type":83,"attrs":3057},{"color":132},{"type":219},{"text":3060,"type":76,"marks":3061},". And if refinancing more than once helps you get out of debt faster, it may ultimately boost your credit score in the long run.",[3062],{"type":83,"attrs":3063},{"color":132},{"type":72,"content":3065},[3066],{"text":3067,"type":76,"marks":3068},"There is an exception to this rule. If you undergo multiple cash-back refinances, you’ll repeatedly increase your total debt. This will have a bigger negative effect on your credit score and could make it harder to apply for new lines of credit in the future. ",[3069],{"type":83,"attrs":3070},{"color":85},{"type":72,"content":3072},[3073],{"text":3074,"type":76,"marks":3075},"Keep in mind that you’ll also be paying fees and/or penalties for each new refinance loan. These charges can add up and eat into your savings. ",[3076],{"type":83,"attrs":3077},{"color":85},{"type":101,"attrs":3079,"content":3080},{"level":103},[3081],{"text":3082,"type":76,"marks":3083},"How soon can I refinance my car loan? ",[3084],{"type":83,"attrs":3085},{"color":85},{"type":72,"content":3087},[3088,3093,3102],{"text":3089,"type":76,"marks":3090},"To complete a car loan refinance, you’ll need proof of ",[3091],{"type":83,"attrs":3092},{"color":85},{"text":3094,"type":76,"marks":3095},"transfer of the vehicle title",[3096,3099,3101],{"type":212,"attrs":3097},{"href":3098,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/how-to-transfer-a-car-title-5116873",{"type":83,"attrs":3100},{"color":132},{"type":219},{"text":3103,"type":76,"marks":3104},". A title typically takes two to three months after you bought the car to transfer to your name. So, if you bought your car within the last two to three months, it may be too early. In this case, you should wait until you receive the title before applying to refinance. ",[3105],{"type":83,"attrs":3106},{"color":132},{"type":72,"content":3108},[3109],{"text":3110,"type":76,"marks":3111},"On top of this, some lenders may require you to have had your current loan for six months or longer before you apply.",[3112],{"type":83,"attrs":3113},{"color":85},{"type":101,"attrs":3115,"content":3116},{"level":103},[3117],{"text":3118,"type":76,"marks":3119},"Should I refinance my car?",[3120],{"type":83,"attrs":3121},{"color":85},{"type":72,"content":3123},[3124],{"text":3125,"type":76,"marks":3126},"Consider refinancing your car if:",[3127],{"type":83,"attrs":3128},{"color":85},{"type":111,"content":3130},[3131,3140,3149],{"type":114,"content":3132},[3133],{"type":72,"content":3134},[3135],{"text":3136,"type":76,"marks":3137},"Your financial situation has improved since you took out the original loan, and",[3138],{"type":83,"attrs":3139},{"color":85},{"type":114,"content":3141},[3142],{"type":72,"content":3143},[3144],{"text":3145,"type":76,"marks":3146},"You know you can get a much better interest rate.",[3147],{"type":83,"attrs":3148},{"color":132},{"type":114,"content":3150},[3151],{"type":72,"content":3152},[3153],{"text":3154,"type":76,"marks":3155},"You want to lower monthly payments by extending your loan term. ",[3156],{"type":83,"attrs":3157},{"color":132},{"type":72,"content":3159},[3160],{"text":3161,"type":76,"marks":3162},"Refinancing may not be a good idea if: ",[3163],{"type":83,"attrs":3164},{"color":85},{"type":111,"content":3166},[3167,3176,3185],{"type":114,"content":3168},[3169],{"type":72,"content":3170},[3171],{"text":3172,"type":76,"marks":3173},"The value of your car has dropped significantly since you bought it,",[3174],{"type":83,"attrs":3175},{"color":85},{"type":114,"content":3177},[3178],{"type":72,"content":3179},[3180],{"text":3181,"type":76,"marks":3182},"Your car is more than ten years old and has over 125,000 miles on it, or",[3183],{"type":83,"attrs":3184},{"color":132},{"type":114,"content":3186},[3187],{"type":72,"content":3188},[3189],{"text":3190,"type":76,"marks":3191},"You have a bad credit score.",[3192],{"type":83,"attrs":3193},{"color":132},{"type":101,"attrs":3195,"content":3196},{"level":103},[3197],{"text":894,"type":76,"marks":3198},[3199],{"type":83,"attrs":3200},{"color":85},{"type":72,"content":3202},[3203,3208,3214,3220],{"text":3204,"type":76,"marks":3205},"Are you considering an auto loan refinance? Whether your goal is lower monthly loan payments or a lower interest rate, Navient Marketplace can help you find what you’re looking for. Just fill out a few details about you, and in less than a minute, you’ll be automatically matched with offers from top auto loan providers. Then compare, contrast, and choose the best offer for you. Ready to get started on ",[3206],{"type":83,"attrs":3207},{"color":85},{"text":1597,"type":76,"marks":3209},[3210,3212],{"type":212,"attrs":3211},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":3213},{"color":132},{"text":2420,"type":76,"marks":3215},[3216,3218],{"type":79,"attrs":3217},{"class":1099},{"type":83,"attrs":3219},{"color":132},{"text":3221,"type":76,"marks":3222},"? It’s fast and free, and it won’t affect your credit score.",[3223],{"type":83,"attrs":3224},{"color":132},{"type":72,"content":3226},[3227],{"text":929,"type":76,"marks":3228},[3229,3231],{"type":79,"attrs":3230},{"class":81},{"type":83,"attrs":3232},{"color":85},{"type":72,"content":3234},[3235],{"text":2459,"type":76,"marks":3236},[3237,3239],{"type":79,"attrs":3238},{"class":81},{"type":83,"attrs":3240},{"color":85},{"type":72,"content":3242},[3243],{"text":3244,"type":76,"marks":3245},"2 Navient customers are invited to consider auto loan refinance offers through our partner Fiona. Navient has not shared your information with Fiona. Auto loan refinance offers are made by participants in Fiona’s lending platform, powered by Engine by MoneyLion. Engine by MoneyLion is the technology platform powering financial services online. Checking your rate will not affect your credit score.",[3246,3248],{"type":79,"attrs":3247},{"class":81},{"type":83,"attrs":3249},{"color":85},{"type":72,"content":3251},[3252],{"text":75,"type":76,"marks":3253},[3254,3256],{"type":79,"attrs":3255},{"class":81},{"type":83,"attrs":3257},{"color":85},{"type":69,"content":3259},[3260],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"79c5b935-428a-4f01-954a-527cf1bf772e\", \"id\": \"651798192\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"d0dc457f-10c8-40ff-a7ad-e9856d551058\", \"id\": 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\"space\": \"157494\", \"uid\": \"fcadf02c-37f4-438b-9ca7-717fee11b18e\", \"id\": \"651798192\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"98ee0dbe-e285-4a06-b820-8abaf79311ea\", \"id\": \"651798192\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"20c69c92-3583-4221-9831-751bec50bb43\", \"id\": \"651798192\"}-->","https://www.marketplace.navient.com/blog/pros-and-cons-of-refinancing-a-car-loan/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"b4f726d3-b250-4959-8ba5-96a548c8f070\", \"id\": \"651798192\"}-->","pros-and-cons-of-refinancing-a-car-loan","navient_marketplace/blog/pros-and-cons-of-refinancing-a-car-loan",-20,[],"2babe473-6622-482a-b27e-1af5dd324f11","2023-05-25T17:53:34.459Z",[],{"name":3319,"created_at":3320,"published_at":3321,"updated_at":3322,"id":3323,"uuid":3324,"content":3325,"slug":4091,"full_slug":4092,"sort_by_date":132,"position":4093,"tag_list":4094,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":4095,"first_published_at":4096,"release_id":132,"lang":1046,"path":132,"alternates":4097,"default_full_slug":132,"translated_slugs":132},"How to Refinance a Car Loan","2025-04-07T18:31:24.527Z","2025-12-26T13:45:14.614Z","2025-12-26T13:45:14.644Z",651798201,"411720b5-8dea-4625-b668-9a8dd3efcd0d",{"seo":3326,"_uid":3330,"body":3331,"author":49,"category":1035,"featured":45,"component":1036,"canonicalTag":4089,"_editable":4090},{"_uid":3327,"title":3328,"plugin":17,"og_image":18,"og_title":18,"description":3329,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"bf8391c8-a1d6-49c0-9c54-9c13406d1d3e","How to Refinance a Car Loan - Navient Marketplace","Refinancing your car loan is a great way to lower your monthly payment or save on interest. Learn how to refinance your auto loan here.","b59dd8e6-e5cd-4dbd-a694-583fc37cfacd",[3332,3342,4074],{"id":23,"_uid":3333,"image":3334,"intro":3335,"author":27,"classes":3336,"category":18,"featured":45,"blogTitle":3319,"component":47,"imageLink":3340,"blendImage":45,"authorRoute":49,"publishedDate":1072,"backgroundColor":51,"_editable":3341},"1a8f0184-4f1b-45e6-bc0b-6ed04009a320","//a.storyblok.com/f/110029/1208x800/7ac765e33d/how-to-refinance-a-car-loan.png","Refinancing is one of the best ways to lower your monthly payments or save a significant sum on interest over the life of your loan. Here’s everything you need to know about how to refinance a car loan.",[3337],{"_uid":3338,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":37,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":3339},"7a886503-dbe6-4da1-aa87-fad46d3b115b","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"7a886503-dbe6-4da1-aa87-fad46d3b115b\", \"id\": \"651798201\"}-->","/images/how-to-refinance-a-car-loan.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"1a8f0184-4f1b-45e6-bc0b-6ed04009a320\", \"id\": \"651798201\"}-->",{"_uid":3343,"bloks":3344,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":4072,"_editable":4073},"88c16170-c083-4e64-a1da-956adc7092f4",[3345],{"_uid":3346,"bloks":3347,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":4071},"c83f2542-55d3-4852-be66-5fdde31f0cb0",[3348,4043],{"lg":60,"md":60,"sm":61,"_uid":3349,"cols":61,"bloks":3350,"alignSelf":951,"component":952,"_editable":4042},"89786153-3aa6-4b22-8ac3-7ba827936ae5",[3351],{"_uid":3352,"color":66,"classes":67,"content":18,"richText":3353,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":4038,"_editable":4041},"852fe052-f0af-4960-a9b8-7e828aab0ac8",{"type":69,"content":3354},[3355,3372,3379,3387,3394,3402,3409,3416,3424,3431,3438,3445,3452,3483,3491,3498,3505,3513,3532,3539,3547,3573,3580,3587,3646,3654,3661,3681,3688,3709,3755,3762,3770,3777,3856,3863,3871,3878,3885,3893,3900,3908,3937,3945,3983,3990,4014,4022,4030],{"type":72,"content":3356},[3357,3362,3368],{"text":3358,"type":76,"marks":3359},"An auto loan refinance is when you replace your current car loan with a new loan that has a lower interest rate and/or a different loan term. Refinancing is one of the best ways to lower your monthly payments or save a significant sum on interest over the life of your loan",[3360],{"type":83,"attrs":3361},{"color":85},{"text":1095,"type":76,"marks":3363},[3364,3366],{"type":79,"attrs":3365},{"class":1099},{"type":83,"attrs":3367},{"color":132},{"text":2673,"type":76,"marks":3369},[3370],{"type":83,"attrs":3371},{"color":132},{"type":72,"content":3373},[3374],{"text":3375,"type":76,"marks":3376},"If you’re struggling with your monthly payments, hoping to save money in interest, or even just interested in switching loan servicers, refinancing could be right for you. Here’s everything you need to know about how to refinance a car loan.",[3377],{"type":83,"attrs":3378},{"color":85},{"type":101,"attrs":3380,"content":3381},{"level":103},[3382],{"text":3383,"type":76,"marks":3384},"Determine if a car loan refinance is right for you",[3385],{"type":83,"attrs":3386},{"color":85},{"type":72,"content":3388},[3389],{"text":3390,"type":76,"marks":3391},"Refinancing is ideal for two types of people: those whose financial situation has improved in recent years, and those whose personal finances leave them unable to afford loan payments. ",[3392],{"type":83,"attrs":3393},{"color":85},{"type":101,"attrs":3395,"content":3396},{"level":184},[3397],{"text":3398,"type":76,"marks":3399},"If your financial situation has improved ",[3400],{"type":83,"attrs":3401},{"color":85},{"type":72,"content":3403},[3404],{"text":3405,"type":76,"marks":3406},"If your income or credit score is higher now than it was when you first took out your car loan, refinancing could help you unlock lower rates. Since loan offers are made based on a client’s credit history, your improved financial situation might make you eligible for lower interest rates than you were approved for originally. ",[3407],{"type":83,"attrs":3408},{"color":85},{"type":72,"content":3410},[3411],{"text":3412,"type":76,"marks":3413},"You can also use refinancing to shorten your loan term. This can help you to pay off your debt sooner. Shortening your loan term is one of the best ways to reduce the total amount of interest you pay — which could save you thousands of dollars over the life of the loan. ",[3414],{"type":83,"attrs":3415},{"color":85},{"type":101,"attrs":3417,"content":3418},{"level":184},[3419],{"text":3420,"type":76,"marks":3421},"If you can’t afford current loan payments ",[3422],{"type":83,"attrs":3423},{"color":85},{"type":72,"content":3425},[3426],{"text":3427,"type":76,"marks":3428},"If you’re struggling financially, refinancing can help you lower your monthly payments to an affordable level. If you refinance your car loan for a longer term, that will spread out your repayments across a longer period of time. As a result, each monthly payment will be lower.",[3429],{"type":83,"attrs":3430},{"color":85},{"type":72,"content":3432},[3433],{"text":3434,"type":76,"marks":3435},"Lower monthly payments can reduce your financial stress and make it less likely that you’ll miss a payment, which can damage your credit score. It can also free up some breathing room in your budget so you can cover other monthly expenses more easily. ",[3436],{"type":83,"attrs":3437},{"color":85},{"type":72,"content":3439},[3440],{"text":3441,"type":76,"marks":3442},"One disclaimer: when you refinance for a longer term, you will pay more in interest over the life of the loan. For example, if you take out a $20,000 loan with a 6% APR and a term of 10 years, you’ll end up paying about $222 per month. Over the span of 10 years, you would pay about $6,600 in interest. ",[3443],{"type":83,"attrs":3444},{"color":85},{"type":72,"content":3446},[3447],{"text":3448,"type":76,"marks":3449},"But if you extend that loan term from 10 to 20 years at the same APR, you would pay only $143 per month. That may sound appealing at first. However, over the life of the loan, you would pay about $14,400 in interest. ",[3450],{"type":83,"attrs":3451},{"color":85},{"type":72,"content":3453},[3454,3459,3465,3473,3478],{"text":3455,"type":76,"marks":3456},"You can see how these numbers check out for your personal financial situation by using an",[3457],{"type":83,"attrs":3458},{"color":85},{"text":501,"type":76,"marks":3460},[3461,3463],{"type":212,"attrs":3462},{"href":2767,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":3464},{"color":132},{"text":3466,"type":76,"marks":3467},"auto loan refinance calculator.",[3468,3470,3472],{"type":212,"attrs":3469},{"href":2767,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":3471},{"color":132},{"type":219},{"text":501,"type":76,"marks":3474},[3475,3476],{"type":198},{"type":83,"attrs":3477},{"color":132},{"text":3479,"type":76,"marks":3480},"If you’ve decided to move forward with an auto loan refinance, here are the basic steps to follow. ",[3481],{"type":83,"attrs":3482},{"color":132},{"type":101,"attrs":3484,"content":3485},{"level":184},[3486],{"text":3487,"type":76,"marks":3488},"1. Review your current auto loan ",[3489],{"type":83,"attrs":3490},{"color":85},{"type":72,"content":3492},[3493],{"text":3494,"type":76,"marks":3495},"Your first step is to look at your current loan. How much do you have left to repay? What are the repayment terms? Most banks and credit unions require you to have a minimum loan amount before they’ll issue a new auto loan refinance. So, if your current loan balance doesn’t reach that minimum threshold, you may not be eligible for a refinance at this time. If you don’t meet one lender’s requirements, keep shopping around. There may be another lender out there who will cater to your specific situation.",[3496],{"type":83,"attrs":3497},{"color":85},{"type":72,"content":3499},[3500],{"text":3501,"type":76,"marks":3502},"Before you move forward with your refinance, you’ll also want to check whether or not your current lender charges prepayment penalties for paying off your loan early. Though they’re not common, these fees can be a nasty surprise if you refinance and find yourself with an additional bill. ",[3503],{"type":83,"attrs":3504},{"color":85},{"type":101,"attrs":3506,"content":3507},{"level":184},[3508],{"text":3509,"type":76,"marks":3510},"2. Review your vehicle details",[3511],{"type":83,"attrs":3512},{"color":85},{"type":72,"content":3514},[3515,3520,3528],{"text":3516,"type":76,"marks":3517},"Your eligibility for a refinance will depend in part on the type of car you have. Many lenders place restrictions on the mileage, age, and type of vehicles they’ll complete a refinance for. If your car is more than 10 years old or has more than 125,000 miles on it, you may have a hard time ",[3518],{"type":83,"attrs":3519},{"color":85},{"text":3521,"type":76,"marks":3522},"getting approved for a new loan",[3523,3525,3527],{"type":212,"attrs":3524},{"href":1319,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":3526},{"color":132},{"type":219},{"text":332,"type":76,"marks":3529},[3530],{"type":83,"attrs":3531},{"color":132},{"type":72,"content":3533},[3534],{"text":3535,"type":76,"marks":3536},"The condition and value of your car matter, too. If your vehicle has sustained damage and has been written off by your insurance company as a complete loss — but it’s still driving — it may be ineligible for a refinance. Additionally, some lenders won’t refinance commercial vehicles or large-engine trucks. ",[3537],{"type":83,"attrs":3538},{"color":85},{"type":101,"attrs":3540,"content":3541},{"level":184},[3542],{"text":3543,"type":76,"marks":3544},"3. Check your credit score ",[3545],{"type":83,"attrs":3546},{"color":85},{"type":72,"content":3548},[3549,3554,3560,3568],{"text":3550,"type":76,"marks":3551},"Next, check your credit score against the lender's list of requirements. This will save you time and give you a better sense of what lenders are looking for in terms of creditworthiness. You’re entitled to a free annual credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion. You can go to",[3552],{"type":83,"attrs":3553},{"color":85},{"text":501,"type":76,"marks":3555},[3556,3558],{"type":212,"attrs":3557},{"href":1493,"uuid":132,"anchor":132,"target":132,"linktype":215},{"type":83,"attrs":3559},{"color":132},{"text":1497,"type":76,"marks":3561},[3562,3565,3567],{"type":212,"attrs":3563},{"href":3564,"uuid":132,"anchor":132,"target":238,"linktype":215},"http://AnnualCreditReport.com",{"type":83,"attrs":3566},{"color":132},{"type":219},{"text":3569,"type":76,"marks":3570}," to redeem your free reports.",[3571],{"type":83,"attrs":3572},{"color":132},{"type":72,"content":3574},[3575],{"text":3576,"type":76,"marks":3577},"Keep in mind that the credit scores you see on these reports may be slightly different from the scores your new lender might be looking at. TransUnion credit scoring is based on the VantageScore ® 3.0 model, while Equifax and Experian use their own models.",[3578],{"type":83,"attrs":3579},{"color":85},{"type":72,"content":3581},[3582],{"text":3583,"type":76,"marks":3584},"Here are some of the popular scoring models among refinancing lenders: ",[3585],{"type":83,"attrs":3586},{"color":85},{"type":111,"content":3588},[3589,3608,3627],{"type":114,"content":3590},[3591],{"type":72,"content":3592},[3593,3603],{"text":3594,"type":76,"marks":3595},"FICO® Score☉ 8 and 9:",[3596,3599,3600,3602],{"type":212,"attrs":3597},{"href":3598,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.myfico.com/credit-education/credit-scores/fico-score-versions",{"type":198},{"type":83,"attrs":3601},{"color":85},{"type":219},{"text":3604,"type":76,"marks":3605}," Auto lenders use these scores as a baseline, though they aren’t exclusive to this industry.",[3606],{"type":83,"attrs":3607},{"color":132},{"type":114,"content":3609},[3610],{"type":72,"content":3611},[3612,3622],{"text":3613,"type":76,"marks":3614},"FICO® Auto Scores:",[3615,3618,3619,3621],{"type":212,"attrs":3616},{"href":3617,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fico.com/en/latest-thinking/solution-sheet/fico-auto-score-10",{"type":198},{"type":83,"attrs":3620},{"color":132},{"type":219},{"text":3623,"type":76,"marks":3624}," These are industry-specific scores and are based on several criteria, including your prior history of taking out and paying off auto loans.",[3625],{"type":83,"attrs":3626},{"color":132},{"type":114,"content":3628},[3629],{"type":72,"content":3630},[3631,3641],{"text":3632,"type":76,"marks":3633},"VantageScore® 3.0 and 4.0:",[3634,3637,3638,3640],{"type":212,"attrs":3635},{"href":3636,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://vantagescore.com/lenders/why-vantagescore/our-models/",{"type":198},{"type":83,"attrs":3639},{"color":132},{"type":219},{"text":3642,"type":76,"marks":3643}," These credit scoring models are popular among auto lenders and are becoming more common in the overall lending market, as well. ",[3644],{"type":83,"attrs":3645},{"color":132},{"type":101,"attrs":3647,"content":3648},{"level":184},[3649],{"text":3650,"type":76,"marks":3651},"4. Get prequalified ",[3652],{"type":83,"attrs":3653},{"color":85},{"type":72,"content":3655},[3656],{"text":3657,"type":76,"marks":3658},"When you’re ready to refinance your car loan, consider getting prequalified online instead of filling out a full application immediately. Prequalification is a process during which a lender takes a cursory look at your credit. The lender then grants you a kind of tentative approval for a new loan that’s contingent upon the deeper credit check they’ll conduct during your final application. Getting prequalified by multiple lenders is a good way to get a sense of your available options. ",[3659],{"type":83,"attrs":3660},{"color":85},{"type":72,"content":3662},[3663,3668,3676],{"text":3664,"type":76,"marks":3665},"When you prequalify for a loan, the lender conducts a “",[3666],{"type":83,"attrs":3667},{"color":85},{"text":3669,"type":76,"marks":3670},"soft credit inquiry",[3671,3673,3675],{"type":212,"attrs":3672},{"href":575,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":3674},{"color":132},{"type":219},{"text":3677,"type":76,"marks":3678},".” Soft inquiries will only show up on your credit report in certain cases and never affect your credit score. ",[3679],{"type":83,"attrs":3680},{"color":132},{"type":72,"content":3682},[3683],{"text":3684,"type":76,"marks":3685},"Once you actually apply for a loan, however, the lender will conduct a hard inquiry. This kind of credit check signals the credit bureau that you’re seriously looking into opening or extending a line of credit. Hard inquiries can negatively impact your credit score. ",[3686],{"type":83,"attrs":3687},{"color":85},{"type":72,"content":3689},[3690,3695,3704],{"text":3691,"type":76,"marks":3692},"The exception to this rule is ",[3693],{"type":83,"attrs":3694},{"color":85},{"text":3696,"type":76,"marks":3697},"rate shopping",[3698,3701,3703],{"type":212,"attrs":3699},{"href":3700,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.equifax.com/personal/help/credit-scores-inquiries/",{"type":83,"attrs":3702},{"color":132},{"type":219},{"text":3705,"type":76,"marks":3706},". When borrowers research many lenders within a short window of time, credit bureaus consider this financially responsible behavior, and they won’t penalize you. Here’s how different credit scoring models incentivize rate shopping: ",[3707],{"type":83,"attrs":3708},{"color":132},{"type":111,"content":3710},[3711,3740],{"type":114,"content":3712},[3713],{"type":72,"content":3714},[3715,3721,3726,3735],{"text":3716,"type":76,"marks":3717},"FICO: ",[3718,3719],{"type":198},{"type":83,"attrs":3720},{"color":85},{"text":3722,"type":76,"marks":3723},"Most modern FICO scoring models allow a ",[3724],{"type":83,"attrs":3725},{"color":132},{"text":3727,"type":76,"marks":3728},"45-day safe harbor period",[3729,3732,3734],{"type":212,"attrs":3730},{"href":3731,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries",{"type":83,"attrs":3733},{"color":132},{"type":219},{"text":3736,"type":76,"marks":3737},". During this time, FICO counts all new credit checks as one single hard inquiry. As long as you do all your rate shopping within this period, you will only see one hit to your credit report rather than several.",[3738],{"type":83,"attrs":3739},{"color":132},{"type":114,"content":3741},[3742],{"type":72,"content":3743},[3744,3750],{"text":3745,"type":76,"marks":3746},"VantageScore: ",[3747,3748],{"type":198},{"type":83,"attrs":3749},{"color":132},{"text":3751,"type":76,"marks":3752},"VantageScore treats all inquiries within the safe harbor period as one hard inquiry, the only difference being that the limit here is 14 days instead of 45. ",[3753],{"type":83,"attrs":3754},{"color":132},{"type":72,"content":3756},[3757],{"text":3758,"type":76,"marks":3759},"In sum: If you want to prevent undue damage to your credit while you’re checking out your refinance options, do all your research within a two-week period, just to be safe. ",[3760],{"type":83,"attrs":3761},{"color":85},{"type":101,"attrs":3763,"content":3764},{"level":184},[3765],{"text":3766,"type":76,"marks":3767},"5. Apply for the refinance loan ",[3768],{"type":83,"attrs":3769},{"color":85},{"type":72,"content":3771},[3772],{"text":3773,"type":76,"marks":3774},"Once you’ve picked a lender, you’ll need to submit a loan application in person or online. Usually that requires you to show the following: ",[3775],{"type":83,"attrs":3776},{"color":85},{"type":111,"content":3778},[3779,3788,3797,3806,3815,3824,3833],{"type":114,"content":3780},[3781],{"type":72,"content":3782},[3783],{"text":3784,"type":76,"marks":3785},"Some form of ID like a driver’s license or social security number",[3786],{"type":83,"attrs":3787},{"color":85},{"type":114,"content":3789},[3790],{"type":72,"content":3791},[3792],{"text":3793,"type":76,"marks":3794},"Proof of income, like W-2s or pay stubs ",[3795],{"type":83,"attrs":3796},{"color":132},{"type":114,"content":3798},[3799],{"type":72,"content":3800},[3801],{"text":3802,"type":76,"marks":3803},"Proof of insurance, like a recent monthly statement ",[3804],{"type":83,"attrs":3805},{"color":132},{"type":114,"content":3807},[3808],{"type":72,"content":3809},[3810],{"text":3811,"type":76,"marks":3812},"Proof of your residence, like a lease agreement, mortgage statement, or utility bill",[3813],{"type":83,"attrs":3814},{"color":132},{"type":114,"content":3816},[3817],{"type":72,"content":3818},[3819],{"text":3820,"type":76,"marks":3821},"Vehicle registration and vehicle identification number",[3822],{"type":83,"attrs":3823},{"color":132},{"type":114,"content":3825},[3826],{"type":72,"content":3827},[3828],{"text":3829,"type":76,"marks":3830},"Copy of your driver’s license ",[3831],{"type":83,"attrs":3832},{"color":132},{"type":114,"content":3834},[3835],{"type":72,"content":3836},[3837,3842,3851],{"text":3838,"type":76,"marks":3839},"Your ",[3840],{"type":83,"attrs":3841},{"color":132},{"text":3843,"type":76,"marks":3844},"10-day payoff statement",[3845,3848,3850],{"type":212,"attrs":3846},{"href":3847,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/10-day-payoff-student-loans/",{"type":83,"attrs":3849},{"color":132},{"type":219},{"text":3852,"type":76,"marks":3853}," and payoff amount",[3854],{"type":83,"attrs":3855},{"color":132},{"type":72,"content":3857},[3858],{"text":3859,"type":76,"marks":3860},"Gather these documents before you apply to make the process go even more smoothly. If you’re approved for an auto refinance loan, you’ll get a legal document explaining your new car loan terms. This document will contain all the important details of your loan, including your minimum monthly payment, when your car payments are due, and how you can make those payments.",[3861],{"type":83,"attrs":3862},{"color":85},{"type":101,"attrs":3864,"content":3865},{"level":184},[3866],{"text":3867,"type":76,"marks":3868},"6. Keep making payments until your loan is paid off",[3869],{"type":83,"attrs":3870},{"color":85},{"type":72,"content":3872},[3873],{"text":3874,"type":76,"marks":3875},"What happens next depends on your financial institution. Usually, your refinance lender will pay off your original loan for you with the details you provided in your 10-day payoff statement –– but, it’s important to confirm. Ask your lender how the process will work: who the loan is disbursed to, who is paying the current car loan off, and what your responsibilities are now that you’ve been approved. ",[3876],{"type":83,"attrs":3877},{"color":85},{"type":72,"content":3879},[3880],{"text":3881,"type":76,"marks":3882},"At the very least, you’ll need to continue making payments on your existing loan until it’s paid off by your lender. If you don’t, you could be left with a residual balance on your old loan even after the new lender pays it off. Depending on the annual percentage rate, that residual loan balance could grow into a significant sum as you miss payments, and your credit score will suffer in the process.",[3883],{"type":83,"attrs":3884},{"color":85},{"type":101,"attrs":3886,"content":3887},{"level":103},[3888],{"text":3889,"type":76,"marks":3890},"Is a car loan refinance right for me?",[3891],{"type":83,"attrs":3892},{"color":85},{"type":72,"content":3894},[3895],{"text":3896,"type":76,"marks":3897},"There are many factors you’ll need to consider before deciding whether or not to refinance your car loan. ",[3898],{"type":83,"attrs":3899},{"color":85},{"type":72,"content":3901},[3902],{"text":3903,"type":76,"marks":3904},"Auto loan refinancing may be ideal for you if: ",[3905,3906],{"type":198},{"type":83,"attrs":3907},{"color":85},{"type":111,"content":3909},[3910,3919,3928],{"type":114,"content":3911},[3912],{"type":72,"content":3913},[3914],{"text":3915,"type":76,"marks":3916},"Your financial standing has improved and you can leverage your new, higher credit score to get a better interest rate. ",[3917],{"type":83,"attrs":3918},{"color":85},{"type":114,"content":3920},[3921],{"type":72,"content":3922},[3923],{"text":3924,"type":76,"marks":3925},"Average auto loan rates have gone down and you think refinancing could help you secure one of these lower rates.",[3926],{"type":83,"attrs":3927},{"color":132},{"type":114,"content":3929},[3930],{"type":72,"content":3931},[3932],{"text":3933,"type":76,"marks":3934},"You have positive equity in your car (i.e., your car’s value is worth more than the total amount remaining on your loan balance.)",[3935],{"type":83,"attrs":3936},{"color":132},{"type":72,"content":3938},[3939],{"text":3940,"type":76,"marks":3941},"Auto loan refinancing may not be ideal for you if: ",[3942,3943],{"type":198},{"type":83,"attrs":3944},{"color":85},{"type":111,"content":3946},[3947,3956,3965,3974],{"type":114,"content":3948},[3949],{"type":72,"content":3950},[3951],{"text":3952,"type":76,"marks":3953},"Your income is unpredictable.",[3954],{"type":83,"attrs":3955},{"color":85},{"type":114,"content":3957},[3958],{"type":72,"content":3959},[3960],{"text":3961,"type":76,"marks":3962},"Average auto loan rates have gone up in recent years, in which case you could end up saddled with a higher interest rate.",[3963],{"type":83,"attrs":3964},{"color":132},{"type":114,"content":3966},[3967],{"type":72,"content":3968},[3969],{"text":3970,"type":76,"marks":3971},"Your car is more than 10 years old and/or has more than 125,000 miles on it. ",[3972],{"type":83,"attrs":3973},{"color":132},{"type":114,"content":3975},[3976],{"type":72,"content":3977},[3978],{"text":3979,"type":76,"marks":3980},"There’s little time remaining on your loan, in which case refinancing fees may eat up the amount you save on interest. ",[3981],{"type":83,"attrs":3982},{"color":132},{"type":101,"attrs":3984,"content":3985},{"level":103},[3986],{"text":894,"type":76,"marks":3987},[3988],{"type":83,"attrs":3989},{"color":85},{"type":72,"content":3991},[3992,3997,4004,4009],{"text":3993,"type":76,"marks":3994},"Whether you’re looking for lower interest rates or longer terms, ",[3995],{"type":83,"attrs":3996},{"color":85},{"text":1597,"type":76,"marks":3998},[3999,4001,4003],{"type":212,"attrs":4000},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":4002},{"color":132},{"type":219},{"text":4005,"type":76,"marks":4006}," can help you find an auto loan refinance provider that’s right for you. In less than a minute, you can fill in a few details about your car and your financial goals, and we’ll automatically match you with refinance lenders who fit your needs. 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\"space\": \"157494\", \"uid\": \"28e68a3f-934f-42bc-8b60-52aa84b4d727\", \"id\": \"651798201\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"e1c4dc65-eb2f-43ce-8d0b-2bc34ec9c76b\", \"id\": \"651798201\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"c508eec2-c237-4357-83c7-5dd642d6871e\", \"id\": \"651798201\"}-->","https://www.marketplace.navient.com/blog/how-to-refinance-a-car-loan/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"b59dd8e6-e5cd-4dbd-a694-583fc37cfacd\", \"id\": \"651798201\"}-->","how-to-refinance-a-car-loan","navient_marketplace/blog/how-to-refinance-a-car-loan",0,[],"054be115-d0fb-473b-b189-376443e90bb0","2023-05-24T17:54:32.510Z",[],{"name":4099,"created_at":4100,"published_at":4101,"updated_at":4102,"id":4103,"uuid":4104,"content":4105,"slug":4860,"full_slug":4861,"sort_by_date":132,"position":4862,"tag_list":4863,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":4864,"first_published_at":4865,"release_id":132,"lang":1046,"path":132,"alternates":4866,"default_full_slug":132,"translated_slugs":132},"What is a High-Yield Savings Account?","2025-04-07T18:31:38.064Z","2025-12-26T13:45:15.878Z","2025-12-26T13:45:15.950Z",651798210,"8f51e816-5b87-4a68-9eb1-a804ecebb9d9",{"seo":4106,"_uid":4110,"body":4111,"author":49,"category":4857,"featured":45,"component":1036,"canonicalTag":4858,"_editable":4859},{"_uid":4107,"title":4108,"plugin":17,"og_image":18,"og_title":18,"description":4109,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"6e279110-4da0-48c0-8e96-3269c04f3ee5","What is a High-Yield Savings Account? - Navient Marketplace","What is a high-yield savings account? It's a savings account that offers a higher APY than traditional savings accounts. Is it right for you? Find out here.","24614723-3c23-4d4f-990b-c49a1b45edce",[4112,4124,4842],{"id":23,"_uid":4113,"image":4114,"intro":4115,"author":27,"classes":4116,"category":18,"featured":45,"blogTitle":4099,"component":47,"imageLink":4121,"blendImage":45,"authorRoute":49,"publishedDate":4122,"backgroundColor":51,"_editable":4123},"02557530-adb9-49fb-9319-277497a70cb8","//a.storyblok.com/f/110029/3500x2188/7450d34be0/what-is-a-high-yield-savings-account.svg","A high-yield savings account is one of the best tools for reaching your short-term financial goals.",[4117],{"_uid":4118,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":4119,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":4120},"6bc0d925-925b-40e2-8cb5-ac30d0086187","text-h4 mt-6 font-weight-bold","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798210\"}-->","/images/what-is-a-high-yield-savings-account.png","Updated: May 8, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798210\"}-->",{"_uid":4125,"bloks":4126,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":4840,"_editable":4841},"222843d6-4c0d-4ac3-aa5f-7f579c49c5fe",[4127],{"_uid":4128,"bloks":4129,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":4839},"0737a92f-e416-438d-b8db-1c0e86499923",[4130,4811],{"lg":60,"md":60,"sm":61,"_uid":4131,"cols":61,"bloks":4132,"alignSelf":951,"component":952,"_editable":4810},"c286affa-ee04-4348-8508-6e9f77932903",[4133],{"_uid":4134,"color":66,"classes":67,"content":18,"richText":4135,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":4806,"_editable":4809},"a64c4df0-154e-4c12-b867-678d292709f4",{"type":69,"content":4136},[4137,4145,4166,4194,4203,4224,4233,4310,4319,4381,4390,4397,4405,4412,4419,4475,4482,4490,4525,4533,4540,4549,4556,4564,4571,4618,4626,4633,4641,4648,4656,4663,4698,4707,4714,4723,4730,4739,4746,4753,4762,4769,4788,4797],{"type":72,"content":4138},[4139],{"text":75,"type":76,"marks":4140},[4141,4143],{"type":79,"attrs":4142},{"class":81},{"type":83,"attrs":4144},{"color":85},{"type":72,"content":4146},[4147,4152,4161],{"text":4148,"type":76,"marks":4149},"If your finances are feeling the hit from the COVID-19 pandemic — and subsequent recession — you’re not alone. Most folks would say that if there was an easy option to grow their savings, they’d take it in a heartbeat. Yet, ",[4150],{"type":83,"attrs":4151},{"color":85},{"text":4153,"type":76,"marks":4154},"research from Insider Intelligence",[4155,4158,4160],{"type":212,"attrs":4156},{"href":4157,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.insiderintelligence.com/content/savers-larger-banks-higher-yielding-accounts",{"type":83,"attrs":4159},{"color":132},{"type":219},{"text":4162,"type":76,"marks":4163}," shows that more than half of Americans are missing out on additional earnings by not utilizing high-yield accounts. ",[4164],{"type":83,"attrs":4165},{"color":132},{"type":72,"content":4167},[4168,4173,4182,4187,4189],{"text":4169,"type":76,"marks":4170},"Thanks to recent Federal Reserve interest rate increases, the average annual percentage yield (APY) on high-yield savings accounts has gone up — from 0.5% in early 2022 to more than 3% at the end of 2022. But not everyone’s taking advantage. According to a ",[4171],{"type":83,"attrs":4172},{"color":85},{"text":4174,"type":76,"marks":4175},"2021 survey from the Federal Deposit Insurance Corporation (FDIC)",[4176,4179,4181],{"type":212,"attrs":4177},{"href":4178,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fdic.gov/analysis/household-survey/index.html",{"type":83,"attrs":4180},{"color":132},{"type":219},{"text":4183,"type":76,"marks":4184},", nearly 6 million households didn’t have a savings account at all. And NextAdvisor’s research shows that only 21% of Americans report taking advantage of high-interest savings accounts — something many ",[4185],{"type":83,"attrs":4186},{"color":132},{"text":4188,"type":76},"personal finance experts believe",{"text":4190,"type":76,"marks":4191}," is a missed opportunity. Here’s why. ",[4192],{"type":83,"attrs":4193},{"color":132},{"type":101,"attrs":4195,"content":4196},{"level":103},[4197],{"text":4198,"type":76,"marks":4199},"What are high-yield savings accounts? ",[4200,4201],{"type":198},{"type":83,"attrs":4202},{"color":85},{"type":72,"content":4204},[4205,4210,4219],{"text":4206,"type":76,"marks":4207},"A high-yield savings account is one of the best tools for reaching your short-term financial goals. Essentially, it's a type of savings account that pays interest on the funds you deposit. The amount of interest you earn depends on the bank and your deposit balance, but high-yield savings accounts tend to pay ",[4208],{"type":83,"attrs":4209},{"color":85},{"text":4211,"type":76,"marks":4212},"15 to 25 times",[4213,4216,4218],{"type":212,"attrs":4214},{"href":4215,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fdic.gov/resources/bankers/national-rates/",{"type":83,"attrs":4217},{"color":132},{"type":219},{"text":4220,"type":76,"marks":4221}," more interest than traditional savings accounts. What’s more, high-yield savings accounts tend to be more reliable than investing your money in the stock market, for example, and more flexible than putting it away in a CD (Certificate of Deposit) account. If your goal is maximizing your returns in a low-risk environment where you can easily access your money at any time, a high-yield savings account may be for you. ",[4222],{"type":83,"attrs":4223},{"color":132},{"type":101,"attrs":4225,"content":4226},{"level":103},[4227],{"text":4228,"type":76,"marks":4229},"Benefits of a high-yield savings account ",[4230,4231],{"type":198},{"type":83,"attrs":4232},{"color":85},{"type":111,"content":4234},[4235,4250,4265,4280,4295],{"type":114,"content":4236},[4237],{"type":72,"content":4238},[4239,4245],{"text":4240,"type":76,"marks":4241},"High-yield savings accounts have higher interest rates than traditional savings accounts.",[4242,4243],{"type":198},{"type":83,"attrs":4244},{"color":85},{"text":4246,"type":76,"marks":4247}," When it comes to your savings, the higher the interest rate, the better. Most high-yield savings accounts boast interest rates up to 25 times higher than traditional accounts. And even an increase in a single percentage point can translate to a significant sum over the course of a year.",[4248],{"type":83,"attrs":4249},{"color":132},{"type":114,"content":4251},[4252],{"type":72,"content":4253},[4254,4260],{"text":4255,"type":76,"marks":4256},"High-yield savings accounts are flexible",[4257,4258],{"type":198},{"type":83,"attrs":4259},{"color":85},{"text":4261,"type":76,"marks":4262},". Unlike other accounts that offer high rates of return, a high-yield savings account doesn’t require you to lock your money in for a set term. For example, a CD account will offer similar interest rates, but will charge an early withdrawal fee if you take money out before the end of the term. A high-yield savings account is different in that there are no penalties if you make a withdrawal. (You may, however, be limited in the number of withdrawals and deposits that you can make over a set period of time.)",[4263],{"type":83,"attrs":4264},{"color":132},{"type":114,"content":4266},[4267],{"type":72,"content":4268},[4269,4275],{"text":4270,"type":76,"marks":4271},"High-yield savings accounts are better for meeting short-term savings goals.",[4272,4273],{"type":198},{"type":83,"attrs":4274},{"color":85},{"text":4276,"type":76,"marks":4277}," If you’re trying to make a big purchase within the next five or so years — like putting a down payment on a car or house — high-yield savings accounts represent a lower-risk alternative to other investment options, like stocks, which can lose value in that time.",[4278],{"type":83,"attrs":4279},{"color":132},{"type":114,"content":4281},[4282],{"type":72,"content":4283},[4284,4290],{"text":4285,"type":76,"marks":4286},"High-yield savings accounts are perfect for an emergency fund.",[4287,4288],{"type":198},{"type":83,"attrs":4289},{"color":85},{"text":4291,"type":76,"marks":4292}," A high-yield savings account is an ideal place to store funds that you don't need immediately, like an emergency fund. You'll earn interest on your money and be able to withdraw it at any time.",[4293],{"type":83,"attrs":4294},{"color":132},{"type":114,"content":4296},[4297],{"type":72,"content":4298},[4299,4305],{"text":4300,"type":76,"marks":4301},"High-yield savings accounts are great for storing a windfall",[4302,4303],{"type":198},{"type":83,"attrs":4304},{"color":85},{"text":4306,"type":76,"marks":4307},". When you get a tax return or a stimulus check, it can be tempting to spend it, even if you don’t have a pressing need. If there’s no expense that requires your immediate attention, why not put it in a high-yield savings account? When you do finally have a reason to spend it, there’s a chance it may have grown even bigger. ",[4308],{"type":83,"attrs":4309},{"color":132},{"type":101,"attrs":4311,"content":4312},{"level":103},[4313],{"text":4314,"type":76,"marks":4315},"Drawbacks of a high-yield savings account",[4316,4317],{"type":198},{"type":83,"attrs":4318},{"color":85},{"type":111,"content":4320},[4321,4336,4351,4366],{"type":114,"content":4322},[4323],{"type":72,"content":4324},[4325,4331],{"text":4326,"type":76,"marks":4327},"High-yield savings accounts are not ideal for everyday banking",[4328,4329],{"type":198},{"type":83,"attrs":4330},{"color":85},{"text":4332,"type":76,"marks":4333},". Federal law allows you to withdraw money from a high-yield savings account up to six times in a single month without paying fees. To avoid paying fees, your everyday cash is best stored in a checking account, while money you won’t need immediately, like an emergency fund, is better kept in a high-yield savings account.",[4334],{"type":83,"attrs":4335},{"color":132},{"type":114,"content":4337},[4338],{"type":72,"content":4339},[4340,4346],{"text":4341,"type":76,"marks":4342},"High-yield savings generally have stricter requirements than standard savings accounts",[4343,4344],{"type":198},{"type":83,"attrs":4345},{"color":85},{"text":4347,"type":76,"marks":4348},". Along with transfer and withdrawal limits, higher initial deposits and minimum balances are just a few examples of policies you aren’t likely to face with a traditional savings account.",[4349],{"type":83,"attrs":4350},{"color":132},{"type":114,"content":4352},[4353],{"type":72,"content":4354},[4355,4361],{"text":4356,"type":76,"marks":4357},"High-yield savings accounts are not the best for long-term goals.",[4358,4359],{"type":198},{"type":83,"attrs":4360},{"color":85},{"text":4362,"type":76,"marks":4363}," Though you’ll earn more interest than you will with a traditional savings account, interest earned in a high-yield savings account likely won’t even be enough to keep up with inflation. If you’re saving for retirement, for example, there are better investment vehicles out there.",[4364],{"type":83,"attrs":4365},{"color":132},{"type":114,"content":4367},[4368],{"type":72,"content":4369},[4370,4376],{"text":4371,"type":76,"marks":4372},"High-yield savings accounts are fluctuating.",[4373,4374],{"type":198},{"type":83,"attrs":4375},{"color":85},{"text":4377,"type":76,"marks":4378}," Interest rates aren't guaranteed. While your money is safe in a high-yield savings account, the bank can change your interest rate at any point. There are no federal regulations that protect you from a lower interest rate if rates go down, so you could earn less than advertised.",[4379],{"type":83,"attrs":4380},{"color":132},{"type":101,"attrs":4382,"content":4383},{"level":103},[4384],{"text":4385,"type":76,"marks":4386},"How does a high-yield savings account work? ",[4387,4388],{"type":198},{"type":83,"attrs":4389},{"color":85},{"type":72,"content":4391},[4392],{"text":4393,"type":76,"marks":4394},"Many financial services institutions offer high-yield savings accounts, including traditional banks, some credit unions, and online banks. For the most part, these accounts work just like traditional savings accounts: you can make direct deposits, withdraw cash, and manage your accounts through the bank’s website or mobile app. Where high-yield savings accounts differ is in the interest rates, which tend to be higher than those on regular savings accounts. High-yield savings accounts also have more restrictions on how often you can withdraw your money.  ",[4395],{"type":83,"attrs":4396},{"color":85},{"type":101,"attrs":4398,"content":4399},{"level":184},[4400],{"text":4401,"type":76,"marks":4402},"Opening a high-yield savings account",[4403],{"type":83,"attrs":4404},{"color":85},{"type":72,"content":4406},[4407],{"text":4408,"type":76,"marks":4409},"If your existing bank offers high-yield savings accounts, applying for one is simply a matter of logging into your online banking portal. The application process typically takes ten to fifteen minutes.",[4410],{"type":83,"attrs":4411},{"color":85},{"type":72,"content":4413},[4414],{"text":4415,"type":76,"marks":4416},"If you’re opening a high-yield savings account with a new bank, the application may take more time. You can either walk into a brick-and-mortar bank or apply for the account online. You’ll likely be asked to provide personal information and documents, including your:",[4417],{"type":83,"attrs":4418},{"color":85},{"type":111,"content":4420},[4421,4430,4439,4448,4457,4466],{"type":114,"content":4422},[4423],{"type":72,"content":4424},[4425],{"text":4426,"type":76,"marks":4427},"Legal name",[4428],{"type":83,"attrs":4429},{"color":85},{"type":114,"content":4431},[4432],{"type":72,"content":4433},[4434],{"text":4435,"type":76,"marks":4436},"Official identification document, such as a driver’s license",[4437],{"type":83,"attrs":4438},{"color":132},{"type":114,"content":4440},[4441],{"type":72,"content":4442},[4443],{"text":4444,"type":76,"marks":4445},"Social Security Number",[4446],{"type":83,"attrs":4447},{"color":132},{"type":114,"content":4449},[4450],{"type":72,"content":4451},[4452],{"text":4453,"type":76,"marks":4454},"Date of birth",[4455],{"type":83,"attrs":4456},{"color":132},{"type":114,"content":4458},[4459],{"type":72,"content":4460},[4461],{"text":4462,"type":76,"marks":4463},"Address",[4464],{"type":83,"attrs":4465},{"color":132},{"type":114,"content":4467},[4468],{"type":72,"content":4469},[4470],{"text":4471,"type":76,"marks":4472},"Primary bank account information",[4473],{"type":83,"attrs":4474},{"color":132},{"type":72,"content":4476},[4477],{"text":4478,"type":76,"marks":4479},"You may also be asked to make an opening deposit once your account is active.",[4480],{"type":83,"attrs":4481},{"color":85},{"type":101,"attrs":4483,"content":4484},{"level":184},[4485],{"text":4486,"type":76,"marks":4487},"Withdrawals and transfers",[4488],{"type":83,"attrs":4489},{"color":85},{"type":72,"content":4491},[4492,4497,4506,4511,4520],{"text":4493,"type":76,"marks":4494},"Some financial institutions require a minimum deposit of $100 or more to open a high-yield savings account. Once that’s done, you can withdraw cash or make electronic or wire transfers, but only up to six times per month. This is due to a federal law known as ",[4495],{"type":83,"attrs":4496},{"color":85},{"text":4498,"type":76,"marks":4499},"Regulation D",[4500,4503,4505],{"type":212,"attrs":4501},{"href":4502,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.federalreserve.gov/boarddocs/supmanual/cch/int_depos.pdf",{"type":83,"attrs":4504},{"color":132},{"type":219},{"text":4507,"type":76,"marks":4508},". Regulation D was ",[4509],{"type":83,"attrs":4510},{"color":132},{"text":4512,"type":76,"marks":4513},"lifted during the Covid-19 pandemic",[4514,4517,4519],{"type":212,"attrs":4515},{"href":4516,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/this-government-regulation-restricts-how-often-you-can-move-money-out-of-your-savings-account-4589978",{"type":83,"attrs":4518},{"color":132},{"type":219},{"text":4521,"type":76,"marks":4522},", but some banks still adhere to the six-withdrawal limit. If you withdraw too often, the bank or credit union can convert your account into a checking account. ",[4523],{"type":83,"attrs":4524},{"color":132},{"type":101,"attrs":4526,"content":4527},{"level":184},[4528],{"text":4529,"type":76,"marks":4530},"APY",[4531],{"type":83,"attrs":4532},{"color":85},{"type":72,"content":4534},[4535],{"text":4536,"type":76,"marks":4537},"Annual Percentage Yield (APY) is the interest you earn on your money. Unlike with traditional bank accounts or online savings accounts, rates on high-yield accounts tend to exceed the national average. They also use a type of interest called compound interest. That means that any interest you make will be tacked onto the amount of money you initially deposited. You’ll then make future interest on that full amount. Compound interest is one of the best ways to grow your money fast. ",[4538],{"type":83,"attrs":4539},{"color":85},{"type":101,"attrs":4541,"content":4542},{"level":103},[4543],{"text":4544,"type":76,"marks":4545},"How to pick a high-yield savings account ",[4546,4547],{"type":198},{"type":83,"attrs":4548},{"color":85},{"type":72,"content":4550},[4551],{"text":4552,"type":76,"marks":4553},"To find the best high-yield savings accounts, you’ll need to understand the nitty gritty of how they work. Here’s what to watch for. ",[4554],{"type":83,"attrs":4555},{"color":85},{"type":101,"attrs":4557,"content":4558},{"level":184},[4559],{"text":4560,"type":76,"marks":4561},"Interest rate",[4562],{"type":83,"attrs":4563},{"color":85},{"type":72,"content":4565},[4566],{"text":4567,"type":76,"marks":4568},"The higher the APY, the more money you earn on your savings. This is the most important factor in opening a high-yield account, so be sure to ask all the right questions. Here are a few of the big ones:",[4569],{"type":83,"attrs":4570},{"color":85},{"type":111,"content":4572},[4573,4582,4591,4600,4609],{"type":114,"content":4574},[4575],{"type":72,"content":4576},[4577],{"text":4578,"type":76,"marks":4579},"Have you shopped around with other financial institutions to make sure you’re getting the highest rate?",[4580],{"type":83,"attrs":4581},{"color":85},{"type":114,"content":4583},[4584],{"type":72,"content":4585},[4586],{"text":4587,"type":76,"marks":4588},"If you’re eyeing a high APY, have you read the fine print? Is it just a promotional rate that will expire? ",[4589],{"type":83,"attrs":4590},{"color":132},{"type":114,"content":4592},[4593],{"type":72,"content":4594},[4595],{"text":4596,"type":76,"marks":4597},"Will you need to maintain a certain minimum balance to earn those higher rates? ",[4598],{"type":83,"attrs":4599},{"color":132},{"type":114,"content":4601},[4602],{"type":72,"content":4603},[4604],{"text":4605,"type":76,"marks":4606},"What will your annual interest earnings actually be? ",[4607],{"type":83,"attrs":4608},{"color":132},{"type":114,"content":4610},[4611],{"type":72,"content":4612},[4613],{"text":4614,"type":76,"marks":4615},"How frequently is your interest compounded? ",[4616],{"type":83,"attrs":4617},{"color":132},{"type":101,"attrs":4619,"content":4620},{"level":184},[4621],{"text":4622,"type":76,"marks":4623},"Minimum balance requirements and initial deposit",[4624],{"type":83,"attrs":4625},{"color":85},{"type":72,"content":4627},[4628],{"text":4629,"type":76,"marks":4630},"Different banks have different opening deposit requirements. Many also require you to maintain a minimum sum within the account to keep it open. Make sure this is an amount you feel comfortable with, since going below the minimum threshold can trigger fees or lower your interest rate. ",[4631],{"type":83,"attrs":4632},{"color":85},{"type":101,"attrs":4634,"content":4635},{"level":184},[4636],{"text":4637,"type":76,"marks":4638},"Fees",[4639],{"type":83,"attrs":4640},{"color":85},{"type":72,"content":4642},[4643],{"text":4644,"type":76,"marks":4645},"Another big consideration with high-yield accounts is fees. After all, what’s the point of earning more on your savings if you’re going to pay it all out in monthly fees? Look for high-yield savings accounts that don’t charge monthly maintenance fees. You’ll also want to look out for any monthly service fees the bank or credit union might charge for going below the minimum balance, exceeding the six-withdrawals limit, or going into overdraft.",[4646],{"type":83,"attrs":4647},{"color":85},{"type":101,"attrs":4649,"content":4650},{"level":184},[4651],{"text":4652,"type":76,"marks":4653},"Provider",[4654],{"type":83,"attrs":4655},{"color":85},{"type":72,"content":4657},[4658],{"text":4659,"type":76,"marks":4660},"A number of big national banks such as Marcus by Goldman Sachs, CapitalOne, and American Express all offer high-yield savings accounts. If you already bank with one of these providers, you might consider opening your new account with them. This can streamline your online banking and make it easier to see all your accounts in one place. ",[4661],{"type":83,"attrs":4662},{"color":85},{"type":72,"content":4664},[4665,4670,4679,4684,4693],{"text":4666,"type":76,"marks":4667},"If you’re unhappy with your current bank or think you can find a better interest rate elsewhere, however, it may be better to find a new provider. Make sure any financial institution you consider is a member of the ",[4668],{"type":83,"attrs":4669},{"color":85},{"text":4671,"type":76,"marks":4672},"FDIC",[4673,4676,4678],{"type":212,"attrs":4674},{"href":4675,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fdic.gov",{"type":83,"attrs":4677},{"color":132},{"type":219},{"text":4680,"type":76,"marks":4681}," and/or ",[4682],{"type":83,"attrs":4683},{"color":132},{"text":4685,"type":76,"marks":4686},"National Credit Union Association",[4687,4690,4692],{"type":212,"attrs":4688},{"href":4689,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://ncua.gov",{"type":83,"attrs":4691},{"color":132},{"type":219},{"text":4694,"type":76,"marks":4695}," (NCUA), both of which protect you against bank failures. (Look for “Member FDIC” or “member NCUA” on their website to make sure.)",[4696],{"type":83,"attrs":4697},{"color":132},{"type":101,"attrs":4699,"content":4700},{"level":103},[4701],{"text":4702,"type":76,"marks":4703},"Alternatives to a high-yield savings account ",[4704,4705],{"type":198},{"type":83,"attrs":4706},{"color":85},{"type":72,"content":4708},[4709],{"text":4710,"type":76,"marks":4711},"High-yield savings accounts aren’t for everyone. Here are some alternatives worth considering. ",[4712],{"type":83,"attrs":4713},{"color":85},{"type":101,"attrs":4715,"content":4716},{"level":184},[4717],{"text":4718,"type":76,"marks":4719},"A money market account",[4720,4721],{"type":198},{"type":83,"attrs":4722},{"color":85},{"type":72,"content":4724},[4725],{"text":4726,"type":76,"marks":4727},"Money market accounts are similar to high-yield savings accounts in that they’re FDIC-insured and their interest rates often exceed regular savings account rates. You can deposit cash and make ATM withdrawals. One big difference is that many money market accounts also provide a debit card and allow you to write checks, which can make them a better choice for those who prefer to pay their bills manually. (Disclaimer: you’ll only be able to write up to six checks per month, as mandated by Regulation D.)",[4728],{"type":83,"attrs":4729},{"color":85},{"type":101,"attrs":4731,"content":4732},{"level":184},[4733],{"text":4734,"type":76,"marks":4735},"A CD account",[4736,4737],{"type":198},{"type":83,"attrs":4738},{"color":85},{"type":72,"content":4740},[4741],{"text":4742,"type":76,"marks":4743},"A CD is another useful tool for short-term financial planning. It’s a type of investment account that locks up your money for a specific period of time — often three to five years — at which point you can withdraw it along with any interest earned. In the interim, however, you’re not allowed to touch your savings. High-yield savings accounts don’t have these restrictions: they operate much like regular deposit accounts, allowing you to make deposits and withdrawals as needed while also offering higher rates than traditional savings accounts.",[4744],{"type":83,"attrs":4745},{"color":85},{"type":72,"content":4747},[4748],{"text":4749,"type":76,"marks":4750},"Though you won’t be able to access your money in a CD account for the length of the term, you’re likely to earn more in interest over that term than you would have with a high-yield savings account. Rates are also fixed with a CD account, not fluctuating like a high-yield savings account, so it’s a more predictable return on investment. ",[4751],{"type":83,"attrs":4752},{"color":85},{"type":101,"attrs":4754,"content":4755},{"level":103},[4756],{"text":4757,"type":76,"marks":4758},"Explore savings accounts on Navient Marketplace",[4759,4760],{"type":198},{"type":83,"attrs":4761},{"color":85},{"type":72,"content":4763},[4764],{"text":4765,"type":76,"marks":4766},"High-yield savings accounts are one of the best tools for protecting and growing your savings without sacrificing access to your money. Because they offer higher interest rates than you might find on a traditional savings account, they’re a great way to close the final gaps to reach your short-term financial goals. ",[4767],{"type":83,"attrs":4768},{"color":85},{"type":72,"content":4770},[4771,4776,4783],{"text":4772,"type":76,"marks":4773},"You can open a high-interest savings account with any number of financial institutions, but each offers different rates, fees, and minimum balance requirements. To rate-shop efficiently, consider using ",[4774],{"type":83,"attrs":4775},{"color":85},{"text":1597,"type":76,"marks":4777},[4778,4780,4782],{"type":212,"attrs":4779},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":4781},{"color":132},{"type":219},{"text":4784,"type":76,"marks":4785},", a powerful online platform that lets you browse some of the best banks in the business. Use it to shop around, compare rates, and find the best high-yield savings account for you.",[4786],{"type":83,"attrs":4787},{"color":132},{"type":72,"content":4789},[4790],{"text":4791,"type":76,"marks":4792},"Disclaimer:",[4793,4795],{"type":79,"attrs":4794},{"class":81},{"type":83,"attrs":4796},{"color":85},{"type":72,"content":4798},[4799],{"text":4800,"type":76,"marks":4801},"This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[4802,4804],{"type":79,"attrs":4803},{"class":81},{"type":83,"attrs":4805},{"color":85},{"type":69,"content":4807},[4808],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": \"651798210\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"c286affa-ee04-4348-8508-6e9f77932903\", \"id\": \"651798210\"}-->",{"lg":955,"md":18,"sm":955,"_uid":4812,"cols":955,"bloks":4813,"alignSelf":951,"component":952,"_editable":4838},"0198dfd0-4a2b-4534-bf1a-8fea988ef269",[4814],{"id":959,"_uid":4815,"fixed":946,"title":4816,"classes":969,"maxWidth":18,"subtitle":4822,"component":973,"titleClasses":974,"mobileClasses":975,"backgroundColor":976,"subtitleClasses":977,"checkYourRateBtn":4825,"_editable":4837},"0d519f51-6c27-4175-940f-ec1ccb659286",{"type":69,"content":4817},[4818],{"type":72,"content":4819},[4820],{"text":4821,"type":76},"Quickly compare the top savings accounts and open a new account in just minutes.",{"type":69,"content":4823},[4824],{"type":72},[4826],{"url":4827,"_uid":4829,"icon":4830,"text":985,"color":986,"sizing":4831,"classes":997,"rounded":45,"outlined":45,"component":998,"textColor":976,"hoverBgColor":976,"mobileClasses":999,"hoverTextColor":986,"navigationType":4835,"_editable":4836},{"id":18,"url":4828,"linktype":215,"fieldtype":981,"cached_url":4828},"https://marketplace.navient.com/banking-and-savings/","37ced3de-408b-46d1-8088-94cf8fedbd5a",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":132,"copyright":132,"fieldtype":984},[4832],{"_uid":4833,"width":990,"height":991,"fontSize":992,"component":993,"mobileWidth":994,"mobileHeight":991,"fontSizeMobile":995,"_editable":4834},"b9907f2c-9f93-49e1-960e-c0aef91ddb8d","\u003C!--#storyblok#{\"name\": \"buttonSizing\", \"space\": \"157494\", \"uid\": \"b9907f2c-9f93-49e1-960e-c0aef91ddb8d\", \"id\": \"651798210\"}-->",[],"\u003C!--#storyblok#{\"name\": \"CheckYourRateBtn\", \"space\": \"157494\", 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\"651798210\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":4843,"cols":18,"height":18,"classes":1012,"columns":4844,"justify":18,"maxWidth":1029,"component":1030,"colClasses":1031,"rowClasses":18,"mobileClasses":1032,"backgroundColor":18,"backgroundImage":4855,"containerClasses":18,"useBackgroundImage":45,"_editable":4856},"33d3a06b-b58c-487e-92e7-fc588a9c1c78",[4845],{"_uid":4846,"component":1016,"backToTopBtn":4847,"_editable":4854},"c390fb05-75db-44ae-af73-2bbd7c809b57",[4848],{"url":4849,"_uid":4850,"icon":4851,"text":1023,"color":32,"event":18,"sizing":4852,"classes":1025,"rounded":45,"outlined":45,"component":1026,"textColor":976,"hoverBgColor":976,"mobileClasses":18,"hoverTextColor":986,"navigationType":18,"_editable":4853},{"id":18,"url":18,"linktype":1020,"fieldtype":981,"cached_url":18},"d87937d9-6d46-4da0-813d-437561563b18",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798210\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798210\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798210\"}-->","Savings","https://www.marketplace.navient.com/blog/what-is-a-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798210\"}-->","what-is-a-high-yield-savings-account","navient_marketplace/blog/what-is-a-high-yield-savings-account",50,[],"ecae4182-877b-4eed-8f0a-4b9bbb364523","2023-05-10T19:41:16.399Z",[],{"name":4868,"created_at":4869,"published_at":4870,"updated_at":4871,"id":4872,"uuid":4873,"content":4874,"slug":5689,"full_slug":5690,"sort_by_date":132,"position":5691,"tag_list":5692,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":5693,"first_published_at":5694,"release_id":132,"lang":1046,"path":132,"alternates":5695,"default_full_slug":132,"translated_slugs":132},"How to Choose a High-Yield Savings Account","2025-04-07T18:31:39.819Z","2025-12-26T13:45:16.223Z","2025-12-26T13:45:16.251Z",651798211,"25d050c8-73dd-4a39-8be2-433306a8034e",{"seo":4875,"_uid":4879,"body":4880,"author":49,"category":4857,"featured":45,"component":1036,"canonicalTag":5687,"_editable":5688},{"_uid":4876,"title":4877,"plugin":17,"og_image":18,"og_title":18,"description":4878,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"e337439f-627f-4ffe-b1ea-513d4b49b751","How to Choose a High-Yield Savings Account - Navient Marketplace","Learn how to choose a high-yield savings account based on your personal finance goals. Interest rates, fees, terms, and more. Here's what you need to know.","48933c4c-21f0-4a99-aa8a-03c5aa2d28b7",[4881,4890,5672],{"id":23,"_uid":4882,"image":4883,"intro":4878,"author":27,"classes":4884,"category":18,"featured":45,"blogTitle":4868,"component":47,"imageLink":4888,"blendImage":45,"authorRoute":49,"publishedDate":4122,"backgroundColor":51,"_editable":4889},"2584db58-da39-4e41-a1b0-84b2af09dc0e","//a.storyblok.com/f/110029/1481x988/3f616f5c93/how-to-choose-a-high-yield-savings-account.png",[4885],{"_uid":4886,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":4119,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":4887},"561851a9-113f-460a-bae9-bd4be68e7081","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"561851a9-113f-460a-bae9-bd4be68e7081\", \"id\": \"651798211\"}-->","/images/how-to-choose-a-high-yield-savings-account.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"2584db58-da39-4e41-a1b0-84b2af09dc0e\", \"id\": \"651798211\"}-->",{"_uid":4891,"bloks":4892,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":5670,"_editable":5671},"34209976-7014-4aec-99f2-5b2659036146",[4893],{"_uid":4894,"bloks":4895,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":5669},"d6fe7f6f-f279-4516-9325-cf22cd63338a",[4896,5643],{"lg":60,"md":60,"sm":61,"_uid":4897,"cols":61,"bloks":4898,"alignSelf":951,"component":952,"_editable":5642},"33b17b9d-2cea-4cd9-a840-7d806cacba08",[4899],{"_uid":4900,"color":66,"classes":67,"content":18,"richText":4901,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":5638,"_editable":5641},"1c2fecf4-3e7d-45a3-8cd3-ec01aee640ed",{"type":69,"content":4902},[4903,4911,4918,4927,4974,4983,5018,5025,5032,5040,5047,5056,5063,5072,5093,5100,5109,5116,5129,5150,5171,5180,5187,5196,5203,5212,5233,5242,5263,5270,5279,5286,5348,5355,5445,5454,5461,5470,5504,5513,5520,5529,5536,5544,5565,5573,5594,5602,5621,5629],{"type":72,"content":4904},[4905],{"text":75,"type":76,"marks":4906},[4907,4909],{"type":79,"attrs":4908},{"class":81},{"type":83,"attrs":4910},{"color":181},{"type":72,"content":4912},[4913],{"text":4914,"type":76,"marks":4915},"If you’ve spent any time browsing high-yield savings accounts online, you know that many offer similar annual percentage yields (APY). The difference in rates between top banks is usually a fraction of a percent. So, when rates are fairly similar, how do you choose a high-yield savings account? What else should you look for?",[4916],{"type":83,"attrs":4917},{"color":181},{"type":101,"attrs":4919,"content":4920},{"level":103},[4921],{"text":4922,"type":76,"marks":4923},"Key takeaways ",[4924,4925],{"type":198},{"type":83,"attrs":4926},{"color":181},{"type":111,"content":4928},[4929,4938,4947,4956,4965],{"type":114,"content":4930},[4931],{"type":72,"content":4932},[4933],{"text":4934,"type":76,"marks":4935},"A high-yield savings account is an interest-bearing bank account that offers a higher APY than traditional savings accounts. ",[4936],{"type":83,"attrs":4937},{"color":181},{"type":114,"content":4939},[4940],{"type":72,"content":4941},[4942],{"text":4943,"type":76,"marks":4944},"You can open a high-yield savings account at most financial institutions, either in-person or online.",[4945],{"type":83,"attrs":4946},{"color":181},{"type":114,"content":4948},[4949],{"type":72,"content":4950},[4951],{"text":4952,"type":76,"marks":4953},"When choosing an account servicer, it’s important to evaluate fees, penalties, FDIC insurance, minimum balance requirements, minimum opening deposit requirements, withdrawal limits, and overall accessibility. ",[4954],{"type":83,"attrs":4955},{"color":181},{"type":114,"content":4957},[4958],{"type":72,"content":4959},[4960],{"text":4961,"type":76,"marks":4962},"The pros of high-yield savings accounts are that they’re high-interest, secured against financial loss, and relatively accessible.",[4963],{"type":83,"attrs":4964},{"color":181},{"type":114,"content":4966},[4967],{"type":72,"content":4968},[4969],{"text":4970,"type":76,"marks":4971},"The cons of high-yield savings accounts are that their APYs are not fixed, they’re not ideal for building long-term wealth or for everyday banking, and they have stricter requirements than traditional savings accounts. ",[4972],{"type":83,"attrs":4973},{"color":181},{"type":101,"attrs":4975,"content":4976},{"level":103},[4977],{"text":4978,"type":76,"marks":4979},"What is a high-yield savings account?",[4980,4981],{"type":198},{"type":83,"attrs":4982},{"color":181},{"type":72,"content":4984},[4985,4990,5000,5005,5014],{"text":4986,"type":76,"marks":4987},"A high-yield savings account is a savings account that allows you to earn compound interest on the funds you deposit. Some traditional savings accounts do this, but their rates aren’t nearly as high. The national average APY for traditional savings accounts ",[4988],{"type":83,"attrs":4989},{"color":181},{"text":4991,"type":76,"marks":4992},"is 0.39%",[4993,4996,4999],{"type":212,"attrs":4994},{"href":4995,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts#",{"type":83,"attrs":4997},{"color":4998},"rgb(17, 85, 204)",{"type":219},{"text":5001,"type":76,"marks":5002},". High-yield savings accounts, on the other hand, offer ",[5003],{"type":83,"attrs":5004},{"color":181},{"text":5006,"type":76,"marks":5007},"upwards of 4.0% APY",[5008,5011,5013],{"type":212,"attrs":5009},{"href":5010,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.cnbc.com/select/best-high-yield-savings-accounts/",{"type":83,"attrs":5012},{"color":4998},{"type":219},{"text":2673,"type":76,"marks":5015},[5016],{"type":83,"attrs":5017},{"color":181},{"type":72,"content":5019},[5020],{"text":5021,"type":76,"marks":5022},"So how does that affect your savings? Let’s say you open a high-yield online savings account with a 4.0% APY. In this example, you deposit $20,000, then make regular monthly deposits of $200. After five years, you could have $5,568.86 in total interest earned. Between that and your regular deposits, you’d end up with $37,568.86 in savings, provided that the interest rate stayed the same throughout those five years.",[5023],{"type":83,"attrs":5024},{"color":181},{"type":72,"content":5026},[5027],{"text":5028,"type":76,"marks":5029},"Now, if you had put those same deposit amounts into a traditional bank account, your savings would look very different. After five years at a 0.33% APY, you would have $32,429 in total savings, and only $429 would be interest earned. That means you’d miss out on $5,136 in total interest earnings simply because you stored your money in a different account type. ",[5030],{"type":83,"attrs":5031},{"color":181},{"type":72,"content":5033},[5034],{"text":5035,"type":76,"marks":5036},"*Hypothetical scenario, results may vary.",[5037,5038],{"type":1245},{"type":83,"attrs":5039},{"color":181},{"type":72,"content":5041},[5042],{"text":5043,"type":76,"marks":5044},"While high-yield savings accounts offer some pretty strong benefits, they’re not without disadvantages. Generally, they’re a little more restrictive than traditional savings accounts. High-yield accounts may require monthly fees, minimum balances, or a minimum deposit to open them. Some may also put a limit on your monthly transfers or withdrawals. ",[5045],{"type":83,"attrs":5046},{"color":181},{"type":101,"attrs":5048,"content":5049},{"level":103},[5050],{"text":5051,"type":76,"marks":5052},"How to choose a high-yield savings account ",[5053,5054],{"type":198},{"type":83,"attrs":5055},{"color":181},{"type":72,"content":5057},[5058],{"text":5059,"type":76,"marks":5060},"Picking a high-yield savings account isn’t just about APY. You’ll want to check for other features, too, like easy access to your money and a guarantee that your cash will be kept safe. Here’s what you should look for if you’re shopping around for a high-yield savings account.",[5061],{"type":83,"attrs":5062},{"color":181},{"type":101,"attrs":5064,"content":5065},{"level":184},[5066],{"text":5067,"type":76,"marks":5068},"1. FDIC insurance",[5069,5070],{"type":198},{"type":83,"attrs":5071},{"color":191},{"type":72,"content":5073},[5074,5079,5088],{"text":5075,"type":76,"marks":5076},"FDIC stands for “Federal Deposit Insurance Corporation.” This is the organization that insures your money against loss in case of bank failure. Most top high-yield accounts are ",[5077],{"type":83,"attrs":5078},{"color":181},{"text":5080,"type":76,"marks":5081},"FDIC-insured up to $250,000",[5082,5085,5087],{"type":212,"attrs":5083},{"href":5084,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fdic.gov/resources/deposit-insurance/",{"type":83,"attrs":5086},{"color":4998},{"type":219},{"text":5089,"type":76,"marks":5090}," per depositor. This means that if the bank fails, you’re eligible to recoup up to $250,000 of any lost savings. You can tell a financial institution is insured by looking for the “Member FDIC” badge on the bank’s website. ",[5091],{"type":83,"attrs":5092},{"color":181},{"type":72,"content":5094},[5095],{"text":5096,"type":76,"marks":5097},"Note that many credit unions are also insured. Look for the National Credit Union Administration (NCUA) badge on the institution's website to make sure.",[5098],{"type":83,"attrs":5099},{"color":181},{"type":101,"attrs":5101,"content":5102},{"level":184},[5103],{"text":5104,"type":76,"marks":5105},"2. Required initial deposit",[5106,5107],{"type":198},{"type":83,"attrs":5108},{"color":191},{"type":72,"content":5110},[5111],{"text":5112,"type":76,"marks":5113},"Some high-yield savings accounts require an initial minimum deposit. This will be the amount of money you need to deposit in order to open the account. It could be as low as $25 or up to $1,000 or more. You might assume that higher-APY banks require higher minimum deposits, but this isn’t always the case. Many high-yield savings accounts with APYs of 3.0% or higher don’t require any minimum deposit to earn interest.",[5114],{"type":83,"attrs":5115},{"color":181},{"type":101,"attrs":5117,"content":5118},{"level":184},[5119,5125],{"text":5120,"type":76,"marks":5121},"3. APY",[5122,5123],{"type":198},{"type":83,"attrs":5124},{"color":191},{"text":922,"type":76,"marks":5126},[5127],{"type":83,"attrs":5128},{"color":191},{"type":72,"content":5130},[5131,5136,5145],{"text":5132,"type":76,"marks":5133},"The “",[5134],{"type":83,"attrs":5135},{"color":181},{"text":5137,"type":76,"marks":5138},"annual percentage yield",[5139,5142,5144],{"type":212,"attrs":5140},{"href":5141,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.nerdwallet.com/article/banking/what-is-apy",{"type":83,"attrs":5143},{"color":4998},{"type":219},{"text":5146,"type":76,"marks":5147},"” refers to the percentage of your savings that you’ll earn back in interest each year. APY factors in the account’s interest rate as well as other relevant factors, like fees and compounding frequency, to give you a clear idea of how much you’ll actually earn.",[5148],{"type":83,"attrs":5149},{"color":181},{"type":72,"content":5151},[5152,5157,5166],{"text":5153,"type":76,"marks":5154},"APY is a better metric for evaluating high-yield accounts than interest rates alone. That’s because Interest can compound daily, monthly, or weekly. When you see a bank advertising a 4.0% interest rate, for example, you won’t know how much you stand to earn unless you know ",[5155],{"type":83,"attrs":5156},{"color":181},{"text":5158,"type":76,"marks":5159},"how often it compounds",[5160,5163,5165],{"type":212,"attrs":5161},{"href":5162,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.moneyrates.com/savings/interest-compounded-daily-vs-monthly.htm",{"type":83,"attrs":5164},{"color":4998},{"type":219},{"text":5167,"type":76,"marks":5168},". But if you see a bank advertising a 4.0% APY, you can be confident that, no matter how often interest compounds, by the end of the year, you will have earned 4% interest on your money. ",[5169],{"type":83,"attrs":5170},{"color":181},{"type":101,"attrs":5172,"content":5173},{"level":184},[5174],{"text":5175,"type":76,"marks":5176},"4. Minimum balance",[5177,5178],{"type":198},{"type":83,"attrs":5179},{"color":191},{"type":72,"content":5181},[5182],{"text":5183,"type":76,"marks":5184},"Some banks not only ask for a minimum deposit, but also require you to maintain a minimum balance. This is the amount of savings that you’ll need to keep in your account at all times. Failure to maintain the required minimum balance could result in a penalty or fee, a pause on interest earnings, or even the closure of your account.",[5185],{"type":83,"attrs":5186},{"color":181},{"type":101,"attrs":5188,"content":5189},{"level":184},[5190],{"text":5191,"type":76,"marks":5192},"5. Fees and penalties",[5193,5194],{"type":198},{"type":83,"attrs":5195},{"color":191},{"type":72,"content":5197},[5198],{"text":5199,"type":76,"marks":5200},"You may have to pay fees to open or maintain a high-interest savings account. Many banks charge monthly service fees to keep your account running. You may also have to pay a penalty if your account dips below a certain balance or if you exceed your bank’s withdrawal or transfer limits. Also keep an eye out for overdraft fees.  ",[5201],{"type":83,"attrs":5202},{"color":181},{"type":101,"attrs":5204,"content":5205},{"level":184},[5206],{"text":5207,"type":76,"marks":5208},"6. Withdrawal limits ",[5209,5210],{"type":198},{"type":83,"attrs":5211},{"color":191},{"type":72,"content":5213},[5214,5219,5228],{"text":5215,"type":76,"marks":5216},"Before the COVID-19 pandemic, you were limited to withdrawing and transferring your money up to six times every month. Since then, the federal reserve has ",[5217],{"type":83,"attrs":5218},{"color":181},{"text":5220,"type":76,"marks":5221},"removed such limits",[5222,5225,5227],{"type":212,"attrs":5223},{"href":5224,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.forbes.com/advisor/banking/savings/regulation-d/",{"type":83,"attrs":5226},{"color":4998},{"type":219},{"text":5229,"type":76,"marks":5230},", and many banks now offer unlimited transfers and withdrawals per month. If a bank does have a monthly limit, you’re likely to incur a penalty if you exceed it. Before you open an account, one of the most important things to determine is how often you’ll be able to withdraw.",[5231],{"type":83,"attrs":5232},{"color":181},{"type":101,"attrs":5234,"content":5235},{"level":184},[5236],{"text":5237,"type":76,"marks":5238},"7. Accessibility",[5239,5240],{"type":198},{"type":83,"attrs":5241},{"color":191},{"type":72,"content":5243},[5244,5249,5258],{"text":5245,"type":76,"marks":5246},"One of the biggest benefits of a high-yield savings account is that your funds are relatively accessible. Unlike with a ",[5247],{"type":83,"attrs":5248},{"color":181},{"text":5250,"type":76,"marks":5251},"certificate of deposit (CD account)",[5252,5255,5257],{"type":212,"attrs":5253},{"href":5254,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/terms/c/certificateofdeposit.asp",{"type":83,"attrs":5256},{"color":4998},{"type":219},{"text":5259,"type":76,"marks":5260},", you don’t have to lock your money in for a set term or into a particular asset. And unlike with the stock market, you don’t have to worry about losing a chunk of your savings if the market takes a sudden downturn. ",[5261],{"type":83,"attrs":5262},{"color":181},{"type":72,"content":5264},[5265],{"text":5266,"type":76,"marks":5267},"That said, accessibility does vary from account to account. Some banks offer online banking portals or mobile apps, while others may require you to go to a brick-and-mortar institution to make transfers and withdrawals. With many accounts, you’ll be able to set up ACH wire transfers and direct deposits, while some will let you withdraw cash with an ATM card. ",[5268],{"type":83,"attrs":5269},{"color":181},{"type":101,"attrs":5271,"content":5272},{"level":103},[5273],{"text":5274,"type":76,"marks":5275},"Pros and cons of a high-yield savings account",[5276,5277],{"type":198},{"type":83,"attrs":5278},{"color":181},{"type":72,"content":5280},[5281],{"text":5282,"type":76,"marks":5283},"High-yield savings accounts come with some big advantages that the average deposit account can’t offer. Here are a few of the most important: ",[5284],{"type":83,"attrs":5285},{"color":181},{"type":111,"content":5287},[5288,5303,5318,5333],{"type":114,"content":5289},[5290],{"type":72,"content":5291},[5292,5298],{"text":5293,"type":76,"marks":5294},"Easy to open:",[5295,5296],{"type":198},{"type":83,"attrs":5297},{"color":181},{"text":5299,"type":76,"marks":5300}," High-yield savings accounts are relatively straightforward to set up. As with opening any new account, you’ll need your social security number, some identification, proof of a physical address, and cash or a check ready to make that first deposit. You can open a high-yield savings account online or in person with a number of big national banks, including Marcus by Goldman Sachs, CIT Bank, Synchrony Bank, and Axos Bank.",[5301],{"type":83,"attrs":5302},{"color":181},{"type":114,"content":5304},[5305],{"type":72,"content":5306},[5307,5313],{"text":5308,"type":76,"marks":5309},"Higher APY:",[5310,5311],{"type":198},{"type":83,"attrs":5312},{"color":181},{"text":5314,"type":76,"marks":5315}," The average savings account doesn’t offer anywhere near the APY that a high-yield account does. Right now, top banks are offering high-yield savings accounts with APYs more than ten times the national average for traditional savings accounts.",[5316],{"type":83,"attrs":5317},{"color":181},{"type":114,"content":5319},[5320],{"type":72,"content":5321},[5322,5328],{"text":5323,"type":76,"marks":5324},"Accessible",[5325,5326],{"type":198},{"type":83,"attrs":5327},{"color":181},{"text":5329,"type":76,"marks":5330},": Though you’re likely to earn more over time by investing your money in a retirement account or even a CD, these accounts also make your funds harder to access. With a CD account, for example, you will pay penalties on early withdrawals. Many high-yield savings accounts, on the other hand, allow unlimited withdrawals and transfers. This makes them an ideal place to store money you may need in the short term but also want to earn high interest on.",[5331],{"type":83,"attrs":5332},{"color":181},{"type":114,"content":5334},[5335],{"type":72,"content":5336},[5337,5343],{"text":5338,"type":76,"marks":5339},"Safe",[5340,5341],{"type":198},{"type":83,"attrs":5342},{"color":181},{"text":5344,"type":76,"marks":5345},": Compared to the stock market, high-yield savings accounts are a much safer place to store your money. Most accounts are FDIC-insured for up to $250,000 per customer, which means that if you deposit less than this, it’s virtually impossible for you to lose money up to the insured amounts. This is in contrast to the stock market, where it’s possible to lose a large portion of your investment if the market takes a sudden downturn. ",[5346],{"type":83,"attrs":5347},{"color":181},{"type":72,"content":5349},[5350],{"text":5351,"type":76,"marks":5352},"Though high-yield savings accounts come with some great benefits, they’re not without disadvantages. Here’s what you should know before you open a new account of your own: ",[5353],{"type":83,"attrs":5354},{"color":181},{"type":111,"content":5356},[5357,5386,5401,5430],{"type":114,"content":5358},[5359],{"type":72,"content":5360},[5361,5367,5372,5381],{"text":5362,"type":76,"marks":5363},"Bad for everyday banking: ",[5364,5365],{"type":198},{"type":83,"attrs":5366},{"color":181},{"text":5368,"type":76,"marks":5369},"High-yield savings accounts are a great place to grow short-term savings, but they’re not ideal for storing money you hope to use on a regular basis. These accounts don’t come with credit cards, debit cards, or check-writing privileges. Some still charge penalties for withdrawing or transferring money more than six times per month. If you’re looking for a place to store your spending money, consider a ",[5370],{"type":83,"attrs":5371},{"color":132},{"text":5373,"type":76,"marks":5374},"high-yield checking account",[5375,5378,5380],{"type":212,"attrs":5376},{"href":5377,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/what-is-high-yield-checking-account/",{"type":83,"attrs":5379},{"color":4998},{"type":219},{"text":5382,"type":76,"marks":5383}," instead.",[5384],{"type":83,"attrs":5385},{"color":181},{"type":114,"content":5387},[5388],{"type":72,"content":5389},[5390,5396],{"text":5391,"type":76,"marks":5392},"Strict requirements",[5393,5394],{"type":198},{"type":83,"attrs":5395},{"color":181},{"text":5397,"type":76,"marks":5398},": You’ll likely have to jump through more hoops to open and maintain a high-yield savings account than you would with a traditional savings account. These include minimum balance requirements, minimum deposit requirements, and monthly maintenance fees.",[5399],{"type":83,"attrs":5400},{"color":181},{"type":114,"content":5402},[5403],{"type":72,"content":5404},[5405,5411,5416,5425],{"text":5406,"type":76,"marks":5407},"Bad for building long-term wealth",[5408,5409],{"type":198},{"type":83,"attrs":5410},{"color":181},{"text":5412,"type":76,"marks":5413},": Even though high-yield savings accounts offer higher interest rates than traditional savings accounts, they’re not high enough to keep up with inflation. If your goal is building long-term wealth, ",[5414],{"type":83,"attrs":5415},{"color":181},{"text":5417,"type":76,"marks":5418},"you’re better off investing",[5419,5422,5424],{"type":212,"attrs":5420},{"href":5421,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.wellsfargo.com/goals-investing/saving-vs-investing/",{"type":83,"attrs":5423},{"color":4998},{"type":219},{"text":5426,"type":76,"marks":5427},". Consider bonds, or another high-growth investment vehicle.",[5428],{"type":83,"attrs":5429},{"color":181},{"type":114,"content":5431},[5432],{"type":72,"content":5433},[5434,5440],{"text":5435,"type":76,"marks":5436},"APY is not guaranteed: ",[5437,5438],{"type":198},{"type":83,"attrs":5439},{"color":181},{"text":5441,"type":76,"marks":5442},"Currently, the best high-yield savings accounts offer APYs of around 4.0%, but that rate is not fixed. So, while a bank may tout high rates now, those rates could drop at any time. That means the depositors could make significantly less than advertised. ",[5443],{"type":83,"attrs":5444},{"color":181},{"type":101,"attrs":5446,"content":5447},{"level":103},[5448],{"text":5449,"type":76,"marks":5450},"Is a high-yield savings account worth it?",[5451,5452],{"type":198},{"type":83,"attrs":5453},{"color":181},{"type":72,"content":5455},[5456],{"text":5457,"type":76,"marks":5458},"High-yield savings accounts can be worth having in a few specific situations. If you’re doing any of the following, a high-yield savings account could be right for you. ",[5459],{"type":83,"attrs":5460},{"color":181},{"type":101,"attrs":5462,"content":5463},{"level":184},[5464],{"text":5465,"type":76,"marks":5466},"Growing an emergency fund ",[5467,5468],{"type":198},{"type":83,"attrs":5469},{"color":191},{"type":72,"content":5471},[5472,5477,5486,5491,5495,5499],{"text":5473,"type":76,"marks":5474},"Experts recommend keeping three to six months’ worth of expenses in an emergency fund. This is a pool of savings you can tap into in case you lose a job or find yourself saddled with a large unexpected expense. ",[5475],{"type":83,"attrs":5476},{"color":181},{"text":5478,"type":76,"marks":5479},"A good emergency fund",[5480,5483,5485],{"type":212,"attrs":5481},{"href":5482,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/how-much-should-you-save-in-your-emergency-fund/",{"type":83,"attrs":5484},{"color":4998},{"type":219},{"text":5487,"type":76,"marks":5488}," should give you enough financial cushion that you’ll never have to charge an ambulance bill to your American Express card. ",[5489],{"type":83,"attrs":5490},{"color":181},{"type":4010,"marks":5492},[5493],{"type":83,"attrs":5494},{"color":181},{"type":4010,"marks":5496},[5497],{"type":83,"attrs":5498},{"color":181},{"text":5500,"type":76,"marks":5501},"But while important, growing a fund this large can take time. And it can take even longer if you’re earning a meager 0.33% interest, the national average among traditional savings account rates. So, if you’re trying to build an emergency fund — or grow an existing fund when more — a high-yield savings account can be a great solution.  ",[5502],{"type":83,"attrs":5503},{"color":181},{"type":101,"attrs":5505,"content":5506},{"level":184},[5507],{"text":5508,"type":76,"marks":5509},"Funding an important short-term expense ",[5510,5511],{"type":198},{"type":83,"attrs":5512},{"color":191},{"type":72,"content":5514},[5515],{"text":5516,"type":76,"marks":5517},"If you’re saving up for a big purchase, like a down payment on a house or car, a high-yield savings account could be right for you. Your money will be safe from market fluctuations and FDIC-insured, which means you won’t risk losing it over the short term. Then, when it’s time to make that purchase, your money will be accessible. ",[5518],{"type":83,"attrs":5519},{"color":181},{"type":101,"attrs":5521,"content":5522},{"level":103},[5523],{"text":5524,"type":76,"marks":5525},"High-yield savings account alternatives ",[5526,5527],{"type":198},{"type":83,"attrs":5528},{"color":181},{"type":72,"content":5530},[5531],{"text":5532,"type":76,"marks":5533},"If a high-yield savings account doesn’t seem right for your financial goals, that’s ok. Some alternatives offer similar advantages.",[5534],{"type":83,"attrs":5535},{"color":181},{"type":101,"attrs":5537,"content":5538},{"level":184},[5539],{"text":4718,"type":76,"marks":5540},[5541,5542],{"type":198},{"type":83,"attrs":5543},{"color":191},{"type":72,"content":5545},[5546,5551,5560],{"text":5547,"type":76,"marks":5548},"A ",[5549],{"type":83,"attrs":5550},{"color":181},{"text":5552,"type":76,"marks":5553},"money market account",[5554,5557,5559],{"type":212,"attrs":5555},{"href":5556,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/terms/m/moneymarketaccount.asp",{"type":83,"attrs":5558},{"color":4998},{"type":219},{"text":5561,"type":76,"marks":5562}," (MMA) is another one of the best savings accounts for storing up cash for a short-term goal. Like a high-yield savings account, an MMA is a type of interest-bearing account that offers higher-than-average APY. These accounts may come with restrictions similar to what you’d find on a high-yield savings account. However, they differ in one major way: Money market accounts offer greater access to your funds. MMAs often come with ATM cards, debit cards, and/or check-writing privileges. This gives you more control over how and when you use your money.  ",[5563],{"type":83,"attrs":5564},{"color":181},{"type":101,"attrs":5566,"content":5567},{"level":184},[5568],{"text":4734,"type":76,"marks":5569},[5570,5571],{"type":198},{"type":83,"attrs":5572},{"color":191},{"type":72,"content":5574},[5575,5580,5589],{"text":5576,"type":76,"marks":5577},"Like a high-yield savings account, a CD is an interest-bearing account that offers a high APY. In fact, ",[5578],{"type":83,"attrs":5579},{"color":181},{"text":5581,"type":76,"marks":5582},"CD accounts",[5583,5586,5588],{"type":212,"attrs":5584},{"href":5585,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investor.gov/introduction-investing/investing-basics/investment-products/certificates-deposit-cds",{"type":83,"attrs":5587},{"color":4998},{"type":219},{"text":5590,"type":76,"marks":5591}," may offer higher APYs than even high-yield savings accounts. (Some of the best rates for CDs right now are around 5.0%.) And unlike with high-yield savings accounts, that rate is fixed; it cannot drop over time. The downside, though, is that CDs come with more restrictions. You have to lock your money into the account for a set term –– generally anywhere from a few months to five or so years. If you want to withdraw early, you’ll have to pay a penalty. ",[5592],{"type":83,"attrs":5593},{"color":181},{"type":101,"attrs":5595,"content":5596},{"level":103},[5597],{"text":4757,"type":76,"marks":5598},[5599,5600],{"type":198},{"type":83,"attrs":5601},{"color":181},{"type":72,"content":5603},[5604,5609,5616],{"text":5605,"type":76,"marks":5606},"You can open a high-yield savings account at most financial institutions, including credit unions, brick-and-mortar banks, and some online banks. If you’re in the market for a high-yield savings account, consider ",[5607],{"type":83,"attrs":5608},{"color":181},{"text":1597,"type":76,"marks":5610},[5611,5613,5615],{"type":212,"attrs":5612},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":5614},{"color":4998},{"type":219},{"text":5617,"type":76,"marks":5618}," your number one ally. Navient Marketplace is a one-stop shop for all your personal finance needs. Browse banks, compare APYs, check eligibility standards, and find an account that meets your savings goals. ",[5619],{"type":83,"attrs":5620},{"color":181},{"type":72,"content":5622},[5623],{"text":929,"type":76,"marks":5624},[5625,5627],{"type":79,"attrs":5626},{"class":81},{"type":83,"attrs":5628},{"color":181},{"type":72,"content":5630},[5631],{"text":5632,"type":76,"marks":5633},"Information in this blog, including the rates advertised, are current as of 05/08/2023 and subject to change. ",[5634,5636],{"type":79,"attrs":5635},{"class":81},{"type":83,"attrs":5637},{"color":181},{"type":69,"content":5639},[5640],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"1c2fecf4-3e7d-45a3-8cd3-ec01aee640ed\", \"id\": \"651798211\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"33b17b9d-2cea-4cd9-a840-7d806cacba08\", \"id\": 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\"651798211\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":5673,"cols":18,"height":18,"classes":1012,"columns":5674,"justify":18,"maxWidth":1029,"component":1030,"colClasses":1031,"rowClasses":18,"mobileClasses":1032,"backgroundColor":18,"backgroundImage":5685,"containerClasses":18,"useBackgroundImage":45,"_editable":5686},"7cb4c235-3d87-48ce-becf-43b4862e0ce0",[5675],{"_uid":5676,"component":1016,"backToTopBtn":5677,"_editable":5684},"b5c0a1b7-ad78-405d-adfa-2f37992ecb8b",[5678],{"url":5679,"_uid":5680,"icon":5681,"text":1023,"color":32,"event":18,"sizing":5682,"classes":1025,"rounded":45,"outlined":45,"component":1026,"textColor":976,"hoverBgColor":976,"mobileClasses":18,"hoverTextColor":986,"navigationType":18,"_editable":5683},{"id":18,"url":18,"linktype":1020,"fieldtype":981,"cached_url":18},"ee7721b4-2ee6-45a6-a3e9-0189b477a4e9",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"ee7721b4-2ee6-45a6-a3e9-0189b477a4e9\", \"id\": \"651798211\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"b5c0a1b7-ad78-405d-adfa-2f37992ecb8b\", \"id\": \"651798211\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"7cb4c235-3d87-48ce-becf-43b4862e0ce0\", \"id\": \"651798211\"}-->","https://www.marketplace.navient.com/blog/how-to-choose-a-high-yield-savings-account/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"48933c4c-21f0-4a99-aa8a-03c5aa2d28b7\", \"id\": \"651798211\"}-->","how-to-choose-a-high-yield-savings-account","navient_marketplace/blog/how-to-choose-a-high-yield-savings-account",60,[],"f9397c8a-6e4f-450b-af30-b706f21bf984","2023-05-10T19:10:59.222Z",[],{"name":5697,"created_at":5698,"published_at":5699,"updated_at":5700,"id":5701,"uuid":5702,"content":5703,"slug":6394,"full_slug":6395,"sort_by_date":132,"position":6396,"tag_list":6397,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":6398,"first_published_at":6399,"release_id":132,"lang":1046,"path":6400,"alternates":6401,"default_full_slug":132,"translated_slugs":132},"Money Market vs High-Yield Savings","2025-04-07T18:31:50.290Z","2025-12-26T13:45:25.381Z","2025-12-26T13:45:25.411Z",651798217,"ad8a9099-34ab-46bd-909e-190ee0d78ae4",{"seo":5704,"_uid":4110,"body":5707,"author":49,"category":4857,"featured":45,"component":1036,"canonicalTag":6392,"_editable":6393},{"_uid":4107,"title":5705,"plugin":17,"og_image":18,"og_title":18,"description":5706,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Money Market vs. High-Yield Savings - Navient Marketplace","Money market vs. high-yield savings account, which is right for you? Get the info you need to make the right choice, including where to get started.",[5708,5718,6380],{"id":23,"_uid":4113,"image":5709,"intro":5710,"author":27,"classes":5711,"category":18,"featured":45,"blogTitle":5714,"component":47,"imageLink":5715,"blendImage":45,"authorRoute":49,"publishedDate":5716,"backgroundColor":51,"_editable":5717},"//a.storyblok.com/f/110029/800x412/436be4a7fe/money-market-vs-high-yield-savings.png","Here’s what high-yield savings and money market accounts are, and how to determine which option is best for you.",[5712],{"_uid":4118,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":4119,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":5713},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798217\"}-->","Money Market vs. High-Yield Savings","/images/money-market-vs-high-yield-savings.png","Updated: April 25, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798217\"}-->",{"_uid":4125,"bloks":5719,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":6378,"_editable":6379},[5720],{"_uid":4128,"bloks":5721,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":6377},[5722,6351],{"lg":60,"md":60,"sm":61,"_uid":4131,"cols":61,"bloks":5723,"alignSelf":951,"component":952,"_editable":6350},[5724],{"_uid":4134,"color":66,"classes":67,"content":18,"richText":5725,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":6346,"_editable":6349},{"type":69,"content":5726},[5727,5735,5742,5751,5798,5805,5826,5835,5842,5849,5856,5864,5871,5989,5998,6005,6052,6061,6068,6076,6083,6091,6098,6106,6113,6121,6142,6151,6158,6187,6194,6228,6237,6244,6295,6303,6310,6329,6337],{"type":72,"content":5728},[5729],{"text":75,"type":76,"marks":5730},[5731,5733],{"type":79,"attrs":5732},{"class":81},{"type":83,"attrs":5734},{"color":85},{"type":72,"content":5736},[5737],{"text":5738,"type":76,"marks":5739},"If you want to earn more from your savings in an FDIC-insured account, both high-yield savings and money market accounts are great options. But there are some differences between the two that may make one better for your lifestyle and financial goals than the other. Here’s what they are, and how to determine which is best for you. ",[5740],{"type":83,"attrs":5741},{"color":85},{"type":101,"attrs":5743,"content":5744},{"level":103},[5745],{"text":5746,"type":76,"marks":5747},"What is a money market account?",[5748,5749],{"type":198},{"type":83,"attrs":5750},{"color":85},{"type":72,"content":5752},[5753,5758,5767,5772,5780,5785,5789,5793],{"text":5754,"type":76,"marks":5755},"A money market account, or MMA, is a type of deposit account that pays you more interest on your money than a traditional savings account. Top money market accounts currently offer variable annual percentage yields (APYs) ",[5756],{"type":83,"attrs":5757},{"color":85},{"text":5759,"type":76,"marks":5760},"just over 4.0%",[5761,5764,5766],{"type":212,"attrs":5762},{"href":5763,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.businessinsider.com/personal-finance/best-money-market-accounts",{"type":83,"attrs":5765},{"color":132},{"type":219},{"text":5768,"type":76,"marks":5769},". MMAs also have the benefit of ",[5770],{"type":83,"attrs":5771},{"color":132},{"text":5773,"type":76,"marks":5774},"federal insurance protection",[5775,5777,5779],{"type":212,"attrs":5776},{"href":5084,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":5778},{"color":132},{"type":219},{"text":5781,"type":76,"marks":5782},". ",[5783],{"type":83,"attrs":5784},{"color":132},{"type":4010,"marks":5786},[5787],{"type":83,"attrs":5788},{"color":132},{"type":4010,"marks":5790},[5791],{"type":83,"attrs":5792},{"color":132},{"text":5794,"type":76,"marks":5795},"Unlike many high-interest savings accounts, a money market account gives you easier access to your money. You’ll have check-writing privileges and an ATM card, both of which let you spend directly from the account itself.",[5796],{"type":83,"attrs":5797},{"color":132},{"type":72,"content":5799},[5800],{"text":5801,"type":76,"marks":5802},"On the downside, MMAs tend to have more requirements than other types of deposit accounts. You’re likely to see higher minimum account balances, high monthly maintenance fees, and low limits on the number of times you can actually spend from the account. The federal government requires banks to allow you to transfer money and write checks up to six times per month. Withdraw beyond that, and you could incur a fee. ",[5803],{"type":83,"attrs":5804},{"color":85},{"type":72,"content":5806},[5807,5812,5821],{"text":5808,"type":76,"marks":5809},"(Note that money market accounts are different from ",[5810],{"type":83,"attrs":5811},{"color":85},{"text":5813,"type":76,"marks":5814},"money market funds",[5815,5818,5820],{"type":212,"attrs":5816},{"href":5817,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.investopedia.com/terms/m/money-marketfund.asp",{"type":83,"attrs":5819},{"color":85},{"type":219},{"text":5822,"type":76,"marks":5823},", or MMFs. An MMF is a mutual fund that can be purchased through an investment fund company, brokerage firm, or bank. Unlike an MMA, which is a deposit account, an MMF is an investment product tied to the stock market.) ",[5824],{"type":83,"attrs":5825},{"color":132},{"type":101,"attrs":5827,"content":5828},{"level":103},[5829],{"text":5830,"type":76,"marks":5831},"What is a high-yield savings account? ",[5832,5833],{"type":198},{"type":83,"attrs":5834},{"color":85},{"type":72,"content":5836},[5837],{"text":5838,"type":76,"marks":5839},"A high-yield savings account is similar to an MMA in that it’s an interest-bearing bank account that pays more than a traditional savings account. Like money market accounts, top high-yield savings accounts offer APYs over 4%. These interest rates are also likely to be a little higher than the ones you’ll be offered with an MMA.",[5840],{"type":83,"attrs":5841},{"color":85},{"type":72,"content":5843},[5844],{"text":5845,"type":76,"marks":5846},"Unlike a money market account, however, your high-yield savings account won’t have a checkbook, and isn't likely to have an ATM card. Money market accounts and high-yield savings accounts are held to similar regulations, and banks and financial institutions are only required to let you transfer money from a high-yield savings account up to six times a month without fees. ",[5847],{"type":83,"attrs":5848},{"color":85},{"type":72,"content":5850},[5851],{"text":5852,"type":76,"marks":5853},"That said, the fees aren’t likely to be as high as those on money market accounts, nor are the account minimums (some high-yield accounts require a minimum opening deposit or require you to set up direct deposits to get the highest rates). You can find some high-yield savings accounts with no minimum balance at all, and some offer unlimited transfers. ",[5854],{"type":83,"attrs":5855},{"color":85},{"type":101,"attrs":5857,"content":5858},{"level":103},[5859],{"text":4228,"type":76,"marks":5860},[5861,5862],{"type":198},{"type":83,"attrs":5863},{"color":85},{"type":72,"content":5865},[5866],{"text":5867,"type":76,"marks":5868},"Maintaining a high-yield savings account is a great way to earn high interest in a safe, FDIC-insured environment. Here are some of the biggest advantages. ",[5869],{"type":83,"attrs":5870},{"color":85},{"type":111,"content":5872},[5873,5888,5929,5944,5959,5974],{"type":114,"content":5874},[5875],{"type":72,"content":5876},[5877,5883],{"text":5878,"type":76,"marks":5879},"High-interest. ",[5880,5881],{"type":198},{"type":83,"attrs":5882},{"color":85},{"text":5884,"type":76,"marks":5885},"High-yield savings accounts pay significantly more than traditional savings accounts, and, generally, offer higher APYs than money market accounts.",[5886],{"type":83,"attrs":5887},{"color":132},{"type":114,"content":5889},[5890],{"type":72,"content":5891},[5892,5898,5903,5911,5916,5924],{"text":5893,"type":76,"marks":5894},"Federal insurance. ",[5895,5896],{"type":198},{"type":83,"attrs":5897},{"color":132},{"text":5899,"type":76,"marks":5900},"Unlike other investment vehicles, high-yield savings accounts are protected by either the ",[5901],{"type":83,"attrs":5902},{"color":85},{"text":5904,"type":76,"marks":5905},"Federal Deposit Insurance Corporation",[5906,5908,5910],{"type":212,"attrs":5907},{"href":4675,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":5909},{"color":132},{"type":219},{"text":5912,"type":76,"marks":5913}," (FDIC) or the ",[5914],{"type":83,"attrs":5915},{"color":132},{"text":5917,"type":76,"marks":5918},"National Credit Union Administration",[5919,5921,5923],{"type":212,"attrs":5920},{"href":4689,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":5922},{"color":132},{"type":219},{"text":5925,"type":76,"marks":5926}," (NCUA). Both guarantee that you’ll be reimbursed for your savings, up to $250,000 per depositor, in case of bank failure.",[5927],{"type":83,"attrs":5928},{"color":132},{"type":114,"content":5930},[5931],{"type":72,"content":5932},[5933,5939],{"text":5934,"type":76,"marks":5935},"Can access money if you need to. ",[5936,5937],{"type":198},{"type":83,"attrs":5938},{"color":132},{"text":5940,"type":76,"marks":5941},"Federal Reserve regulations allow you to move your money around six times per month without fees. Beyond that, the cost of transferring money varies by financial institution.",[5942],{"type":83,"attrs":5943},{"color":132},{"type":114,"content":5945},[5946],{"type":72,"content":5947},[5948,5954],{"text":5949,"type":76,"marks":5950},"Lower fees. ",[5951,5952],{"type":198},{"type":83,"attrs":5953},{"color":132},{"text":5955,"type":76,"marks":5956},"If fees are incurred, they’re likely to be lower than the fees associated with money market accounts.",[5957],{"type":83,"attrs":5958},{"color":132},{"type":114,"content":5960},[5961],{"type":72,"content":5962},[5963,5969],{"text":5964,"type":76,"marks":5965},"Lower minimum account balances",[5966,5967],{"type":198},{"type":83,"attrs":5968},{"color":132},{"text":5970,"type":76,"marks":5971},". High-yield savings accounts often require no minimum account balance. Even if they do, the minimum balance is usually lower than what you’d need to maintain in money market savings.",[5972],{"type":83,"attrs":5973},{"color":132},{"type":114,"content":5975},[5976],{"type":72,"content":5977},[5978,5984],{"text":5979,"type":76,"marks":5980},"Lower initial deposit.",[5981,5982],{"type":198},{"type":83,"attrs":5983},{"color":132},{"text":5985,"type":76,"marks":5986}," While you may need to make a minimum deposit to open your account, this is likely to be a lower amount of money than what you’d need to open an MMA. That can make high-yield savings accounts a better choice for newer savers.",[5987],{"type":83,"attrs":5988},{"color":132},{"type":101,"attrs":5990,"content":5991},{"level":103},[5992],{"text":5993,"type":76,"marks":5994},"Benefits of a money market savings account ",[5995,5996],{"type":198},{"type":83,"attrs":5997},{"color":85},{"type":72,"content":5999},[6000],{"text":6001,"type":76,"marks":6002},"If you’re looking for flexibility, money market savings accounts have the edge. Here are some other benefits you should know about. ",[6003],{"type":83,"attrs":6004},{"color":85},{"type":111,"content":6006},[6007,6022,6037],{"type":114,"content":6008},[6009],{"type":72,"content":6010},[6011,6017],{"text":6012,"type":76,"marks":6013},"Federal insurance: ",[6014,6015],{"type":198},{"type":83,"attrs":6016},{"color":85},{"text":6018,"type":76,"marks":6019},"Like high-yield savings accounts, MMAs are typically (but not always) protected by federal insurance providers. Look for “Member NCUA” or “Member FDIC” on your account disclosures.",[6020],{"type":83,"attrs":6021},{"color":132},{"type":114,"content":6023},[6024],{"type":72,"content":6025},[6026,6032],{"text":6027,"type":76,"marks":6028},"Better flexibility:",[6029,6030],{"type":198},{"type":83,"attrs":6031},{"color":132},{"text":6033,"type":76,"marks":6034}," A money market account gives you far more flexibility and access than a high-yield savings account, especially if you have multiple accounts at the same bank. Most money market accounts allow you to write checks and use an ATM card, while many high-yield savings accounts require you to transfer funds to an external checking account before you can do those things.",[6035],{"type":83,"attrs":6036},{"color":132},{"type":114,"content":6038},[6039],{"type":72,"content":6040},[6041,6047],{"text":6042,"type":76,"marks":6043},"Physical locations: ",[6044,6045],{"type":198},{"type":83,"attrs":6046},{"color":132},{"text":6048,"type":76,"marks":6049},"Money market accounts are generally offered by national financial institutions with multiple brick-and-mortar bank locations. Conversely, many top high-yield savings accounts are largely offered by online banks. So, if you like to do your banking in person, money market accounts come out ahead. ",[6050],{"type":83,"attrs":6051},{"color":132},{"type":101,"attrs":6053,"content":6054},{"level":103},[6055],{"text":6056,"type":76,"marks":6057},"When to consider an alternative to both a money market and high-yield savings account",[6058,6059],{"type":198},{"type":83,"attrs":6060},{"color":85},{"type":72,"content":6062},[6063],{"text":6064,"type":76,"marks":6065},"Both money market accounts and high-yield savings accounts are ideal for storing savings that you need easy access to but don’t expect to use immediately — like an emergency fund or savings for a down payment. If you’re looking to do any of the following, however, you may want to consider other types of accounts for your personal finance needs.",[6066],{"type":83,"attrs":6067},{"color":85},{"type":101,"attrs":6069,"content":6070},{"level":184},[6071],{"text":6072,"type":76,"marks":6073},"You want an account for everyday banking",[6074],{"type":83,"attrs":6075},{"color":85},{"type":72,"content":6077},[6078],{"text":6079,"type":76,"marks":6080},"Both money market accounts and high-yield savings accounts have withdrawal limits mandated by Regulation D, a federal law that specifies how financial services institutions must classify different types of deposit accounts. In practice, this means you can’t withdraw your money more than six times per month without incurring fees. High-yield savings accounts also rarely provide check-writing privileges or ATM cards. So if you’re looking for an account to handle your day-to-day banking needs, consider a high-interest checking account instead. ",[6081],{"type":83,"attrs":6082},{"color":85},{"type":101,"attrs":6084,"content":6085},{"level":184},[6086],{"text":6087,"type":76,"marks":6088},"You’ll have trouble maintaining a minimum account balance",[6089],{"type":83,"attrs":6090},{"color":85},{"type":72,"content":6092},[6093],{"text":6094,"type":76,"marks":6095},"A common requirement for opening both types of accounts is maintaining a minimum daily or monthly balance. If you know that you’ll have trouble maintaining a minimum balance at all times, look for an account that doesn’t require any minimum. ",[6096],{"type":83,"attrs":6097},{"color":85},{"type":101,"attrs":6099,"content":6100},{"level":184},[6101],{"text":6102,"type":76,"marks":6103},"You’re trying to build long-term wealth",[6104],{"type":83,"attrs":6105},{"color":85},{"type":72,"content":6107},[6108],{"text":6109,"type":76,"marks":6110},"Both the high-yield savings account and money market account are good options for short-term savings because they allow you to grow your money without giving up access to it. Still, neither account offers you enough to keep up with inflation. If you’re trying to build long-term wealth, consider products that offer higher returns — even if that means you lose access to the balance for some period of time. ",[6111],{"type":83,"attrs":6112},{"color":85},{"type":101,"attrs":6114,"content":6115},{"level":184},[6116],{"text":6117,"type":76,"marks":6118},"You want guaranteed rates",[6119],{"type":83,"attrs":6120},{"color":85},{"type":72,"content":6122},[6123,6128,6137],{"text":6124,"type":76,"marks":6125},"One of the primary draws of high-yield accounts is their high APY, but these rates are subject to change without notice. That’s because they fluctuate in keeping with the Fed’s benchmark interest rate. The Fed may lower this rate during an economic downturn to make it cheaper for consumers to borrow or invest, and raise the rate to tackle inflation. (This happened in 2022, when the Fed rate rose to 4.5% — its ",[6126],{"type":83,"attrs":6127},{"color":85},{"text":6129,"type":76,"marks":6130},"highest level in 15 years",[6131,6134,6136],{"type":212,"attrs":6132},{"href":6133,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.theguardian.com/business/2022/dec/14/fed-interest-rate-increase",{"type":83,"attrs":6135},{"color":132},{"type":219},{"text":6138,"type":76,"marks":6139},".) If you want guaranteed rates, consider opening a CD instead. ",[6140],{"type":83,"attrs":6141},{"color":132},{"type":101,"attrs":6143,"content":6144},{"level":103},[6145],{"text":6146,"type":76,"marks":6147},"Money market account or high-yield savings, which is right for me? ",[6148,6149],{"type":198},{"type":83,"attrs":6150},{"color":85},{"type":72,"content":6152},[6153],{"text":6154,"type":76,"marks":6155},"A money market account may be better for you if:",[6156],{"type":83,"attrs":6157},{"color":85},{"type":111,"content":6159},[6160,6169,6178],{"type":114,"content":6161},[6162],{"type":72,"content":6163},[6164],{"text":6165,"type":76,"marks":6166},"You want to have the option of writing checks.",[6167],{"type":83,"attrs":6168},{"color":85},{"type":114,"content":6170},[6171],{"type":72,"content":6172},[6173],{"text":6174,"type":76,"marks":6175},"You want to spend money directly from the account via ATM withdrawals.",[6176],{"type":83,"attrs":6177},{"color":132},{"type":114,"content":6179},[6180],{"type":72,"content":6181},[6182],{"text":6183,"type":76,"marks":6184},"You don’t mind potentially higher minimum balance requirements.",[6185],{"type":83,"attrs":6186},{"color":132},{"type":72,"content":6188},[6189],{"text":6190,"type":76,"marks":6191},"A high-yield savings account may be better for you if:",[6192],{"type":83,"attrs":6193},{"color":85},{"type":111,"content":6195},[6196,6210,6219],{"type":114,"content":6197},[6198],{"type":72,"content":6199},[6200,6205],{"text":6201,"type":76,"marks":6202},"You want slightly higher rates of ",[6203],{"type":83,"attrs":6204},{"color":85},{"text":6206,"type":76,"marks":6207},"interest. ",[6208],{"type":83,"attrs":6209},{"color":132},{"type":114,"content":6211},[6212],{"type":72,"content":6213},[6214],{"text":6215,"type":76,"marks":6216},"You don’t want to worry about maintaining a minimum balance (many high-yield savings accounts these days don’t require one).",[6217],{"type":83,"attrs":6218},{"color":132},{"type":114,"content":6220},[6221],{"type":72,"content":6222},[6223],{"text":6224,"type":76,"marks":6225},"You don’t expect to write checks from the account and have no need for a debit card. ",[6226],{"type":83,"attrs":6227},{"color":132},{"type":101,"attrs":6229,"content":6230},{"level":103},[6231],{"text":6232,"type":76,"marks":6233},"Alternatives to money market and high-yield savings accounts ",[6234,6235],{"type":198},{"type":83,"attrs":6236},{"color":85},{"type":72,"content":6238},[6239],{"text":6240,"type":76,"marks":6241},"While money market accounts and high-yield savings accounts can offer higher interest rates, there are some other low-risk alternatives for saving your money and keeping it liquid. Some of these include:",[6242],{"type":83,"attrs":6243},{"color":85},{"type":6245,"attrs":6246,"content":6249},"ordered_list",{"order":6247},{"order":6248},1,[6250,6265,6280],{"type":114,"content":6251},[6252],{"type":72,"content":6253},[6254,6260],{"text":6255,"type":76,"marks":6256},"Certificates of deposit: ",[6257,6258],{"type":198},{"type":83,"attrs":6259},{"color":85},{"text":6261,"type":76,"marks":6262},"CDs are savings products that allow you to earn interest on a lump sum for a fixed period of time at a fixed interest rate. The only catch is that you can’t touch that money during that term period. While CDs are typically available for one- or two-year terms, some banks offer shorter term periods as well.",[6263],{"type":83,"attrs":6264},{"color":132},{"type":114,"content":6266},[6267],{"type":72,"content":6268},[6269,6275],{"text":6270,"type":76,"marks":6271},"High-interest checking account: ",[6272,6273],{"type":198},{"type":83,"attrs":6274},{"color":132},{"text":6276,"type":76,"marks":6277},"A high-interest checking account won’t give you the same high APY as an MMA or high-yield savings account, but their interest rates are still better than the national average. (Note that many high-interest checking accounts have a cap on the amount they’ll pay high rates on, so they’re not the best option for larger sums.)",[6278],{"type":83,"attrs":6279},{"color":132},{"type":114,"content":6281},[6282],{"type":72,"content":6283},[6284,6290],{"text":6285,"type":76,"marks":6286},"IRA savings account: ",[6287,6288],{"type":198},{"type":83,"attrs":6289},{"color":132},{"text":6291,"type":76,"marks":6292},"You can also store your short-term savings in an individual retirement account, or IRA. When you put your money into your account, just choose to leave it in cash instead of investing it. You’ll get better rates keeping your money here than you would on a standard savings account. Where IRA savings accounts get tricky is with taxation: while you won’t pay tax on the money you deposit in this account, you will pay tax upon withdrawal, which only makes it a good option if you intend to keep your money in the account relatively long-term.",[6293],{"type":83,"attrs":6294},{"color":132},{"type":101,"attrs":6296,"content":6297},{"level":103},[6298],{"text":4757,"type":76,"marks":6299},[6300,6301],{"type":198},{"type":83,"attrs":6302},{"color":85},{"type":72,"content":6304},[6305],{"text":6306,"type":76,"marks":6307},"Both high-yield savings accounts and money market accounts offer more in interest than your traditional savings account. Money market accounts have the edge in flexibility, but they generally require more money to maintain (I.e., higher minimums, fees, and initial deposit amounts). High-yield savings accounts may not offer checks or an ATM card, but you’ll probably earn slightly more interest and spend less money maintaining them. ",[6308],{"type":83,"attrs":6309},{"color":85},{"type":72,"content":6311},[6312,6317,6324],{"text":6313,"type":76,"marks":6314},"Want to explore these accounts and more? Check out ",[6315],{"type":83,"attrs":6316},{"color":85},{"text":1597,"type":76,"marks":6318},[6319,6321,6323],{"type":212,"attrs":6320},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":6322},{"color":132},{"type":219},{"text":6325,"type":76,"marks":6326}," to compare, contrast, and determine which best suits your lifestyle. ",[6327],{"type":83,"attrs":6328},{"color":132},{"type":72,"content":6330},[6331],{"text":929,"type":76,"marks":6332},[6333,6335],{"type":79,"attrs":6334},{"class":81},{"type":83,"attrs":6336},{"color":85},{"type":72,"content":6338},[6339],{"text":6340,"type":76,"marks":6341},"Information in this blog, including the rates advertised, are current as of 4/25/2023.",[6342,6344],{"type":79,"attrs":6343},{"class":81},{"type":83,"attrs":6345},{"color":85},{"type":69,"content":6347},[6348],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": 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\"651798217\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798217\"}-->",{"id":132,"alt":132,"name":18,"focus":132,"title":132,"filename":18,"copyright":132,"fieldtype":984},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798217\"}-->","https://www.marketplace.navient.com/blog/money-market-vs-high-yield-savings/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798217\"}-->","money-market-vs-high-yield-savings","navient_marketplace/blog/money-market-vs-high-yield-savings",130,[],"e500e713-d34c-40e7-a5bd-0b75db31b557","2023-05-03T19:51:28.423Z","blog/money-market-vs-high-yield-savings/",[],{"name":6403,"created_at":6404,"published_at":6405,"updated_at":6406,"id":6407,"uuid":6408,"content":6409,"slug":7313,"full_slug":7314,"sort_by_date":132,"position":7315,"tag_list":7316,"is_startpage":45,"parent_id":1043,"meta_data":132,"group_id":7317,"first_published_at":7318,"release_id":132,"lang":1046,"path":132,"alternates":7319,"default_full_slug":132,"translated_slugs":132},"Best High-Yield Savings Accounts of March 2023","2025-04-07T18:31:52.016Z","2025-12-26T13:45:25.733Z","2025-12-26T13:45:25.769Z",651798218,"c0d2f288-784a-41c0-9890-5f82ea099cd0",{"seo":6410,"_uid":4110,"body":6413,"author":49,"category":4857,"featured":45,"component":1036,"canonicalTag":7311,"_editable":7312},{"_uid":4107,"title":6411,"plugin":17,"og_image":18,"og_title":18,"description":6412,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Best High-Yield Savings Accounts of March 2023  - Navient Marketplace","The best high-yield savings accounts offer interest rates 15-25x higher than traditional savings accounts. Review top high-yield savings accounts here.",[6414,6422,7299],{"id":23,"_uid":4113,"image":6415,"intro":6416,"author":27,"classes":6417,"category":18,"featured":45,"blogTitle":6403,"component":47,"imageLink":6420,"blendImage":45,"authorRoute":49,"publishedDate":5716,"backgroundColor":51,"_editable":6421},"//a.storyblok.com/f/110029/800x528/02de70c797/best-high-yield-savings-account.png","If your short-term goals require immediate funds, a personal loan can be a reliable option. Here's what you need to know.",[6418],{"_uid":4118,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":4119,"authorClasses":35,"subtitleColor":36,"subtitleClasses":38,"dateMobileClasses":39,"titleMobileClasses":40,"authorMobileClasses":41,"featuredMobileClasses":42,"subtitleMobileClasses":43,"_editable":6419},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798218\"}-->","/images/best-high-yield-savings-account.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798218\"}-->",{"_uid":4125,"bloks":6423,"classes":1006,"component":1007,"mobileClasses":18,"containerContent":7297,"_editable":7298},[6424],{"_uid":4128,"bloks":6425,"classes":18,"justify":951,"component":1004,"mobileClasses":18,"_editable":7296},[6426,7270],{"lg":60,"md":60,"sm":61,"_uid":4131,"cols":61,"bloks":6427,"alignSelf":951,"component":952,"_editable":7269},[6428],{"_uid":4134,"color":66,"classes":67,"content":18,"richText":6429,"component":944,"mobileClasses":945,"enableRichText":946,"richTextMobile":7265,"_editable":7268},{"type":69,"content":6430},[6431,6439,6446,6453,6488,6495,6529,6537,6544,6552,6573,6581,6597,6605,6621,6629,6650,6658,6674,6682,6698,6706,6736,6744,6765,6773,6794,6802,6818,6826,6847,6855,6876,6884,6900,6908,6915,7007,7015,7081,7089,7189,7196,7231,7256],{"type":72,"content":6432},[6433],{"text":75,"type":76,"marks":6434},[6435,6437],{"type":79,"attrs":6436},{"class":81},{"type":83,"attrs":6438},{"color":181},{"type":72,"content":6440},[6441],{"text":6442,"type":76,"marks":6443},"If you’ve ever wished you could put your savings somewhere they could grow that wasn’t as risky as the stock market, a high-yield savings account could be for you. It’s an environment where you’ll earn more interest than you would in a traditional savings account, and there is no risk of loss in a high-yield savings account, up to the FDIC insurance limit. Here are some great choices right now, plus what you need to know to evaluate them. ",[6444],{"type":83,"attrs":6445},{"color":181},{"type":101,"attrs":6447,"content":6448},{"level":103},[6449],{"text":5830,"type":76,"marks":6450},[6451],{"type":83,"attrs":6452},{"color":181},{"type":72,"content":6454},[6455,6460,6469,6474,6483],{"text":6456,"type":76,"marks":6457},"A high-yield savings account is similar to a traditional savings account, except it pays significantly more in interest on the funds deposited. ",[6458],{"type":83,"attrs":6459},{"color":181},{"text":6461,"type":76,"marks":6462},"According to data from the FDIC",[6463,6466,6468],{"type":212,"attrs":6464},{"href":6465,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.fdic.gov/regulations/resources/rates/#one",{"type":83,"attrs":6467},{"color":4998},{"type":219},{"text":6470,"type":76,"marks":6471},", the national average APY  (",[6472],{"type":83,"attrs":6473},{"color":181},{"text":6475,"type":76,"marks":6476},"annual percentage yields",[6477,6480,6482],{"type":212,"attrs":6478},{"href":6479,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.experian.com/blogs/ask-experian/what-is-annual-percentage-yield/",{"type":83,"attrs":6481},{"color":4998},{"type":219},{"text":6484,"type":76,"marks":6485},") for a savings account is currently 0.30%. Compare that to some of the top high-yield savings accounts — which boast APYs just over 4.0% — and it’s easy to see the appeal. ",[6486],{"type":83,"attrs":6487},{"color":181},{"type":72,"content":6489},[6490],{"text":6491,"type":76,"marks":6492},"The downsides are that there may be limitations on the number of times you can withdraw and transfer money from the account. Many high-yield savings accounts require a minimum deposit, and, though high-yield accounts pay more in interest than regular savings accounts, you still may not earn enough to keep up with inflation (today, the rate of inflation is higher than the interest rate paid on high-yield savings accounts). ",[6493],{"type":83,"attrs":6494},{"color":181},{"type":72,"content":6496},[6497,6502,6511,6516,6524],{"text":6498,"type":76,"marks":6499},"Another benefit to these types of savings accounts is that they’re more flexible than CDs (",[6500],{"type":83,"attrs":6501},{"color":181},{"text":6503,"type":76,"marks":6504},"certificates of deposit",[6505,6508,6510],{"type":212,"attrs":6506},{"href":6507,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.chase.com/personal/banking/education/basics/define-certificate-of-deposit",{"type":83,"attrs":6509},{"color":4998},{"type":219},{"text":6512,"type":76,"marks":6513},"), which require you to keep your money locked in for a set term. High-yield savings accounts are also much less risky than the stock market. As such, they can be ideal for hitting short-term savings goals, like beefing up ",[6514],{"type":83,"attrs":6515},{"color":181},{"text":6517,"type":76,"marks":6518},"your emergency fund",[6519,6521,6523],{"type":212,"attrs":6520},{"href":5482,"uuid":132,"anchor":132,"target":132,"linktype":215},{"type":83,"attrs":6522},{"color":4998},{"type":219},{"text":6525,"type":76,"marks":6526}," or socking away cash for a down payment on a home.",[6527],{"type":83,"attrs":6528},{"color":181},{"type":101,"attrs":6530,"content":6531},{"level":103},[6532],{"text":6533,"type":76,"marks":6534},"Great high-yield savings accounts – March 2023",[6535],{"type":83,"attrs":6536},{"color":181},{"type":72,"content":6538},[6539],{"text":6540,"type":76,"marks":6541},"High-yield savings accounts can vary widely. Each one has a different APY, minimum balance, and fee schedule. Here are some great  options for March 2023.",[6542],{"type":83,"attrs":6543},{"color":181},{"type":101,"attrs":6545,"content":6546},{"level":184},[6547],{"text":6548,"type":76,"marks":6549},"1. MySavingsDirect: 4.35% APY, $1 minimum opening deposit",[6550],{"type":83,"attrs":6551},{"color":85},{"type":72,"content":6553},[6554,6559,6568],{"text":6555,"type":76,"marks":6556},"A division of Emigrant Bank, ",[6557],{"type":83,"attrs":6558},{"color":85},{"text":6560,"type":76,"marks":6561},"MySavingsDirect",[6562,6565,6567],{"type":212,"attrs":6563},{"href":6564,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.mysavingsdirect.com/securebanking/login.do",{"type":83,"attrs":6566},{"color":132},{"type":219},{"text":6569,"type":76,"marks":6570}," allows customers to open a high-yield online savings account with as little as $1. The bank has a competitive APY — the highest rate on our list — but it comes with some limitations. You’ll need to mail a check to fund your account, and MySavingsDirect offers neither ATM access or mobile check deposit. On the plus side, you won’t have to pay a monthly fee or maintain a minimum balance to keep the account open. ",[6571],{"type":83,"attrs":6572},{"color":132},{"type":101,"attrs":6574,"content":6575},{"level":184},[6576],{"text":6577,"type":76,"marks":6578},"2. UFB Direct: 4.21% APY, No minimum opening deposit",[6579],{"type":83,"attrs":6580},{"color":85},{"type":72,"content":6582},[6583,6592],{"text":6584,"type":76,"marks":6585},"UFB Direct",[6586,6589,6591],{"type":212,"attrs":6587},{"href":6588,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.ufbdirect.com/",{"type":83,"attrs":6590},{"color":85},{"type":219},{"text":6593,"type":76,"marks":6594}," (a division of Axos Bank) offers a high-yield savings account with competitive interest rates. The 4.21% APY is attractive, as are the zero minimum balance requirement and total lack of maintenance fees. What sets UFB apart, though, is that it offers ATM access, which few online banks do. The account also permits mobile check deposits. ",[6595],{"type":83,"attrs":6596},{"color":132},{"type":101,"attrs":6598,"content":6599},{"level":184},[6600],{"text":6601,"type":76,"marks":6602},"3. Popular Direct: 4.16% APY, $5,000 minimum opening deposit",[6603],{"type":83,"attrs":6604},{"color":85},{"type":72,"content":6606},[6607,6616],{"text":6608,"type":76,"marks":6609},"Popular Direct’s High Rise Savings",[6610,6613,6615],{"type":212,"attrs":6611},{"href":6612,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.populardirect.com/products/savings",{"type":83,"attrs":6614},{"color":85},{"type":219},{"text":6617,"type":76,"marks":6618}," account requires a steep opening deposit, but you get what you pay for. This account offers one of the best savings account rates of the year, and it requires zero monthly maintenance fees. (However, you will incur a $25 fee if you close the account within the first 180 days.) Account holders also get access to 24/7 customer support and an intuitive mobile app. ",[6619],{"type":83,"attrs":6620},{"color":132},{"type":101,"attrs":6622,"content":6623},{"level":184},[6624],{"text":6625,"type":76,"marks":6626},"4. Bask Bank: 4.16% APY, No minimum opening deposit",[6627],{"type":83,"attrs":6628},{"color":85},{"type":72,"content":6630},[6631,6636,6645],{"text":6632,"type":76,"marks":6633},"A division of Texas Capital Bank, ",[6634],{"type":83,"attrs":6635},{"color":85},{"text":6637,"type":76,"marks":6638},"Bask Bank",[6639,6642,6644],{"type":212,"attrs":6640},{"href":6641,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.baskbank.com/products/interest-savings-account",{"type":83,"attrs":6643},{"color":132},{"type":219},{"text":6646,"type":76,"marks":6647}," offers online-only Interest Savings accounts with competitive rates. While fairly new to the game, Bask is already proving itself to be a top competitor in terms of a high APY, zero minimum balance requirement, and zero monthly fees. There’s also no minimum opening deposit to open a new account. The biggest downside is account access: you’ll need to link to an external bank account and initiate a bank transfer to deposit or withdraw money. As of now, Bask Bank does not allow joint accounts. ",[6648],{"type":83,"attrs":6649},{"color":132},{"type":101,"attrs":6651,"content":6652},{"level":184},[6653],{"text":6654,"type":76,"marks":6655},"5. Salem Five Direct: 4.10% APY, $10 minimum opening deposit",[6656],{"type":83,"attrs":6657},{"color":85},{"type":72,"content":6659},[6660,6669],{"text":6661,"type":76,"marks":6662},"Salem Five Direct",[6663,6666,6668],{"type":212,"attrs":6664},{"href":6665,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.salemfivedirect.com/#eonesavings",{"type":83,"attrs":6667},{"color":85},{"type":219},{"text":6670,"type":76,"marks":6671}," became the first online bank in the U.S. back in 1995, and it’s still a major contender today. The APY on a Salem Five Direct high-yield savings account is among the highest on this list, and they’ll pay it on balances up to $1 million. You can open a Salem Five Direct account with an opening deposit of just $10. (Disclaimer: this account is only available to customers who don’t already have a checking or savings account with Salem Five Bank.) ",[6672],{"type":83,"attrs":6673},{"color":132},{"type":101,"attrs":6675,"content":6676},{"level":184},[6677],{"text":6678,"type":76,"marks":6679},"6. CIT Bank: 4.05% APY, $100 minimum opening deposit",[6680],{"type":83,"attrs":6681},{"color":85},{"type":72,"content":6683},[6684,6693],{"text":6685,"type":76,"marks":6686},"CIT Bank",[6687,6690,6692],{"type":212,"attrs":6688},{"href":6689,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.cit.com/cit-bank/bank/savings/savings-connect-account",{"type":83,"attrs":6691},{"color":85},{"type":219},{"text":6694,"type":76,"marks":6695}," offers a high-interest savings account called Savings Connect, which you can open with a starting balance of $100. After that, there’s no monthly service fee. CIT ranks high on customer support availability with live chat and automated phone assistance options available 24/7. This account is also one of the few to offer debit card access. You can make deposits via transfer, or deposit checks using their mobile banking app. ",[6696],{"type":83,"attrs":6697},{"color":132},{"type":101,"attrs":6699,"content":6700},{"level":184},[6701],{"text":6702,"type":76,"marks":6703},"7. PNC Bank: 4.00% APY, No minimum opening deposit",[6704],{"type":83,"attrs":6705},{"color":85},{"type":72,"content":6707},[6708,6717,6722,6731],{"text":6709,"type":76,"marks":6710},"PNC’s digital high yield savings account",[6711,6714,6716],{"type":212,"attrs":6712},{"href":6713,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html",{"type":83,"attrs":6715},{"color":85},{"type":219},{"text":6718,"type":76,"marks":6719}," doesn’t charge monthly maintenance fees or require an opening deposit. Its minimum balance is also quite low: you can earn 4% APY as long as you maintain $1 in the account. It’s important to note, however, that the account is only available in select markets, and you may not be eligible if you live in ",[6720],{"type":83,"attrs":6721},{"color":132},{"text":6723,"type":76,"marks":6724},"certain states",[6725,6728,6730],{"type":212,"attrs":6726},{"href":6727,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html#",{"type":83,"attrs":6729},{"color":132},{"type":219},{"text":6732,"type":76,"marks":6733},". There’s also a $25 fee if you close the account within the first 180 days.",[6734],{"type":83,"attrs":6735},{"color":132},{"type":101,"attrs":6737,"content":6738},{"level":184},[6739],{"text":6740,"type":76,"marks":6741},"8. LendingClub Bank: 4.00% APY, $100 minimum opening deposit",[6742],{"type":83,"attrs":6743},{"color":85},{"type":72,"content":6745},[6746,6751,6760],{"text":6747,"type":76,"marks":6748},"With no monthly service fees, no minimum daily balance, and a generous APY,  ",[6749],{"type":83,"attrs":6750},{"color":85},{"text":6752,"type":76,"marks":6753},"LendingClub Bank's",[6754,6757,6759],{"type":212,"attrs":6755},{"href":6756,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.lendingclub.com/personal-banking/high-yield-savings-pd",{"type":83,"attrs":6758},{"color":132},{"type":219},{"text":6761,"type":76,"marks":6762}," high-yield savings account is a top choice for many customers. Better yet: this account comes with an ATM card, giving customers access to more than 325,000 machines worldwide (all with zero ATM fees). You can also deposit checks via the mobile app, set up direct deposits, and transfer money from external banks. The only downside is that there’s a $100 deposit required to open the account. ",[6763],{"type":83,"attrs":6764},{"color":132},{"type":101,"attrs":6766,"content":6767},{"level":184},[6768],{"text":6769,"type":76,"marks":6770},"9. Synchrony Bank: 3.75% APY, No minimum opening deposit",[6771],{"type":83,"attrs":6772},{"color":85},{"type":72,"content":6774},[6775,6780,6789],{"text":6776,"type":76,"marks":6777},"With ",[6778],{"type":83,"attrs":6779},{"color":85},{"text":6781,"type":76,"marks":6782},"Synchrony Bank’s",[6783,6786,6788],{"type":212,"attrs":6784},{"href":6785,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.synchronybank.com/banking/high-yield-savings/",{"type":83,"attrs":6787},{"color":132},{"type":219},{"text":6790,"type":76,"marks":6791}," high-yield savings account, you’ll never have to pay monthly fees, make a minimum deposit, or maintain a minimum balance. The account also provides ATM access with unlimited ATM transactions. While there are fees associated with ATM use, the bank will refund $5 worth of domestic ATM fees monthly. You’ll also have access to your money through wire transfers (up to three free per statement cycle) and electronic transfers to outside accounts. The bank’s streamlined app is another perk; it earns consistently high reviews from customers. ",[6792],{"type":83,"attrs":6793},{"color":132},{"type":101,"attrs":6795,"content":6796},{"level":184},[6797],{"text":6798,"type":76,"marks":6799},"10. SoFi: 3.75% APY, No minimum opening deposit",[6800],{"type":83,"attrs":6801},{"color":85},{"type":72,"content":6803},[6804,6813],{"text":6805,"type":76,"marks":6806},"SoFi’s Checking and Savings Account",[6807,6810,6812],{"type":212,"attrs":6808},{"href":6809,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.sofi.com/banking/savings-account/",{"type":83,"attrs":6811},{"color":85},{"type":219},{"text":6814,"type":76,"marks":6815}," combines the best features of savings and checking accounts — all with a higher APY than many of its competitors. (Note that the APY is conditional; you can earn 3.75% on your savings and 2.50% on your checking balances, but only if you set up a direct deposit.) SoFi also stands out for its welcome bonus. You could earn $50 to $300, depending on how many direct deposits you make in a 30-day period. The account offers free ATM access and comes with “Money Vaults,” a tool to organize your money for specific savings goals. ",[6816],{"type":83,"attrs":6817},{"color":132},{"type":101,"attrs":6819,"content":6820},{"level":184},[6821],{"text":6822,"type":76,"marks":6823},"11. Capital One: 3.30% APY, No minimum opening deposit ",[6824],{"type":83,"attrs":6825},{"color":85},{"type":72,"content":6827},[6828,6833,6842],{"text":6829,"type":76,"marks":6830},"While Capital One is perhaps best known as a credit card company, it also offers a number of high-quality banking services. Its ",[6831],{"type":83,"attrs":6832},{"color":85},{"text":6834,"type":76,"marks":6835},"360 Performance Savings",[6836,6839,6841],{"type":212,"attrs":6837},{"href":6838,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/",{"type":83,"attrs":6840},{"color":132},{"type":219},{"text":6843,"type":76,"marks":6844},", for example, is one of the more competitive high-yield savings accounts on the market. There is no minimum balance requirement and no monthly fee, and it takes as little as five minutes to open a free account. That makes this a great option for high and low savers alike. The account permits mobile check deposit as well as electronic transfers. To make withdrawals, you can either schedule a transfer or withdraw cash by visiting a branch.",[6845],{"type":83,"attrs":6846},{"color":132},{"type":101,"attrs":6848,"content":6849},{"level":184},[6850],{"text":6851,"type":76,"marks":6852},"12. Marcus by Goldman Sachs: 3.30% APY, No minimum opening deposit",[6853],{"type":83,"attrs":6854},{"color":85},{"type":72,"content":6856},[6857,6862,6871],{"text":6858,"type":76,"marks":6859},"With no minimum deposit and no fee, ",[6860],{"type":83,"attrs":6861},{"color":85},{"text":6863,"type":76,"marks":6864},"Marcus by Goldman Sachs",[6865,6868,6870],{"type":212,"attrs":6866},{"href":6867,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.marcus.com/us/en/savings/high-yield-savings",{"type":83,"attrs":6869},{"color":132},{"type":219},{"text":6872,"type":76,"marks":6873}," is a great choice for new savers. One downside: Marcus does not offer check-writing or mobile check deposit options. In fact, the only way to deposit a check is to mail it to the bank. Withdrawals are a little easier: you can request an ACH transfer by phone or do a free wire transfer to a linked account at another bank. ",[6874],{"type":83,"attrs":6875},{"color":132},{"type":101,"attrs":6877,"content":6878},{"level":184},[6879],{"text":6880,"type":76,"marks":6881},"13. Ally Bank: 3.30% APY, No minimum balance",[6882],{"type":83,"attrs":6883},{"color":85},{"type":72,"content":6885},[6886,6895],{"text":6887,"type":76,"marks":6888},"Ally Bank",[6889,6892,6894],{"type":212,"attrs":6890},{"href":6891,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.ally.com/bank/online-savings-account/",{"type":83,"attrs":6893},{"color":85},{"type":219},{"text":6896,"type":76,"marks":6897}," offers a strong APY, has no minimum balance requirements, and charges no monthly maintenance fees. You can get ATM access if you have an Ally checking account, and the bank will reimburse up to $10 per month in out-of-network ATM fees. You can also deposit checks through the mobile app. The downside is that Ally’s fees can add up. You get six free withdrawals or transfers per statement cycle, but after that, there’s a $10 fee per transaction. Ally also charges a $25 overdraft fee. ",[6898],{"type":83,"attrs":6899},{"color":132},{"type":101,"attrs":6901,"content":6902},{"level":103},[6903],{"text":6904,"type":76,"marks":6905},"How to pick a high-yield savings account",[6906],{"type":83,"attrs":6907},{"color":85},{"type":72,"content":6909},[6910],{"text":6911,"type":76,"marks":6912},"When selecting a high-yield savings account that best suits your needs, you’ll want to keep a few things in mind:",[6913],{"type":83,"attrs":6914},{"color":85},{"type":111,"content":6916},[6917,6932,6947,6962,6977,6992],{"type":114,"content":6918},[6919],{"type":72,"content":6920},[6921,6927],{"text":6922,"type":76,"marks":6923},"APY: ",[6924,6925],{"type":198},{"type":83,"attrs":6926},{"color":85},{"text":6928,"type":76,"marks":6929},"Annual percentage yield is what you’ll earn on the money you put into your savings account. The higher this number, the more you’ll make.",[6930],{"type":83,"attrs":6931},{"color":132},{"type":114,"content":6933},[6934],{"type":72,"content":6935},[6936,6942],{"text":6937,"type":76,"marks":6938},"Account fees:",[6939,6940],{"type":198},{"type":83,"attrs":6941},{"color":132},{"text":6943,"type":76,"marks":6944}," High monthly fees can eat into your gains. Examine the fee schedule for each account, and make sure you know what you need to do to avoid them.",[6945],{"type":83,"attrs":6946},{"color":132},{"type":114,"content":6948},[6949],{"type":72,"content":6950},[6951,6957],{"text":6952,"type":76,"marks":6953},"Minimum balance:",[6954,6955],{"type":198},{"type":83,"attrs":6956},{"color":132},{"text":6958,"type":76,"marks":6959}," Some accounts require a minimum balance to stay open. Make sure this is an amount you’re comfortable leaving in your account. Also make sure you know the penalties for dropping below that balance.",[6960],{"type":83,"attrs":6961},{"color":132},{"type":114,"content":6963},[6964],{"type":72,"content":6965},[6966,6972],{"text":6967,"type":76,"marks":6968},"Minimum opening deposit:",[6969,6970],{"type":198},{"type":83,"attrs":6971},{"color":132},{"text":6973,"type":76,"marks":6974}," While many banks will open your account for free, some require an initial deposit of anywhere from $10 to $5,000.",[6975],{"type":83,"attrs":6976},{"color":132},{"type":114,"content":6978},[6979],{"type":72,"content":6980},[6981,6987],{"text":6982,"type":76,"marks":6983},"Deposits and withdrawals:",[6984,6985],{"type":198},{"type":83,"attrs":6986},{"color":132},{"text":6988,"type":76,"marks":6989}," Make sure you can access your money in a way that’s convenient for you. Only some accounts offer ATM cards, and many of these charge ATM fees. Many also limit the number of withdrawals you can make each month. If you plan to deposit checks, check whether there’s a mobile app that will let you do so from the comfort of your home.",[6990],{"type":83,"attrs":6991},{"color":132},{"type":114,"content":6993},[6994],{"type":72,"content":6995},[6996,7002],{"text":6997,"type":76,"marks":6998},"Member FDIC:",[6999,7000],{"type":198},{"type":83,"attrs":7001},{"color":132},{"text":7003,"type":76,"marks":7004}," Credit unions usually insure their deposit accounts through the National Credit Union Administration (NCUA). Banks, on the other hand, are protected by the Federal Deposit Insurance Corporation (FDIC). Through the FDIC, high-yield savings accounts are federally insured up to $250,000 per depositor. Most brick-and-mortar banks and big national banks (like American Express or Barclays) are FDIC-insured, but it’s always worth checking just to make sure.",[7005],{"type":83,"attrs":7006},{"color":132},{"type":101,"attrs":7008,"content":7009},{"level":103},[7010],{"text":7011,"type":76,"marks":7012},"Benefits of a high-yield savings account",[7013],{"type":83,"attrs":7014},{"color":181},{"type":111,"content":7016},[7017,7037,7052],{"type":114,"content":7018},[7019],{"type":72,"content":7020},[7021,7027,7032],{"text":7022,"type":76,"marks":7023},"Significantly higher interest rates than a traditional savings account.",[7024,7025],{"type":198},{"type":83,"attrs":7026},{"color":181},{"text":7028,"type":76,"marks":7029}," The higher the interest rate, the more you’ll make from the money you deposit, ",[7030],{"type":83,"attrs":7031},{"color":181},{"text":7033,"type":76,"marks":7034},"thanks to compound interest.",[7035],{"type":83,"attrs":7036},{"color":85},{"type":114,"content":7038},[7039],{"type":72,"content":7040},[7041,7047],{"text":7042,"type":76,"marks":7043},"Don’t require you to store your money for a set period of time",[7044,7045],{"type":198},{"type":83,"attrs":7046},{"color":181},{"text":7048,"type":76,"marks":7049},". A CD account is another popular place to store money when you want to earn high interest. The downside to a CD account, however, is that you have to commit to keeping your money in it for a set term. If you want to take it out, you’ll have to pay a fee. High-yield savings accounts require no such commitment, though you may be limited in the number of times you can withdraw or transfer your money per month.",[7050],{"type":83,"attrs":7051},{"color":181},{"type":114,"content":7053},[7054],{"type":72,"content":7055},[7056,7062,7067,7076],{"text":7057,"type":76,"marks":7058},"Safer than the stock market. ",[7059,7060],{"type":198},{"type":83,"attrs":7061},{"color":181},{"text":7063,"type":76,"marks":7064},"High-yield savings accounts are best for storing money you don’t need right now, but may in the near future. Take an emergency fund for example. You don’t need it urgently, but you may need it for an unexpected expense. If you put your money in the stock market, it’s likely to generate a higher return than a high-yield savings account in the long-term. But in the short term, the stock market is volatile and could result in you losing a significant portion of your emergency fund. If you’re trying to store your emergency fund, or save up to buy a house or car in the next few years, you don’t want to risk losing that money in one fell swoop. High-yield savings accounts are a safe way to earn more than what you would usually earn by keeping your money in a traditional savings account. For longer-term goals like ",[7065],{"type":83,"attrs":7066},{"color":181},{"text":7068,"type":76,"marks":7069},"saving for retirement",[7070,7073,7075],{"type":212,"attrs":7071},{"href":7072,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.earnest.com/blog/what-is-a-roth-ira/",{"type":83,"attrs":7074},{"color":4998},{"type":219},{"text":7077,"type":76,"marks":7078},", however, there are other, better places to put your money. ",[7079],{"type":83,"attrs":7080},{"color":181},{"type":101,"attrs":7082,"content":7083},{"level":103},[7084],{"text":7085,"type":76,"marks":7086},"Disadvantages of a high-yield savings account",[7087],{"type":83,"attrs":7088},{"color":181},{"type":111,"content":7090},[7091,7106,7121,7136],{"type":114,"content":7092},[7093],{"type":72,"content":7094},[7095,7101],{"text":7096,"type":76,"marks":7097},"Not for everyday banking. ",[7098,7099],{"type":198},{"type":83,"attrs":7100},{"color":181},{"text":7102,"type":76,"marks":7103},"If you’re thinking you’ll be able to use your high-yield savings account like a second checking account, think again. These accounts aren’t ideal for people who move their money around a lot, because federal law only requires banks to allow you to withdraw or transfer funds a total of six times per month without fees.",[7104],{"type":83,"attrs":7105},{"color":181},{"type":114,"content":7107},[7108],{"type":72,"content":7109},[7110,7116],{"text":7111,"type":76,"marks":7112},"More hoops to jump through",[7113,7114],{"type":198},{"type":83,"attrs":7115},{"color":181},{"text":7117,"type":76,"marks":7118},". It’s not just limitations on moving your money that you’ll have to deal with when you open a high-yield savings account. There’s often a minimum account balance and maybe even a minimum initial deposit, too.",[7119],{"type":83,"attrs":7120},{"color":181},{"type":114,"content":7122},[7123],{"type":72,"content":7124},[7125,7131],{"text":7126,"type":76,"marks":7127},"Bad for building long-term wealth.",[7128,7129],{"type":198},{"type":83,"attrs":7130},{"color":181},{"text":7132,"type":76,"marks":7133}," High-yield savings accounts can enable you to earn more than you would in a traditional savings account. However, the interest you earn, even in a high-yield savings account, may not be enough to keep pace with inflation.",[7134],{"type":83,"attrs":7135},{"color":181},{"type":114,"content":7137},[7138],{"type":72,"content":7139},[7140,7146,7151,7156,7161,7170,7175,7184],{"text":7141,"type":76,"marks":7142},"Rates aren’t locked.",[7143,7144],{"type":198},{"type":83,"attrs":7145},{"color":181},{"text":7147,"type":76,"marks":7148}," That 4.0% interest rate might look appealing, but there’s no guarantee it will remain that high.",[7149],{"type":83,"attrs":7150},{"color":181},{"text":501,"type":76,"marks":7152},[7153],{"type":83,"attrs":7154},{"color":7155},"rgb(61, 133, 198)",{"text":7157,"type":76,"marks":7158},"Interest rates offered by U.S. banks can go up or down according to the Federal Reserve’s interest rates. When the Fed raises rates, you may ",[7159],{"type":83,"attrs":7160},{"color":85},{"text":7162,"type":76,"marks":7163},"get a higher APY",[7164,7167,7169],{"type":212,"attrs":7165},{"href":7166,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.cnbc.com/select/how-the-fed-raising-interest-rates-again-affects-your-savings-account/",{"type":83,"attrs":7168},{"color":132},{"type":219},{"text":7171,"type":76,"marks":7172},". Conversely, if they choose to drop the ",[7173],{"type":83,"attrs":7174},{"color":132},{"text":7176,"type":76,"marks":7177},"federal funds rate",[7178,7181,7183],{"type":212,"attrs":7179},{"href":7180,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.forbes.com/advisor/investing/federal-funds-rate/#:~:text=The%20Federal%20Open%20Markets%20Committee,currently%204.25%25%20to%204.50%25.",{"type":83,"attrs":7182},{"color":132},{"type":219},{"text":7185,"type":76,"marks":7186},", your interest rate could take a hit. This is unlike a CD, where the interest rate is usually locked in for the term of the CD.",[7187],{"type":83,"attrs":7188},{"color":132},{"type":101,"attrs":7190,"content":7191},{"level":103},[7192],{"text":4757,"type":76,"marks":7193},[7194],{"type":83,"attrs":7195},{"color":181},{"type":72,"content":7197},[7198,7203,7212,7217,7226],{"text":7199,"type":76,"marks":7200},"A high-yield savings account is perfect for storing an emergency fund, ",[7201],{"type":83,"attrs":7202},{"color":181},{"text":7204,"type":76,"marks":7205},"a windfall",[7206,7209,7211],{"type":212,"attrs":7207},{"href":7208,"uuid":132,"anchor":132,"target":132,"linktype":215},"https://www.earnest.com/blog/what-to-do-with-tax-refund/",{"type":83,"attrs":7210},{"color":4998},{"type":219},{"text":7213,"type":76,"marks":7214},", or funds for a big purchase that you plan to make within the next five years. When you’re selecting a financial institution to open an account with, make sure to evaluate not just their APY, but also their terms and conditions. It’s important to know the rules of each account. After all, you don’t want to get caught paying fees you didn’t know existed. Also consider alternatives, like CD accounts and",[7215],{"type":83,"attrs":7216},{"color":181},{"text":7218,"type":76,"marks":7219}," money market accounts",[7220,7223,7225],{"type":212,"attrs":7221},{"href":7222,"uuid":132,"anchor":132,"target":238,"linktype":215},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-money-market-account-en-915/",{"type":83,"attrs":7224},{"color":4998},{"type":219},{"text":7227,"type":76,"marks":7228},", before you pull the trigger on a high-yield savings account. ",[7229],{"type":83,"attrs":7230},{"color":181},{"type":72,"content":7232},[7233,7237,7244,7248,7249,7250],{"text":6313,"type":76,"marks":7234},[7235],{"type":83,"attrs":7236},{"color":181},{"text":1597,"type":76,"marks":7238},[7239,7241,7243],{"type":212,"attrs":7240},{"href":909,"uuid":132,"anchor":132,"target":238,"linktype":215},{"type":83,"attrs":7242},{"color":4998},{"type":219},{"text":6325,"type":76,"marks":7245},[7246],{"type":83,"attrs":7247},{"color":181},{"type":4010},{"type":4010},{"text":929,"type":76,"marks":7251},[7252,7254],{"type":79,"attrs":7253},{"class":81},{"type":83,"attrs":7255},{"color":181},{"type":72,"content":7257},[7258],{"text":7259,"type":76,"marks":7260},"Information in this blog, including the rates advertised, are current as of 04/25/2023 and subject to change. ",[7261,7263],{"type":79,"attrs":7262},{"class":81},{"type":83,"attrs":7264},{"color":181},{"type":69,"content":7266},[7267],{"type":72},"\u003C!--#storyblok#{\"name\": \"Typography\", 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