[{"data":1,"prerenderedAt":4664},["Reactive",2],{"/":3},{"data":4,"headers":4636,"perPage":4662,"total":4663},{"stories":5,"cv":4633,"rels":4634,"links":4635},[6,576,1586,2237,3060,3853],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":566,"full_slug":567,"sort_by_date":194,"position":568,"tag_list":569,"is_startpage":28,"parent_id":570,"meta_data":194,"group_id":571,"first_published_at":572,"release_id":194,"lang":573,"path":574,"alternates":575,"default_full_slug":194,"translated_slugs":194},"Should I Refinance My Car? A 9-Question Checklist","2025-04-07T18:30:30.091Z","2025-12-26T13:44:58.112Z","2025-12-26T13:44:58.183Z",651798165,"aa63f050-1da1-4d8d-9efb-09226faf22a1",{"seo":14,"_uid":20,"hero":21,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":33,"canonicalTag":563,"publishedDate":564,"_editable":565},{"_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},"77316249-bb90-485a-9a34-facfdf611141","Should I Refinance My Car? A 9-Question Checklist  | Navient Marketplace","seo_metatags","","Refinancing your car can make sense if you’ll save money or lower your monthly payment. Here’s what you need to know if you’re thinking about refinancing.","39f3568e-f888-4c3e-816f-3647f7efec59",[22],{"id":18,"_uid":23,"image":24,"intro":19,"classes":18,"_editable":25,"blogTitle":7,"component":26,"imageLink":27,"blendImage":28,"backgroundColor":29},"ee81b4ff-6c03-4123-98ae-73405dea4592","//a.storyblok.com/f/110029/5940x3341/bde73811c6/should-i-refinance-my-car.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798165\"}-->","NriBlogHero","/images/should-i-refinance-my-car.png",false,"#F6F2F7","natasha-khullar-relph","Auto Refinance","NriBlogPost",[34],{"_uid":35,"color":36,"richText":37,"_editable":561,"component":562},"67b1c1a7-fbb7-4c3c-a267-87dc959687fb","#444444",{"type":38,"content":39},"doc",[40,55,76,83,93,133,143,150,157,166,173,180,206,213,222,229,238,245,253,260,269,290,332,339,348,355,362,371,378,385,394,415,422,431,438,445,452,461,482,489,498,505,512,528,537,546],{"type":41,"content":42},"paragraph",[43],{"text":44,"type":45,"marks":46},"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",[47,51],{"type":48,"attrs":49},"styled",{"class":50},"footer-text",{"type":52,"attrs":53},"textStyle",{"color":54},"#000000",{"type":41,"content":56},[57,62,71],{"text":58,"type":45,"marks":59},"A car loan refinance can sometimes feel like a get-out-of-jail-free card. Under the right circumstances, it can help you land lower interest rates and even a lower monthly payment",[60],{"type":52,"attrs":61},{"color":54},{"text":63,"type":45,"marks":64},"1",[65,68,69],{"type":48,"attrs":66},{"class":67},"superscript",{"type":67},{"type":52,"attrs":70},{"color":54},{"text":72,"type":45,"marks":73},". If you got stuck with a high interest rate on your original loan — or if you have a better credit score now — a refinance could help you save hundreds of dollars. ",[74],{"type":52,"attrs":75},{"color":54},{"type":41,"content":77},[78],{"text":79,"type":45,"marks":80},"However, it’s not the right solution for every borrower. So, if you’ve been wondering, “Should I refinance my car?” be sure to consider these nine questions first.",[81],{"type":52,"attrs":82},{"color":54},{"type":84,"attrs":85,"content":87},"heading",{"level":86},2,[88],{"text":89,"type":45,"marks":90},"Key takeaways",[91],{"type":52,"attrs":92},{"color":54},{"type":94,"content":95},"bullet_list",[96,106,115,124],{"type":97,"content":98},"list_item",[99],{"type":41,"content":100},[101],{"text":102,"type":45,"marks":103},"If market interest rates drop or if you improve your financial situation, it could be a good time to consider auto loan refinancing.",[104],{"type":52,"attrs":105},{"color":54},{"type":97,"content":107},[108],{"type":41,"content":109},[110],{"text":111,"type":45,"marks":112},"A car loan refinance can help you save money over the life of your loan. It can also lower your monthly payment. ",[113],{"type":52,"attrs":114},{"color":54},{"type":97,"content":116},[117],{"type":41,"content":118},[119],{"text":120,"type":45,"marks":121},"Refinancing isn’t right for everyone. When you refinance, you may have to pay fees or penalties, which could cut into or negate your savings. ",[122],{"type":52,"attrs":123},{"color":54},{"type":97,"content":125},[126],{"type":41,"content":127},[128],{"text":129,"type":45,"marks":130},"Lenders will consider your personal finances and the condition of your car to determine your eligibility for a refinance.",[131],{"type":52,"attrs":132},{"color":54},{"type":84,"attrs":134,"content":135},{"level":86},[136],{"text":137,"type":45,"marks":138},"1. Has my credit improved?",[139,141],{"type":140},"bold",{"type":52,"attrs":142},{"color":54},{"type":41,"content":144},[145],{"text":146,"type":45,"marks":147},"If your credit score has improved since you first took out your auto loan, you may qualify for a better interest rate. Lenders consider your credit score an indicator of how likely you are to repay your debts. If you have a good credit score, that shows you have a history of making timely loan payments and managing your finances responsibly. That makes you a lower-risk borrower. As a result, new lenders are more likely to offer you lower interest rates. ",[148],{"type":52,"attrs":149},{"color":54},{"type":41,"content":151},[152],{"text":153,"type":45,"marks":154},"You’ll qualify for great refinance rates if you have a credit score of 700 or above. Of course, your credit score isn't the only thing lenders consider when determining your interest rate. Other factors like your income, employment status, loan term, and national interest rate trends can all impact your loan offer.",[155],{"type":52,"attrs":156},{"color":54},{"type":84,"attrs":158,"content":159},{"level":86},[160],{"text":161,"type":45,"marks":162},"2. Are national interest rates down?",[163,164],{"type":140},{"type":52,"attrs":165},{"color":54},{"type":41,"content":167},[168],{"text":169,"type":45,"marks":170},"A great time to refinance a car loan is when national interest rates are down. That’s because lenders select their rates based on national trends. This is true of both new car loans and auto refinance loans. ",[171],{"type":52,"attrs":172},{"color":54},{"type":41,"content":174},[175],{"text":176,"type":45,"marks":177},"If market rates were high when you took out your loan but are low now, refinancing could help you take advantage of the change and secure a lower rate for yourself. On the flip side, if market rates have risen since you took out your loan, refinancing now could result in an even higher interest rate. ",[178],{"type":52,"attrs":179},{"color":54},{"type":41,"content":181},[182,187,201],{"text":183,"type":45,"marks":184},"So, how can you tell if interest rates are up or down? Auto loan rates typically fluctuate based on the “federal funds rate” which is a national standard interest rate ",[185],{"type":52,"attrs":186},{"color":54},{"text":188,"type":45,"marks":189},"set by the Federal Reserve",[190,197,199],{"type":191,"attrs":192},"link",{"href":193,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.newyorkfed.org/markets/reference-rates/effr",null,"_blank","url",{"type":52,"attrs":198},{"color":54},{"type":200},"underline",{"text":202,"type":45,"marks":203},". It’s used to determine everything from credit card rates to student loan interest. ",[204],{"type":52,"attrs":205},{"color":54},{"type":41,"content":207},[208],{"text":209,"type":45,"marks":210},"To figure out how the rates on your existing loan compare to current offers, look up the current prime rate. This is a benchmark minimum interest rate based on the federal funds rate. If the prime rate is significantly lower than the interest rate on your current loan, it may be time to refinance. ",[211],{"type":52,"attrs":212},{"color":54},{"type":84,"attrs":214,"content":215},{"level":86},[216],{"text":217,"type":45,"marks":218},"3. Can I afford to pay off my debt faster?",[219,220],{"type":140},{"type":52,"attrs":221},{"color":54},{"type":41,"content":223},[224],{"text":225,"type":45,"marks":226},"If you can afford the monthly payment on your current auto loan — or have room in your budget to pay even more — a refinance could help you get out of debt faster. You can accomplish this in two ways.  ",[227],{"type":52,"attrs":228},{"color":54},{"type":84,"attrs":230,"content":232},{"level":231},3,[233],{"text":234,"type":45,"marks":235},"Reducing your loan term",[236],{"type":52,"attrs":237},{"color":54},{"type":41,"content":239},[240],{"text":241,"type":45,"marks":242},"When you refinance, you can ask that the term of your loan be reduced. Because your loan payments will be spread out over fewer years, reducing your term will lead to a higher monthly payment. However, you’ll be making fewer total payments — which means you’ll pay less interest over the life of the loan. Reducing your term will also help you get out of debt faster.",[243],{"type":52,"attrs":244},{"color":54},{"type":84,"attrs":246,"content":247},{"level":231},[248],{"text":249,"type":45,"marks":250},"Getting a lower interest rate",[251],{"type":52,"attrs":252},{"color":54},{"type":41,"content":254},[255],{"text":256,"type":45,"marks":257},"If you can afford your current monthly payment but can’t afford to go any higher, refinancing could still help you. For example, if you secure a low refinance rate but keep your monthly repayment amount the same, a higher percentage of each payment will be going toward the loan principal. That will help you pay it off faster without increasing your monthly bill. ",[258],{"type":52,"attrs":259},{"color":54},{"type":84,"attrs":261,"content":262},{"level":86},[263],{"text":264,"type":45,"marks":265},"4. Did I finance my car through the dealership?",[266,267],{"type":140},{"type":52,"attrs":268},{"color":54},{"type":41,"content":270},[271,276,285],{"text":272,"type":45,"marks":273},"If you got your current loan through a car dealership, refinancing may be a good idea. This is because dealerships",[274],{"type":52,"attrs":275},{"color":54},{"text":277,"type":45,"marks":278}," often give borrowers higher interest rates",[279,282,284],{"type":191,"attrs":280},{"href":281,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/is-it-better-to-finance-a-car-through-a-bank-or-dealership/",{"type":52,"attrs":283},{"color":54},{"type":200},{"text":286,"type":45,"marks":287}," than financial institutions like banks or credit unions do. Further, dealerships often add extras to loan contracts. These can include:",[288],{"type":52,"attrs":289},{"color":54},{"type":94,"content":291},[292,301,310,319],{"type":97,"content":293},[294],{"type":41,"content":295},[296],{"text":297,"type":45,"marks":298},"Service contracts",[299],{"type":52,"attrs":300},{"color":54},{"type":97,"content":302},[303],{"type":41,"content":304},[305],{"text":306,"type":45,"marks":307},"Extended warranties",[308],{"type":52,"attrs":309},{"color":54},{"type":97,"content":311},[312],{"type":41,"content":313},[314],{"text":315,"type":45,"marks":316},"Tire and wheel warranties",[317],{"type":52,"attrs":318},{"color":54},{"type":97,"content":320},[321],{"type":41,"content":322},[323],{"text":324,"type":45,"marks":325},"Guaranteed asset protection (GAP) waivers",[326,329,331],{"type":191,"attrs":327},{"href":328,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.federalreserve.gov/econres/feds/consumers-and-guaranteed-asset-protection-on-vehicle-financing-contracts.htm",{"type":52,"attrs":330},{"color":54},{"type":200},{"type":41,"content":333},[334],{"text":335,"type":45,"marks":336},"By refinancing your loan, you can eliminate any unnecessary add-ons. This can help reduce your monthly payments and save you money. ",[337],{"type":52,"attrs":338},{"color":54},{"type":84,"attrs":340,"content":341},{"level":86},[342],{"text":343,"type":45,"marks":344},"5. Are my monthly payments too high?",[345,346],{"type":140},{"type":52,"attrs":347},{"color":54},{"type":41,"content":349},[350],{"text":351,"type":45,"marks":352},"If you’re struggling to make your monthly car payments, refinancing could help reduce your bill. If you can secure a better interest rate on your new loan, that alone may result in a lower minimum due each month. ",[353],{"type":52,"attrs":354},{"color":54},{"type":41,"content":356},[357],{"text":358,"type":45,"marks":359},"If you want an even lower payment, consider applying for a longer term when you refinance. This will allow you to pay off your loan in smaller installments over a longer period of time. Keep in mind that, though this may result in a lower monthly payment, it could also mean that you pay more in interest over the life of the loan. ",[360],{"type":52,"attrs":361},{"color":54},{"type":84,"attrs":363,"content":364},{"level":86},[365],{"text":366,"type":45,"marks":367},"6. When did I buy the car?",[368,369],{"type":140},{"type":52,"attrs":370},{"color":54},{"type":41,"content":372},[373],{"text":374,"type":45,"marks":375},"Lenders usually require borrowers to meet certain eligibility requirements before they’ll grant an auto loan refinance. Many lenders require you to have held your current loan for a certain amount of time. For many lenders, this minimum is six months. So, if you bought your new car just a few weeks ago, you may not yet be eligible for a refinance. ",[376],{"type":52,"attrs":377},{"color":54},{"type":41,"content":379},[380],{"text":381,"type":45,"marks":382},"Other lenders consider the age of your car, not just how long you’ve had it. If your car is more than ten years old or has more than 100,000 miles on it, you may not qualify for a refinance with certain lenders. ",[383],{"type":52,"attrs":384},{"color":54},{"type":84,"attrs":386,"content":387},{"level":86},[388],{"text":389,"type":45,"marks":390},"7. Do I qualify?",[391,392],{"type":140},{"type":52,"attrs":393},{"color":54},{"type":41,"content":395},[396,401,410],{"text":397,"type":45,"marks":398},"Even if you decide you want to refinance, you’ll still need a ",[399],{"type":52,"attrs":400},{"color":54},{"text":402,"type":45,"marks":403},"good to excellent credit score",[404,407,409],{"type":191,"attrs":405},{"href":406,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-and-keep-a-good-credit-score-en-318/",{"type":52,"attrs":408},{"color":54},{"type":200},{"text":411,"type":45,"marks":412}," to qualify. When you apply, the lender will conduct a “hard inquiry” on your credit, which involves pulling your credit report and payment history and making sure you can afford the loan amount. If you have a regular income, don’t have much other debt, and haven’t missed any recent payments, you likely have a healthy credit history.",[413],{"type":52,"attrs":414},{"color":54},{"type":41,"content":416},[417],{"text":418,"type":45,"marks":419},"Next, the lender will consider the condition and value of your car. If the value of your car has dropped significantly since the time you purchased it, you’ll have a harder time refinancing your auto loan. If your insurance company has declared your car totaled in the past, you may be ineligible for refinancing. ",[420],{"type":52,"attrs":421},{"color":54},{"type":84,"attrs":423,"content":424},{"level":86},[425],{"text":426,"type":45,"marks":427},"8. Is my loan in danger of going upside down?",[428,429],{"type":140},{"type":52,"attrs":430},{"color":54},{"type":41,"content":432},[433],{"text":434,"type":45,"marks":435},"An upside-down car loan is a situation where you owe more on your auto loan than the car is worth. It's also known as having “negative equity” in your car, or being “underwater” on the loan. ",[436],{"type":52,"attrs":437},{"color":54},{"type":41,"content":439},[440],{"text":441,"type":45,"marks":442},"For example, if you owe $15,000 on a car that is currently worth only $10,000, you would have negative equity of $5,000. In this case, even if you were to sell the car at its full current value, you would still owe the lender the remaining balance of $5,000.",[443],{"type":52,"attrs":444},{"color":54},{"type":41,"content":446},[447],{"text":448,"type":45,"marks":449},"If you’re upside down on the loan, or in danger of going upside down, you’ll have a hard time finding a lender to refinance with. And even if you do, it may not be worth it –– the refinancing loan is likely to come with a much higher interest rate.  ",[450],{"type":52,"attrs":451},{"color":54},{"type":84,"attrs":453,"content":454},{"level":86},[455],{"text":456,"type":45,"marks":457},"9. Can I afford the fees?",[458,459],{"type":140},{"type":52,"attrs":460},{"color":54},{"type":41,"content":462},[463,468,477],{"text":464,"type":45,"marks":465},"While auto loan refinancing can offer significant savings in certain situations, it’s important to remember that it isn’t free. Every time you apply for a new loan — including a refinance loan — you’ll have to pay loan application fees, origination fees, and title transfer fees. Some lenders also apply additional charges. In some cases, the savings you make from getting a lower interest rate may not be enough to offset the costs. This is particularly true if your current lender charges ",[466],{"type":52,"attrs":467},{"color":54},{"text":469,"type":45,"marks":470},"prepayment penalties",[471,474,476],{"type":191,"attrs":472},{"href":473,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/how-to-avoid-paying-prepayment-penalty/",{"type":52,"attrs":475},{"color":54},{"type":200},{"text":478,"type":45,"marks":479},". ",[480],{"type":52,"attrs":481},{"color":54},{"type":41,"content":483},[484],{"text":485,"type":45,"marks":486},"Before you finalize a refinance, be sure to read the disclosures on your new loan and tally up your new lender’s fees. Then, use a refinance loan calculator to calculate your potential savings. Make sure they’re significantly more than the sum of the fees before you move forward. ",[487],{"type":52,"attrs":488},{"color":54},{"type":84,"attrs":490,"content":491},{"level":86},[492],{"text":493,"type":45,"marks":494},"Compare auto loans with Navient Marketplace",[495,496],{"type":140},{"type":52,"attrs":497},{"color":54},{"type":41,"content":499},[500],{"text":501,"type":45,"marks":502},"If you’re ready to exchange your old loan for a new one, refinancing could be right for you. An auto loan refinance can help you secure lower monthly payments and a lower interest rate. Both can help you save money.",[503],{"type":52,"attrs":504},{"color":54},{"type":41,"content":506},[507],{"text":508,"type":45,"marks":509},"The first step is to shop around and see what kinds of refinance rates are out there. For that, there’s no better tool than Navient Marketplace. Just fill out some basic personal information, and you’ll be automatically matched with offers from some of the top auto loan providers. You can then compare, contrast, and choose the best offer. ",[510],{"type":52,"attrs":511},{"color":54},{"type":41,"content":513},[514,523],{"text":515,"type":45,"marks":516},"Fill out a profile",[517,520,522],{"type":191,"attrs":518},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://marketplace.navient.com/",{"type":52,"attrs":521},{"color":54},{"type":200},{"text":524,"type":45,"marks":525}," on Navient Marketplace today. It’s fast and free, and it won’t affect your credit score.",[526],{"type":52,"attrs":527},{"color":54},{"type":41,"content":529},[530],{"text":531,"type":45,"marks":532},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[533,535],{"type":48,"attrs":534},{"class":50},{"type":52,"attrs":536},{"color":54},{"type":41,"content":538},[539],{"text":540,"type":45,"marks":541},"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.",[542,544],{"type":48,"attrs":543},{"class":50},{"type":52,"attrs":545},{"color":54},{"type":41,"content":547},[548,554],{"text":63,"type":45,"marks":549},[550,552],{"type":48,"attrs":551},{"class":67},{"type":52,"attrs":553},{"color":54},{"text":555,"type":45,"marks":556}," 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.",[557,559],{"type":48,"attrs":558},{"class":50},{"type":52,"attrs":560},{"color":54},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798165\"}-->","BlogText","https://www.marketplace.navient.com/blog/should-i-refinance-my-car/","Updated: September 20, 2023","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798165\"}-->","should-i-refinance-my-car","navient_marketplace/blog/should-i-refinance-my-car",-500,[],651751493,"d2bf7afe-11e0-4f1d-b789-025510c467a6","2023-09-26T16:14:19.318Z","default","blog/should-i-refinance-my-car/",[],{"name":577,"created_at":578,"published_at":579,"updated_at":580,"id":581,"uuid":582,"content":583,"slug":1579,"full_slug":1580,"sort_by_date":194,"position":1581,"tag_list":1582,"is_startpage":28,"parent_id":570,"meta_data":194,"group_id":1583,"first_published_at":1584,"release_id":194,"lang":573,"path":194,"alternates":1585,"default_full_slug":194,"translated_slugs":194},"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":584,"_uid":588,"body":589,"author":30,"category":31,"featured":28,"component":1576,"canonicalTag":1577,"_editable":1578},{"_uid":585,"title":586,"plugin":17,"og_image":18,"og_title":18,"description":587,"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","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",[590,618,1551],{"id":591,"_uid":592,"image":593,"intro":594,"author":595,"classes":596,"category":18,"featured":28,"blogTitle":613,"component":614,"imageLink":615,"blendImage":28,"authorRoute":30,"publishedDate":616,"backgroundColor":29,"_editable":617},"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",[597],{"_uid":598,"component":599,"titleColor":600,"dateClasses":601,"titleClasses":602,"authorClasses":603,"subtitleColor":604,"titleMaxWidth":605,"subtitleClasses":606,"dateMobileClasses":607,"titleMobileClasses":608,"authorMobileClasses":609,"featuredMobileClasses":610,"subtitleMobileClasses":611,"_editable":612},"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\"}-->","How to Refinance a Car Loan with Bad Credit: Lenders, Tips, Alternatives","BlogHero","/images/refinance-car-loan-with-bad-credit.png","Updated: May 9, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"d005c998-08ad-4cd0-8c91-891d065386f3\", \"id\": \"651798181\"}-->",{"_uid":619,"bloks":620,"classes":1547,"component":1548,"mobileClasses":18,"containerContent":1549,"_editable":1550},"1948542a-4660-453d-a5a5-18c7c17d2310",[621],{"_uid":622,"bloks":623,"classes":18,"justify":1492,"component":1545,"mobileClasses":18,"_editable":1546},"4197f6e2-330f-411a-b394-bb8460271842",[624,1495],{"lg":625,"md":625,"sm":626,"_uid":627,"cols":626,"bloks":628,"alignSelf":1492,"component":1493,"_editable":1494},"7","12","6e839e34-8617-4c5b-907f-60e3a7a554f4",[629],{"_uid":630,"color":36,"classes":631,"content":18,"richText":632,"component":1485,"mobileClasses":1486,"enableRichText":1487,"richTextMobile":1488,"_editable":1491},"60b8fd22-2c58-4bb0-a3d7-3ba54d17b109","blog-post-text blog-post-headers",{"type":38,"content":633},[634,642,649,656,663,701,709,716,723,732,741,749,770,791,799,807,828,835,843,851,879,887,895,902,923,931,939,946,954,962,969,976,984,992,999,1006,1013,1021,1028,1036,1083,1091,1098,1106,1140,1148,1155,1163,1197,1205,1272,1280,1287,1295,1316,1324,1345,1353,1374,1382,1403,1411,1418,1426,1433,1441,1468,1476],{"type":41,"content":635},[636],{"text":44,"type":45,"marks":637},[638,640],{"type":48,"attrs":639},{"class":50},{"type":52,"attrs":641},{"color":54},{"type":41,"content":643},[644],{"text":645,"type":45,"marks":646},"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. ",[647],{"type":52,"attrs":648},{"color":54},{"type":41,"content":650},[651],{"text":652,"type":45,"marks":653},"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. ",[654],{"type":52,"attrs":655},{"color":54},{"type":84,"attrs":657,"content":658},{"level":86},[659],{"text":89,"type":45,"marks":660},[661],{"type":52,"attrs":662},{"color":54},{"type":94,"content":664},[665,674,683,692],{"type":97,"content":666},[667],{"type":41,"content":668},[669],{"text":670,"type":45,"marks":671},"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.” ",[672],{"type":52,"attrs":673},{"color":54},{"type":97,"content":675},[676],{"type":41,"content":677},[678],{"text":679,"type":45,"marks":680},"If you have a credit score of 550 or higher, you’ll likely qualify for a subprime refinance loan with a variety of lenders. ",[681],{"type":52,"attrs":682},{"color":194},{"type":97,"content":684},[685],{"type":41,"content":686},[687],{"text":688,"type":45,"marks":689},"In general, the lower your credit score, the higher your interest rate will be. ",[690],{"type":52,"attrs":691},{"color":194},{"type":97,"content":693},[694],{"type":41,"content":695},[696],{"text":697,"type":45,"marks":698},"You may want to work on improving your credit score before you apply for a refinance. ",[699],{"type":52,"attrs":700},{"color":194},{"type":84,"attrs":702,"content":703},{"level":86},[704],{"text":705,"type":45,"marks":706},"Can you refinance a car with bad credit? ",[707],{"type":52,"attrs":708},{"color":54},{"type":41,"content":710},[711],{"text":712,"type":45,"marks":713},"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. ",[714],{"type":52,"attrs":715},{"color":54},{"type":41,"content":717},[718],{"text":719,"type":45,"marks":720},"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. ",[721],{"type":52,"attrs":722},{"color":54},{"type":84,"attrs":724,"content":725},{"level":86},[726],{"text":727,"type":45,"marks":728},"Lenders that refinance car loans with bad credit ",[729],{"type":52,"attrs":730},{"color":731},"rgb(0, 0, 0)",{"type":84,"attrs":733,"content":734},{"level":231},[735],{"text":736,"type":45,"marks":737},"1. iLending",[738],{"type":52,"attrs":739},{"color":740},"rgb(67, 67, 67)",{"type":41,"content":742},[743],{"text":744,"type":45,"marks":745},"2.24% APR, 36-84 month term, 560 minimum credit score",[746,747],{"type":140},{"type":52,"attrs":748},{"color":54},{"type":41,"content":750},[751,756,765],{"text":752,"type":45,"marks":753},"With iLending, you can refinance cars, RVs, and even boats as long as your ",[754],{"type":52,"attrs":755},{"color":54},{"text":757,"type":45,"marks":758},"FICO score",[759,762,764],{"type":191,"attrs":760},{"href":761,"uuid":194,"anchor":194,"target":194,"linktype":196},"https://www.myfico.com/credit-education/what-is-a-fico-score",{"type":52,"attrs":763},{"color":194},{"type":200},{"text":766,"type":45,"marks":767}," 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. ",[768],{"type":52,"attrs":769},{"color":194},{"type":41,"content":771},[772,777,786],{"text":773,"type":45,"marks":774},"iLending’s ",[775],{"type":52,"attrs":776},{"color":54},{"text":778,"type":45,"marks":779},"annual percentage rates (APRs)",[780,783,785],{"type":191,"attrs":781},{"href":782,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.earnest.com/blog/interest-rate-vs-apr-personal-loan/",{"type":52,"attrs":784},{"color":194},{"type":200},{"text":787,"type":45,"marks":788}," 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. ",[789],{"type":52,"attrs":790},{"color":194},{"type":84,"attrs":792,"content":793},{"level":231},[794],{"text":795,"type":45,"marks":796},"2. Caribou",[797],{"type":52,"attrs":798},{"color":54},{"type":41,"content":800},[801],{"text":802,"type":45,"marks":803},"4.99% APR, 48-84 month term, 620 minimum credit score",[804,805],{"type":140},{"type":52,"attrs":806},{"color":54},{"type":41,"content":808},[809,814,823],{"text":810,"type":45,"marks":811},"To qualify for the best rates with ",[812],{"type":52,"attrs":813},{"color":54},{"text":815,"type":45,"marks":816},"Caribou",[817,820,822],{"type":191,"attrs":818},{"href":819,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://fiona.com/partner/navientalr/loans",{"type":52,"attrs":821},{"color":194},{"type":200},{"text":824,"type":45,"marks":825},", 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.",[826],{"type":52,"attrs":827},{"color":194},{"type":41,"content":829},[830],{"text":831,"type":45,"marks":832},"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. ",[833],{"type":52,"attrs":834},{"color":54},{"type":84,"attrs":836,"content":837},{"level":231},[838],{"text":839,"type":45,"marks":840},"3. RefiJet",[841],{"type":52,"attrs":842},{"color":54},{"type":41,"content":844},[845],{"text":846,"type":45,"marks":847},"3.49% APR, 24-84 month term, 500 minimum credit score",[848,849],{"type":140},{"type":52,"attrs":850},{"color":54},{"type":41,"content":852},[853,861,866,875],{"text":854,"type":45,"marks":855},"RefiJet",[856,858,860],{"type":191,"attrs":857},{"href":819,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":859},{"color":54},{"type":200},{"text":862,"type":45,"marks":863}," 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 ",[864],{"type":52,"attrs":865},{"color":194},{"text":867,"type":45,"marks":868},"will not impact your credit",[869,872,874],{"type":191,"attrs":870},{"href":871,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.investopedia.com/articles/basics/07/prequalified-approved.asp",{"type":52,"attrs":873},{"color":194},{"type":200},{"text":478,"type":45,"marks":876},[877],{"type":52,"attrs":878},{"color":194},{"type":84,"attrs":880,"content":881},{"level":231},[882],{"text":883,"type":45,"marks":884},"4. Auto Approve",[885],{"type":52,"attrs":886},{"color":54},{"type":41,"content":888},[889],{"text":890,"type":45,"marks":891},"2.94% APR, 12-84 month term, 580 minimum credit score",[892,893],{"type":140},{"type":52,"attrs":894},{"color":54},{"type":41,"content":896},[897],{"text":898,"type":45,"marks":899},"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. ",[900],{"type":52,"attrs":901},{"color":54},{"type":41,"content":903},[904,909,918],{"text":905,"type":45,"marks":906},"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 ",[907],{"type":52,"attrs":908},{"color":54},{"text":910,"type":45,"marks":911},"add co-signers",[912,915,917],{"type":191,"attrs":913},{"href":914,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.bankrate.com/loans/personal-loans/personal-loan-with-co-signer/",{"type":52,"attrs":916},{"color":194},{"type":200},{"text":919,"type":45,"marks":920}," and vehicle protection options. ",[921],{"type":52,"attrs":922},{"color":194},{"type":84,"attrs":924,"content":925},{"level":231},[926],{"text":927,"type":45,"marks":928},"5. LendingArts",[929],{"type":52,"attrs":930},{"color":54},{"type":41,"content":932},[933],{"text":934,"type":45,"marks":935},"5.44% APR, 550 minimum credit score",[936,937],{"type":140},{"type":52,"attrs":938},{"color":54},{"type":41,"content":940},[941],{"text":942,"type":45,"marks":943},"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. ",[944],{"type":52,"attrs":945},{"color":54},{"type":84,"attrs":947,"content":948},{"level":231},[949],{"text":950,"type":45,"marks":951},"6. RateWorks",[952],{"type":52,"attrs":953},{"color":54},{"type":41,"content":955},[956],{"text":957,"type":45,"marks":958},"4.29% APR, 36-72 month term, No minimum credit score",[959,960],{"type":140},{"type":52,"attrs":961},{"color":54},{"type":41,"content":963},[964],{"text":965,"type":45,"marks":966},"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. ",[967],{"type":52,"attrs":968},{"color":54},{"type":41,"content":970},[971],{"text":972,"type":45,"marks":973},"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.",[974],{"type":52,"attrs":975},{"color":54},{"type":84,"attrs":977,"content":978},{"level":231},[979],{"text":980,"type":45,"marks":981},"7. Gravity Lending",[982],{"type":52,"attrs":983},{"color":54},{"type":41,"content":985},[986],{"text":987,"type":45,"marks":988},"5.34% APR, 24-96 month term, 580 minimum credit score",[989,990],{"type":140},{"type":52,"attrs":991},{"color":54},{"type":41,"content":993},[994],{"text":995,"type":45,"marks":996},"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. ",[997],{"type":52,"attrs":998},{"color":54},{"type":41,"content":1000},[1001],{"text":1002,"type":45,"marks":1003},"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.",[1004],{"type":52,"attrs":1005},{"color":194},{"type":41,"content":1007},[1008],{"text":1009,"type":45,"marks":1010},"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.  ",[1011],{"type":52,"attrs":1012},{"color":731},{"type":84,"attrs":1014,"content":1015},{"level":86},[1016],{"text":1017,"type":45,"marks":1018},"How to improve your credit for refinancing",[1019],{"type":52,"attrs":1020},{"color":54},{"type":41,"content":1022},[1023],{"text":1024,"type":45,"marks":1025},"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.",[1026],{"type":52,"attrs":1027},{"color":54},{"type":84,"attrs":1029,"content":1030},{"level":231},[1031],{"text":1032,"type":45,"marks":1033},"Reduce your credit utilization ratio",[1034],{"type":52,"attrs":1035},{"color":54},{"type":41,"content":1037},[1038,1043,1051,1056,1064,1069,1078],{"text":1039,"type":45,"marks":1040},"Credit utilization, or the proportion of your available credit that you're using,",[1041],{"type":52,"attrs":1042},{"color":54},{"text":1044,"type":45,"marks":1045}," ",[1046,1049],{"type":191,"attrs":1047},{"href":1048,"uuid":194,"anchor":194,"target":194,"linktype":196},"https://www.experian.com/blogs/ask-experian/credit-education/score-basics/credit-utilization-rate/",{"type":52,"attrs":1050},{"color":194},{"text":1052,"type":45,"marks":1053},"can account for ",[1054],{"type":52,"attrs":1055},{"color":194},{"text":1057,"type":45,"marks":1058},"nearly a third of your credit score",[1059,1061,1063],{"type":191,"attrs":1060},{"href":1048,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":1062},{"color":194},{"type":200},{"text":1065,"type":45,"marks":1066},". Aim to keep your credit utilization ratio below 30% — or, ideally, below 10%. Try to avoid maxing out your cards and work to ",[1067],{"type":52,"attrs":1068},{"color":194},{"text":1070,"type":45,"marks":1071},"pay down high credit card balances",[1072,1075,1077],{"type":191,"attrs":1073},{"href":1074,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.earnest.com/blog/debt-reduction-strategy/",{"type":52,"attrs":1076},{"color":194},{"type":200},{"text":1079,"type":45,"marks":1080},". 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.",[1081],{"type":52,"attrs":1082},{"color":194},{"type":84,"attrs":1084,"content":1085},{"level":231},[1086],{"text":1087,"type":45,"marks":1088},"Diversify your credit mix",[1089],{"type":52,"attrs":1090},{"color":54},{"type":41,"content":1092},[1093],{"text":1094,"type":45,"marks":1095},"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.",[1096],{"type":52,"attrs":1097},{"color":54},{"type":84,"attrs":1099,"content":1100},{"level":231},[1101],{"text":1102,"type":45,"marks":1103},"Limit hard inquiries on your credit report",[1104],{"type":52,"attrs":1105},{"color":54},{"type":41,"content":1107},[1108,1113,1122,1127,1136],{"text":1109,"type":45,"marks":1110},"Applying for new credit accounts triggers ",[1111],{"type":52,"attrs":1112},{"color":54},{"text":1114,"type":45,"marks":1115},"hard credit inquiries",[1116,1119,1121],{"type":191,"attrs":1117},{"href":1118,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.earnest.com/blog/soft-vs-hard-credit-inquiries/",{"type":52,"attrs":1120},{"color":194},{"type":200},{"text":1123,"type":45,"marks":1124}," 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 ",[1125],{"type":52,"attrs":1126},{"color":194},{"text":1128,"type":45,"marks":1129},"annualcreditreport.com",[1130,1133,1135],{"type":191,"attrs":1131},{"href":1132,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://annualcreditreport.com",{"type":52,"attrs":1134},{"color":194},{"type":200},{"text":478,"type":45,"marks":1137},[1138],{"type":52,"attrs":1139},{"color":194},{"type":84,"attrs":1141,"content":1142},{"level":231},[1143],{"text":1144,"type":45,"marks":1145},"Keep old accounts open",[1146],{"type":52,"attrs":1147},{"color":54},{"type":41,"content":1149},[1150],{"text":1151,"type":45,"marks":1152},"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.",[1153],{"type":52,"attrs":1154},{"color":54},{"type":84,"attrs":1156,"content":1157},{"level":231},[1158],{"text":1159,"type":45,"marks":1160},"Dispute errors and monitor your credit regularly",[1161],{"type":52,"attrs":1162},{"color":54},{"type":41,"content":1164},[1165,1170,1179,1184,1193],{"text":1166,"type":45,"marks":1167},"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 ",[1168],{"type":52,"attrs":1169},{"color":54},{"text":1171,"type":45,"marks":1172},"credit score monitoring services",[1173,1176,1178],{"type":191,"attrs":1174},{"href":1175,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.cnbc.com/select/best-credit-monitoring-services/",{"type":52,"attrs":1177},{"color":194},{"type":200},{"text":1180,"type":45,"marks":1181},". 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, ",[1182],{"type":52,"attrs":1183},{"color":194},{"text":1185,"type":45,"marks":1186},"report them as soon as possible",[1187,1190,1192],{"type":191,"attrs":1188},{"href":1189,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314/",{"type":52,"attrs":1191},{"color":194},{"type":200},{"text":478,"type":45,"marks":1194},[1195],{"type":52,"attrs":1196},{"color":194},{"type":84,"attrs":1198,"content":1199},{"level":231},[1200],{"text":1201,"type":45,"marks":1202},"Use a credit-building service",[1203],{"type":52,"attrs":1204},{"color":54},{"type":41,"content":1206},[1207,1212,1219,1227,1232,1239,1247,1252,1259,1267],{"text":1208,"type":45,"marks":1209},"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",[1210],{"type":52,"attrs":1211},{"color":54},{"text":1044,"type":45,"marks":1213},[1214,1217],{"type":191,"attrs":1215},{"href":1216,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/consumer-products/score-boost.html",{"type":52,"attrs":1218},{"color":194},{"text":1220,"type":45,"marks":1221},"Experian Boost",[1222,1224,1226],{"type":191,"attrs":1223},{"href":1216,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":1225},{"color":194},{"type":200},{"text":1228,"type":45,"marks":1229}," and",[1230],{"type":52,"attrs":1231},{"color":194},{"text":1044,"type":45,"marks":1233},[1234,1237],{"type":191,"attrs":1235},{"href":1236,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://stellarfi.com/compare/experian-boost",{"type":52,"attrs":1238},{"color":194},{"text":1240,"type":45,"marks":1241},"StellarFi",[1242,1244,1246],{"type":191,"attrs":1243},{"href":1236,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":1245},{"color":194},{"type":200},{"text":1248,"type":45,"marks":1249}," 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",[1250],{"type":52,"attrs":1251},{"color":194},{"text":1044,"type":45,"marks":1253},[1254,1257],{"type":191,"attrs":1255},{"href":1256,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/does-experian-boost-work",{"type":52,"attrs":1258},{"color":194},{"text":1260,"type":45,"marks":1261},"immediately after signing up",[1262,1264,1266],{"type":191,"attrs":1263},{"href":1256,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":1265},{"color":194},{"type":200},{"text":1268,"type":45,"marks":1269},".  ",[1270],{"type":52,"attrs":1271},{"color":194},{"type":84,"attrs":1273,"content":1274},{"level":86},[1275],{"text":1276,"type":45,"marks":1277},"Alternatives to refinancing a car loan ",[1278],{"type":52,"attrs":1279},{"color":54},{"type":41,"content":1281},[1282],{"text":1283,"type":45,"marks":1284},"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. ",[1285],{"type":52,"attrs":1286},{"color":54},{"type":84,"attrs":1288,"content":1289},{"level":231},[1290],{"text":1291,"type":45,"marks":1292},"1. Paying off the loan faster",[1293],{"type":52,"attrs":1294},{"color":54},{"type":41,"content":1296},[1297,1302,1311],{"text":1298,"type":45,"marks":1299},"If you can’t qualify for an auto loan refinance because of poor credit history, you can still save money on interest by ",[1300],{"type":52,"attrs":1301},{"color":54},{"text":1303,"type":45,"marks":1304},"paying off your car loan faster",[1305,1308,1310],{"type":191,"attrs":1306},{"href":1307,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.bankrate.com/loans/auto-loans/how-to-pay-off-a-car-loan-faster/",{"type":52,"attrs":1309},{"color":194},{"type":200},{"text":1312,"type":45,"marks":1313},". 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.",[1314],{"type":52,"attrs":1315},{"color":194},{"type":84,"attrs":1317,"content":1318},{"level":231},[1319],{"text":1320,"type":45,"marks":1321},"2. Negotiating with your current lender",[1322],{"type":52,"attrs":1323},{"color":54},{"type":41,"content":1325},[1326,1331,1340],{"text":1327,"type":45,"marks":1328},"Before you decide to refinance or explore alternatives, try ",[1329],{"type":52,"attrs":1330},{"color":54},{"text":1332,"type":45,"marks":1333},"negotiating with your existing lender",[1334,1337,1339],{"type":191,"attrs":1335},{"href":1336,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.earnest.com/blog/how-to-negotiate-with-creditors/",{"type":52,"attrs":1338},{"color":194},{"type":200},{"text":1341,"type":45,"marks":1342},". 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. ",[1343],{"type":52,"attrs":1344},{"color":194},{"type":84,"attrs":1346,"content":1347},{"level":231},[1348],{"text":1349,"type":45,"marks":1350},"3. Using a home equity loan or a HELOC ",[1351],{"type":52,"attrs":1352},{"color":54},{"type":41,"content":1354},[1355,1360,1369],{"text":1356,"type":45,"marks":1357},"If you own a home and have built up equity in it, you may be able to use a home equity loan or a ",[1358],{"type":52,"attrs":1359},{"color":54},{"text":1361,"type":45,"marks":1362},"home equity line of credit",[1363,1366,1368],{"type":191,"attrs":1364},{"href":1365,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.bankrate.com/home-equity/what-is-heloc/",{"type":52,"attrs":1367},{"color":194},{"type":200},{"text":1370,"type":45,"marks":1371}," (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.",[1372],{"type":52,"attrs":1373},{"color":194},{"type":84,"attrs":1375,"content":1376},{"level":231},[1377],{"text":1378,"type":45,"marks":1379},"4. Taking out a personal loan",[1380],{"type":52,"attrs":1381},{"color":54},{"type":41,"content":1383},[1384,1389,1398],{"text":1385,"type":45,"marks":1386},"Another alternative to consider is ",[1387],{"type":52,"attrs":1388},{"color":54},{"text":1390,"type":45,"marks":1391},"taking out a personal loan",[1392,1395,1397],{"type":191,"attrs":1393},{"href":1394,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":52,"attrs":1396},{"color":194},{"type":200},{"text":1399,"type":45,"marks":1400}," 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.",[1401],{"type":52,"attrs":1402},{"color":194},{"type":84,"attrs":1404,"content":1405},{"level":231},[1406],{"text":1407,"type":45,"marks":1408},"5. Selling the car and buying a more affordable one",[1409],{"type":52,"attrs":1410},{"color":54},{"type":41,"content":1412},[1413],{"text":1414,"type":45,"marks":1415},"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.",[1416],{"type":52,"attrs":1417},{"color":54},{"type":84,"attrs":1419,"content":1420},{"level":231},[1421],{"text":1422,"type":45,"marks":1423},"6. Leasing a vehicle instead",[1424],{"type":52,"attrs":1425},{"color":54},{"type":41,"content":1427},[1428],{"text":1429,"type":45,"marks":1430},"If you're open to giving up vehicle ownership, you could consider leasing a new car through a dealership. While leasing often comes with lower monthly payments than purchasing, keep in mind that you won't own the car at the end of the lease term. You may also have to deal with mileage and wear-and-tear restrictions.",[1431],{"type":52,"attrs":1432},{"color":54},{"type":84,"attrs":1434,"content":1435},{"level":86},[1436],{"text":1437,"type":45,"marks":1438},"Compare auto loans with Navient Marketplace ",[1439],{"type":52,"attrs":1440},{"color":54},{"type":41,"content":1442},[1443,1448,1454,1463],{"text":1444,"type":45,"marks":1445},"Whether you’re looking for lower interest rates or longer terms, Navient Marketplace can help you find an auto loan refinancing 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.",[1446],{"type":52,"attrs":1447},{"color":54},{"text":1044,"type":45,"marks":1449},[1450,1452],{"type":191,"attrs":1451},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":1453},{"color":194},{"text":1455,"type":45,"marks":1456},"Get started here.",[1457,1460,1462],{"type":191,"attrs":1458},{"href":1459,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://marketplace.navient.com",{"type":52,"attrs":1461},{"color":194},{"type":200},{"text":1464,"type":45,"marks":1465}," ",[1466],{"type":52,"attrs":1467},{"color":194},{"type":41,"content":1469},[1470],{"text":531,"type":45,"marks":1471},[1472,1474],{"type":48,"attrs":1473},{"class":50},{"type":52,"attrs":1475},{"color":54},{"type":41,"content":1477},[1478],{"text":1479,"type":45,"marks":1480},"Information in this blog, including the rates advertised, are current as of 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top",[],"letter-spacing-normal text-transform-none text-size-sub-1","Button","\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"6444e0db-4ab6-4402-9ccb-fda2a7665853\", \"id\": \"651798181\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"135be4ba-a2c1-40a7-a64e-63eab4d0e105\", \"id\": \"651798181\"}-->","1240px","Grid","pl-0","ml-7",{"id":194,"alt":194,"name":18,"focus":194,"title":194,"filename":18,"copyright":194,"fieldtype":1525},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"71578594-c48d-4c99-a38b-426ea98a989b\", \"id\": \"651798181\"}-->","BlogPost","https://www.marketplace.navient.com/blog/refinance-car-loan-with-bad-credit/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"c3dfb6bc-82dc-4342-ab6f-3ade890377bb\", \"id\": \"651798181\"}-->","refinance-a-car-loan-with-bad-credit","navient_marketplace/blog/refinance-a-car-loan-with-bad-credit",-80,[],"8ada2932-9fea-471d-8912-e892ee5abb7d","2023-05-25T19:48:08.930Z",[],{"name":1587,"created_at":1588,"published_at":1589,"updated_at":1590,"id":1591,"uuid":1592,"content":1593,"slug":2229,"full_slug":2230,"sort_by_date":194,"position":2231,"tag_list":2232,"is_startpage":28,"parent_id":570,"meta_data":194,"group_id":2233,"first_published_at":2234,"release_id":194,"lang":573,"path":2235,"alternates":2236,"default_full_slug":194,"translated_slugs":194},"When Can I Refinance My 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":1594,"_uid":1598,"body":1599,"author":30,"category":31,"featured":28,"component":1576,"canonicalTag":2227,"_editable":2228},{"_uid":1595,"title":1596,"plugin":17,"og_image":18,"og_title":18,"description":1597,"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",[1600,1612,2212],{"id":591,"_uid":1601,"image":1602,"intro":1603,"author":595,"classes":1604,"category":18,"featured":28,"blogTitle":1608,"component":614,"imageLink":1609,"blendImage":28,"authorRoute":30,"publishedDate":1610,"backgroundColor":29,"_editable":1611},"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.",[1605],{"_uid":1606,"component":599,"titleColor":600,"dateClasses":601,"titleClasses":602,"authorClasses":603,"subtitleColor":604,"titleMaxWidth":605,"subtitleClasses":606,"dateMobileClasses":607,"titleMobileClasses":608,"authorMobileClasses":609,"featuredMobileClasses":610,"subtitleMobileClasses":611,"_editable":1607},"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":1613,"bloks":1614,"classes":1547,"component":1548,"mobileClasses":18,"containerContent":2210,"_editable":2211},"41898040-03ef-4844-9a47-f485123d0978",[1615],{"_uid":1616,"bloks":1617,"classes":18,"justify":1492,"component":1545,"mobileClasses":18,"_editable":2209},"7e50b2de-fe63-43da-b37f-c7743bee3d4c",[1618,2181],{"lg":625,"md":625,"sm":626,"_uid":1619,"cols":626,"bloks":1620,"alignSelf":1492,"component":1493,"_editable":2180},"41b2c2f2-c68f-4b7e-a4d2-2c53d67ba711",[1621],{"_uid":1622,"color":36,"classes":631,"content":18,"richText":1623,"component":1485,"mobileClasses":1486,"enableRichText":1487,"richTextMobile":2176,"_editable":2179},"dc52fc20-8736-453b-aa1f-5dafb582207a",{"type":38,"content":1624},[1625,1643,1650,1658,1679,1686,1694,1702,1723,1731,1738,1745,1753,1760,1768,1775,1784,1792,1800,1807,1828,1835,1843,1864,1871,1878,1886,1906,1914,1921,1928,1936,1957,1964,1972,1979,1987,1994,2002,2009,2017,2045,2053,2060,2116,2124,2144,2152,2160],{"type":41,"content":1626},[1627,1632,1638],{"text":1628,"type":45,"marks":1629},"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",[1630],{"type":52,"attrs":1631},{"color":54},{"text":63,"type":45,"marks":1633},[1634,1636],{"type":48,"attrs":1635},{"class":67},{"type":52,"attrs":1637},{"color":194},{"text":1639,"type":45,"marks":1640},". The bad news? Some lenders have certain restrictions on the timing of your refinance. ",[1641],{"type":52,"attrs":1642},{"color":194},{"type":41,"content":1644},[1645],{"text":1646,"type":45,"marks":1647},"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.",[1648],{"type":52,"attrs":1649},{"color":54},{"type":84,"attrs":1651,"content":1652},{"level":86},[1653],{"text":1654,"type":45,"marks":1655},"When can I refinance my car?",[1656],{"type":52,"attrs":1657},{"color":54},{"type":41,"content":1659},[1660,1665,1674],{"text":1661,"type":45,"marks":1662},"You can refinance your car as soon as your ",[1663],{"type":52,"attrs":1664},{"color":54},{"text":1666,"type":45,"marks":1667},"vehicle title",[1668,1671,1673],{"type":191,"attrs":1669},{"href":1670,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.caranddriver.com/research/a32781807/what-is-a-car-title/",{"type":52,"attrs":1672},{"color":194},{"type":200},{"text":1675,"type":45,"marks":1676}," 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.",[1677],{"type":52,"attrs":1678},{"color":194},{"type":41,"content":1680},[1681],{"text":1682,"type":45,"marks":1683},"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. ",[1684],{"type":52,"attrs":1685},{"color":54},{"type":84,"attrs":1687,"content":1688},{"level":86},[1689],{"text":1690,"type":45,"marks":1691},"The pros of refinancing your car ",[1692],{"type":52,"attrs":1693},{"color":54},{"type":84,"attrs":1695,"content":1696},{"level":231},[1697],{"text":1698,"type":45,"marks":1699},"You can override predatory terms ",[1700],{"type":52,"attrs":1701},{"color":54},{"type":41,"content":1703},[1704,1709,1718],{"text":1705,"type":45,"marks":1706},"Financing at a dealership usually happens through financial institutions such as banks and credit unions, as well as the ",[1707],{"type":52,"attrs":1708},{"color":54},{"text":1710,"type":45,"marks":1711},"financing arms of car manufacturers",[1712,1715,1717],{"type":191,"attrs":1713},{"href":1714,"uuid":194,"anchor":194,"target":195,"linktype":196},"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":52,"attrs":1716},{"color":194},{"type":200},{"text":1719,"type":45,"marks":1720},". 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. ",[1721],{"type":52,"attrs":1722},{"color":194},{"type":84,"attrs":1724,"content":1725},{"level":231},[1726],{"text":1727,"type":45,"marks":1728},"You can save money over the life of your loan ",[1729],{"type":52,"attrs":1730},{"color":54},{"type":41,"content":1732},[1733],{"text":1734,"type":45,"marks":1735},"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. ",[1736],{"type":52,"attrs":1737},{"color":54},{"type":41,"content":1739},[1740],{"text":1741,"type":45,"marks":1742},"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). ",[1743],{"type":52,"attrs":1744},{"color":54},{"type":84,"attrs":1746,"content":1747},{"level":231},[1748],{"text":1749,"type":45,"marks":1750},"You can make monthly payments more affordable ",[1751],{"type":52,"attrs":1752},{"color":54},{"type":41,"content":1754},[1755],{"text":1756,"type":45,"marks":1757},"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. ",[1758],{"type":52,"attrs":1759},{"color":54},{"type":84,"attrs":1761,"content":1762},{"level":231},[1763],{"text":1764,"type":45,"marks":1765},"You can take a rebate and still get a low APR ",[1766],{"type":52,"attrs":1767},{"color":54},{"type":41,"content":1769},[1770],{"text":1771,"type":45,"marks":1772},"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. ",[1773],{"type":52,"attrs":1774},{"color":54},{"type":41,"content":1776},[1777],{"text":1778,"type":45,"marks":1779},"*Above scenario is hypothetical and may not be true for every borrower.",[1780,1782],{"type":1781},"italic",{"type":52,"attrs":1783},{"color":54},{"type":84,"attrs":1785,"content":1786},{"level":86},[1787],{"text":1788,"type":45,"marks":1789},"The cons of refinancing a car",[1790],{"type":52,"attrs":1791},{"color":54},{"type":84,"attrs":1793,"content":1794},{"level":231},[1795],{"text":1796,"type":45,"marks":1797},"You may not see much savings",[1798],{"type":52,"attrs":1799},{"color":54},{"type":41,"content":1801},[1802],{"text":1803,"type":45,"marks":1804},"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. ",[1805],{"type":52,"attrs":1806},{"color":54},{"type":41,"content":1808},[1809,1814,1823],{"text":1810,"type":45,"marks":1811},"This is because of ",[1812],{"type":52,"attrs":1813},{"color":54},{"text":1815,"type":45,"marks":1816},"loan amortization",[1817,1820,1822],{"type":191,"attrs":1818},{"href":1819,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.investopedia.com/terms/a/amortization_schedule.asp",{"type":52,"attrs":1821},{"color":194},{"type":200},{"text":1824,"type":45,"marks":1825},", 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.",[1826],{"type":52,"attrs":1827},{"color":194},{"type":41,"content":1829},[1830],{"text":1831,"type":45,"marks":1832},"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. ",[1833],{"type":52,"attrs":1834},{"color":54},{"type":84,"attrs":1836,"content":1837},{"level":231},[1838],{"text":1839,"type":45,"marks":1840},"You may find it difficult to qualify",[1841],{"type":52,"attrs":1842},{"color":54},{"type":41,"content":1844},[1845,1850,1859],{"text":1846,"type":45,"marks":1847},"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 ",[1848],{"type":52,"attrs":1849},{"color":54},{"text":1851,"type":45,"marks":1852},"will not refinance",[1853,1856,1858],{"type":191,"attrs":1854},{"href":1855,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.nerdwallet.com/article/loans/auto-loans/requirements-refinance-car",{"type":52,"attrs":1857},{"color":194},{"type":200},{"text":1860,"type":45,"marks":1861}," a car that’s more than ten years old or that has more than 125,000 miles on it. ",[1862],{"type":52,"attrs":1863},{"color":194},{"type":41,"content":1865},[1866],{"text":1867,"type":45,"marks":1868},"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.",[1869],{"type":52,"attrs":1870},{"color":54},{"type":41,"content":1872},[1873],{"text":1874,"type":45,"marks":1875},"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. ",[1876],{"type":52,"attrs":1877},{"color":54},{"type":84,"attrs":1879,"content":1880},{"level":231},[1881],{"text":1882,"type":45,"marks":1883},"You may have to pay a prepayment penalty",[1884],{"type":52,"attrs":1885},{"color":54},{"type":41,"content":1887},[1888,1893,1901],{"text":1889,"type":45,"marks":1890},"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 ",[1891],{"type":52,"attrs":1892},{"color":54},{"text":469,"type":45,"marks":1894},[1895,1898,1900],{"type":191,"attrs":1896},{"href":1897,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.way.com/blog/what-is-an-auto-loan-prepayment-penalty/",{"type":52,"attrs":1899},{"color":194},{"type":200},{"text":1902,"type":45,"marks":1903},". 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. ",[1904],{"type":52,"attrs":1905},{"color":194},{"type":84,"attrs":1907,"content":1908},{"level":231},[1909],{"text":1910,"type":45,"marks":1911},"You could go upside down on your loan",[1912],{"type":52,"attrs":1913},{"color":54},{"type":41,"content":1915},[1916],{"text":1917,"type":45,"marks":1918},"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.” ",[1919],{"type":52,"attrs":1920},{"color":54},{"type":41,"content":1922},[1923],{"text":1924,"type":45,"marks":1925},"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. ",[1926],{"type":52,"attrs":1927},{"color":54},{"type":84,"attrs":1929,"content":1930},{"level":231},[1931],{"text":1932,"type":45,"marks":1933},"You may experience a temporary dip in credit",[1934],{"type":52,"attrs":1935},{"color":54},{"type":41,"content":1937},[1938,1943,1952],{"text":1939,"type":45,"marks":1940},"It’s common for your credit score to dip slightly after any kind of ",[1941],{"type":52,"attrs":1942},{"color":54},{"text":1944,"type":45,"marks":1945},"hard inquiry",[1946,1949,1951],{"type":191,"attrs":1947},{"href":1948,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/what-is-a-hard-inquiry/",{"type":52,"attrs":1950},{"color":194},{"type":200},{"text":1953,"type":45,"marks":1954},", 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.",[1955],{"type":52,"attrs":1956},{"color":194},{"type":41,"content":1958},[1959],{"text":1960,"type":45,"marks":1961},"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. ",[1962],{"type":52,"attrs":1963},{"color":54},{"type":84,"attrs":1965,"content":1966},{"level":86},[1967],{"text":1968,"type":45,"marks":1969},"How to refinance a car ",[1970],{"type":52,"attrs":1971},{"color":54},{"type":41,"content":1973},[1974],{"text":1975,"type":45,"marks":1976},"If you’re ready to refinance your car loan, you’ll need to follow these steps:",[1977],{"type":52,"attrs":1978},{"color":54},{"type":84,"attrs":1980,"content":1981},{"level":231},[1982],{"text":1983,"type":45,"marks":1984},"Step 1: Check your current car loan",[1985],{"type":52,"attrs":1986},{"color":54},{"type":41,"content":1988},[1989],{"text":1990,"type":45,"marks":1991},"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. ",[1992],{"type":52,"attrs":1993},{"color":54},{"type":84,"attrs":1995,"content":1996},{"level":231},[1997],{"text":1998,"type":45,"marks":1999},"Step 2: Check the condition of your car or vehicle",[2000],{"type":52,"attrs":2001},{"color":54},{"type":41,"content":2003},[2004],{"text":2005,"type":45,"marks":2006},"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.",[2007],{"type":52,"attrs":2008},{"color":54},{"type":84,"attrs":2010,"content":2011},{"level":231},[2012],{"text":2013,"type":45,"marks":2014},"Step 3: Check your credit score",[2015],{"type":52,"attrs":2016},{"color":54},{"type":41,"content":2018},[2019,2024,2031,2040],{"text":2020,"type":45,"marks":2021},"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",[2022],{"type":52,"attrs":2023},{"color":54},{"text":1044,"type":45,"marks":2025},[2026,2029],{"type":191,"attrs":2027},{"href":2028,"uuid":194,"anchor":194,"target":194,"linktype":196},"http://annualcreditreport.com",{"type":52,"attrs":2030},{"color":194},{"text":2032,"type":45,"marks":2033},"AnnualCreditReport.com",[2034,2037,2039],{"type":191,"attrs":2035},{"href":2036,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://AnnualCreditReport.com",{"type":52,"attrs":2038},{"color":194},{"type":200},{"text":2041,"type":45,"marks":2042}," to get your free annual credit report if you don’t have the numbers already.",[2043],{"type":52,"attrs":2044},{"color":194},{"type":84,"attrs":2046,"content":2047},{"level":231},[2048],{"text":2049,"type":45,"marks":2050},"Step 4: Apply for the loan",[2051],{"type":52,"attrs":2052},{"color":54},{"type":41,"content":2054},[2055],{"text":2056,"type":45,"marks":2057},"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:",[2058],{"type":52,"attrs":2059},{"color":54},{"type":94,"content":2061},[2062,2071,2080,2089,2098,2107],{"type":97,"content":2063},[2064],{"type":41,"content":2065},[2066],{"text":2067,"type":45,"marks":2068},"Proof of income",[2069],{"type":52,"attrs":2070},{"color":54},{"type":97,"content":2072},[2073],{"type":41,"content":2074},[2075],{"text":2076,"type":45,"marks":2077},"Proof of insurance",[2078],{"type":52,"attrs":2079},{"color":194},{"type":97,"content":2081},[2082],{"type":41,"content":2083},[2084],{"text":2085,"type":45,"marks":2086},"Proof of residence",[2087],{"type":52,"attrs":2088},{"color":194},{"type":97,"content":2090},[2091],{"type":41,"content":2092},[2093],{"text":2094,"type":45,"marks":2095},"Vehicle registration details",[2096],{"type":52,"attrs":2097},{"color":194},{"type":97,"content":2099},[2100],{"type":41,"content":2101},[2102],{"text":2103,"type":45,"marks":2104},"A copy of your driver’s license",[2105],{"type":52,"attrs":2106},{"color":194},{"type":97,"content":2108},[2109],{"type":41,"content":2110},[2111],{"text":2112,"type":45,"marks":2113},"Details of your original loan and payoff amount",[2114],{"type":52,"attrs":2115},{"color":194},{"type":84,"attrs":2117,"content":2118},{"level":86},[2119],{"text":2120,"type":45,"marks":2121},"Compare auto loans on Navient Marketplace ",[2122],{"type":52,"attrs":2123},{"color":54},{"type":41,"content":2125},[2126,2131,2139],{"text":2127,"type":45,"marks":2128},"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 ",[2129],{"type":52,"attrs":2130},{"color":54},{"text":2132,"type":45,"marks":2133},"Navient Marketplace",[2134,2136,2138],{"type":191,"attrs":2135},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2137},{"color":194},{"type":200},{"text":2140,"type":45,"marks":2141},"? It’s fast, free, and it won’t affect your credit score. ",[2142],{"type":52,"attrs":2143},{"color":194},{"type":41,"content":2145},[2146],{"text":531,"type":45,"marks":2147},[2148,2150],{"type":48,"attrs":2149},{"class":50},{"type":52,"attrs":2151},{"color":54},{"type":41,"content":2153},[2154],{"text":44,"type":45,"marks":2155},[2156,2158],{"type":48,"attrs":2157},{"class":50},{"type":52,"attrs":2159},{"color":54},{"type":41,"content":2161},[2162,2169],{"text":2163,"type":45,"marks":2164},"1 ",[2165,2167],{"type":48,"attrs":2166},{"class":50},{"type":52,"attrs":2168},{"color":54},{"text":2170,"type":45,"marks":2171},"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.",[2172,2174],{"type":48,"attrs":2173},{"class":50},{"type":52,"attrs":2175},{"color":194},{"type":38,"content":2177},[2178],{"type":41},"\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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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":2245,"_uid":2249,"body":2250,"author":30,"category":31,"featured":28,"component":1576,"canonicalTag":3051,"_editable":3052},{"_uid":2246,"title":2247,"plugin":17,"og_image":18,"og_title":18,"description":2248,"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",[2251,2261,3036],{"id":591,"_uid":2252,"image":2253,"intro":2254,"author":595,"classes":2255,"category":18,"featured":28,"blogTitle":2238,"component":614,"imageLink":2259,"blendImage":28,"authorRoute":30,"publishedDate":1610,"backgroundColor":29,"_editable":2260},"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.",[2256],{"_uid":2257,"component":599,"titleColor":600,"dateClasses":601,"titleClasses":602,"authorClasses":603,"subtitleColor":604,"titleMaxWidth":605,"subtitleClasses":606,"dateMobileClasses":607,"titleMobileClasses":608,"authorMobileClasses":609,"featuredMobileClasses":610,"subtitleMobileClasses":611,"_editable":2258},"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":2262,"bloks":2263,"classes":1547,"component":1548,"mobileClasses":18,"containerContent":3034,"_editable":3035},"196170dd-7e94-4793-b768-1638691466a8",[2264],{"_uid":2265,"bloks":2266,"classes":18,"justify":1492,"component":1545,"mobileClasses":18,"_editable":3033},"0edfba0e-ce3d-40a2-a511-669d5da03e33",[2267,3005],{"lg":625,"md":625,"sm":626,"_uid":2268,"cols":626,"bloks":2269,"alignSelf":1492,"component":1493,"_editable":3004},"90fff6b2-decf-4621-b030-7603e4b6508d",[2270],{"_uid":2271,"color":36,"classes":631,"content":18,"richText":2272,"component":1485,"mobileClasses":1486,"enableRichText":1487,"richTextMobile":3000,"_editable":3003},"df34182a-d62b-488c-9ec6-5e865f63b677",{"type":38,"content":2273},[2274,2282,2289,2296,2303,2341,2349,2370,2417,2424,2432,2452,2473,2480,2488,2495,2516,2537,2545,2562,2569,2576,2584,2592,2599,2608,2624,2632,2639,2647,2674,2682,2709,2717,2724,2732,2753,2761,2782,2790,2811,2819,2840,2847,2855,2890,2897,2904,2912,2919,2940,2947,2983,2991],{"type":41,"content":2275},[2276],{"text":44,"type":45,"marks":2277},[2278,2280],{"type":48,"attrs":2279},{"class":50},{"type":52,"attrs":2281},{"color":54},{"type":41,"content":2283},[2284],{"text":2285,"type":45,"marks":2286},"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?",[2287],{"type":52,"attrs":2288},{"color":54},{"type":41,"content":2290},[2291],{"text":2292,"type":45,"marks":2293},"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. ",[2294],{"type":52,"attrs":2295},{"color":54},{"type":84,"attrs":2297,"content":2298},{"level":86},[2299],{"text":89,"type":45,"marks":2300},[2301],{"type":52,"attrs":2302},{"color":54},{"type":94,"content":2304},[2305,2314,2323,2332],{"type":97,"content":2306},[2307],{"type":41,"content":2308},[2309],{"text":2310,"type":45,"marks":2311},"A long loan term, low down payment, or sudden depreciation can cause you to go upside down on your car loan. ",[2312],{"type":52,"attrs":2313},{"color":54},{"type":97,"content":2315},[2316],{"type":41,"content":2317},[2318],{"text":2319,"type":45,"marks":2320},"Refinancing can help you salvage the situation by helping you get a lower interest rate and a new repayment plan. ",[2321],{"type":52,"attrs":2322},{"color":194},{"type":97,"content":2324},[2325],{"type":41,"content":2326},[2327],{"text":2328,"type":45,"marks":2329},"You’ll need a good credit score and a high income to qualify for a refinance loan.  ",[2330],{"type":52,"attrs":2331},{"color":194},{"type":97,"content":2333},[2334],{"type":41,"content":2335},[2336],{"text":2337,"type":45,"marks":2338},"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. ",[2339],{"type":52,"attrs":2340},{"color":194},{"type":84,"attrs":2342,"content":2343},{"level":86},[2344],{"text":2345,"type":45,"marks":2346},"1. Calculate your negative equity ",[2347],{"type":52,"attrs":2348},{"color":54},{"type":41,"content":2350},[2351,2356,2365],{"text":2352,"type":45,"marks":2353},"First, figure out how upside-down your loan is. ",[2354],{"type":52,"attrs":2355},{"color":54},{"text":2357,"type":45,"marks":2358},"Negative equity",[2359,2362,2364],{"type":191,"attrs":2360},{"href":2361,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.consumerfinance.gov/ask-cfpb/what-is-negative-equity-in-an-auto-loan-en-749/",{"type":52,"attrs":2363},{"color":194},{"type":200},{"text":2366,"type":45,"marks":2367}," 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. ",[2368],{"type":52,"attrs":2369},{"color":194},{"type":41,"content":2371},[2372,2377,2384,2392,2397,2404,2412],{"text":2373,"type":45,"marks":2374},"You can figure out the value of your car using sites like",[2375],{"type":52,"attrs":2376},{"color":54},{"text":1044,"type":45,"marks":2378},[2379,2382],{"type":191,"attrs":2380},{"href":2381,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.kbb.com/",{"type":52,"attrs":2383},{"color":194},{"text":2385,"type":45,"marks":2386},"Kelley Blue Book",[2387,2389,2391],{"type":191,"attrs":2388},{"href":2381,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2390},{"color":194},{"type":200},{"text":2393,"type":45,"marks":2394}," or",[2395],{"type":52,"attrs":2396},{"color":194},{"text":1044,"type":45,"marks":2398},[2399,2402],{"type":191,"attrs":2400},{"href":2401,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.edmunds.com/",{"type":52,"attrs":2403},{"color":194},{"text":2405,"type":45,"marks":2406},"Edmunds",[2407,2409,2411],{"type":191,"attrs":2408},{"href":2401,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2410},{"color":194},{"type":200},{"text":2413,"type":45,"marks":2414},", 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. ",[2415],{"type":52,"attrs":2416},{"color":194},{"type":41,"content":2418},[2419],{"text":2420,"type":45,"marks":2421},"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. ",[2422],{"type":52,"attrs":2423},{"color":54},{"type":84,"attrs":2425,"content":2426},{"level":86},[2427],{"text":2428,"type":45,"marks":2429},"2. Discuss options with your lender ",[2430],{"type":52,"attrs":2431},{"color":54},{"type":41,"content":2433},[2434,2439,2447],{"text":2435,"type":45,"marks":2436},"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 ",[2437],{"type":52,"attrs":2438},{"color":54},{"text":469,"type":45,"marks":2440},[2441,2444,2446],{"type":191,"attrs":2442},{"href":2443,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/",{"type":52,"attrs":2445},{"color":194},{"type":200},{"text":2448,"type":45,"marks":2449},", ask your lender if they can waive these charges. ",[2450],{"type":52,"attrs":2451},{"color":194},{"type":41,"content":2453},[2454,2459,2468],{"text":2455,"type":45,"marks":2456},"If the lender is unwilling to work with you, you could consider selling your car. Just remember that most lenders ",[2457],{"type":52,"attrs":2458},{"color":54},{"text":2460,"type":45,"marks":2461},"will call in the full loan",[2462,2465,2467],{"type":191,"attrs":2463},{"href":2464,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/sell-car-if-it-isnt-paid-off/",{"type":52,"attrs":2466},{"color":194},{"type":200},{"text":2469,"type":45,"marks":2470}," 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.  ",[2471],{"type":52,"attrs":2472},{"color":194},{"type":41,"content":2474},[2475],{"text":2476,"type":45,"marks":2477},"If you can’t afford to pay off the full loan at the time of sale, it’s time to look into refinancing.",[2478],{"type":52,"attrs":2479},{"color":54},{"type":84,"attrs":2481,"content":2482},{"level":86},[2483],{"text":2484,"type":45,"marks":2485},"4. Get prequalified for a refinance loan ",[2486],{"type":52,"attrs":2487},{"color":54},{"type":41,"content":2489},[2490],{"text":2491,"type":45,"marks":2492},"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. ",[2493],{"type":52,"attrs":2494},{"color":54},{"type":41,"content":2496},[2497,2502,2511],{"text":2498,"type":45,"marks":2499},"Currently, some of the lowest auto loan refinance rates are ",[2500],{"type":52,"attrs":2501},{"color":54},{"text":2503,"type":45,"marks":2504},"around 2 to 5%",[2505,2508,2510],{"type":191,"attrs":2506},{"href":2507,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.nerdwallet.com/best/loans/auto-loans/refinance-car-loan",{"type":52,"attrs":2509},{"color":194},{"type":200},{"text":2512,"type":45,"marks":2513},". 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.",[2514],{"type":52,"attrs":2515},{"color":194},{"type":41,"content":2517},[2518,2523,2532],{"text":2519,"type":45,"marks":2520},"Unlike actually applying for a refinance loan, ",[2521],{"type":52,"attrs":2522},{"color":54},{"text":2524,"type":45,"marks":2525},"prequalification",[2526,2529,2531],{"type":191,"attrs":2527},{"href":2528,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/pre-approved-vs-pre-qualified-whats-the-difference/",{"type":52,"attrs":2530},{"color":194},{"type":200},{"text":2533,"type":45,"marks":2534}," 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. ",[2535],{"type":52,"attrs":2536},{"color":194},{"type":84,"attrs":2538,"content":2539},{"level":86},[2540],{"text":2541,"type":45,"marks":2542},"5. Refinance your upside-down loan",[2543],{"type":52,"attrs":2544},{"color":54},{"type":41,"content":2546},[2547,2552,2558],{"text":2548,"type":45,"marks":2549},"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",[2550],{"type":52,"attrs":2551},{"color":54},{"text":63,"type":45,"marks":2553},[2554,2556],{"type":48,"attrs":2555},{"class":67},{"type":52,"attrs":2557},{"color":194},{"text":478,"type":45,"marks":2559},[2560],{"type":52,"attrs":2561},{"color":194},{"type":41,"content":2563},[2564],{"text":2565,"type":45,"marks":2566},"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. ",[2567],{"type":52,"attrs":2568},{"color":54},{"type":41,"content":2570},[2571],{"text":2572,"type":45,"marks":2573},"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.",[2574],{"type":52,"attrs":2575},{"color":54},{"type":84,"attrs":2577,"content":2578},{"level":86},[2579],{"text":2580,"type":45,"marks":2581},"Upside-down car loan FAQ",[2582],{"type":52,"attrs":2583},{"color":54},{"type":84,"attrs":2585,"content":2586},{"level":231},[2587],{"text":2588,"type":45,"marks":2589},"How do upside-down car loans happen?",[2590],{"type":52,"attrs":2591},{"color":54},{"type":41,"content":2593},[2594],{"text":2595,"type":45,"marks":2596},"Here are the most common reasons for a car loan going upside down:",[2597],{"type":52,"attrs":2598},{"color":54},{"type":84,"attrs":2600,"content":2602},{"level":2601},4,[2603],{"text":2604,"type":45,"marks":2605},"Long loan term",[2606],{"type":52,"attrs":2607},{"color":54},{"type":41,"content":2609},[2610,2619],{"text":2611,"type":45,"marks":2612},"According to Edmonds",[2613,2616,2618],{"type":191,"attrs":2614},{"href":2615,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.edmunds.com/car-loan/how-long-should-my-car-loan-be.html",{"type":52,"attrs":2617},{"color":54},{"type":200},{"text":2620,"type":45,"marks":2621},", 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.",[2622],{"type":52,"attrs":2623},{"color":194},{"type":84,"attrs":2625,"content":2626},{"level":2601},[2627],{"text":2628,"type":45,"marks":2629},"No money down",[2630],{"type":52,"attrs":2631},{"color":54},{"type":41,"content":2633},[2634],{"text":2635,"type":45,"marks":2636},"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. ",[2637],{"type":52,"attrs":2638},{"color":54},{"type":84,"attrs":2640,"content":2641},{"level":2601},[2642],{"text":2643,"type":45,"marks":2644},"Excessive add-ons",[2645],{"type":52,"attrs":2646},{"color":54},{"type":41,"content":2648},[2649,2654,2661,2669],{"text":2650,"type":45,"marks":2651},"When you buy a car, the dealership",[2652],{"type":52,"attrs":2653},{"color":54},{"text":1044,"type":45,"marks":2655},[2656,2659],{"type":191,"attrs":2657},{"href":2658,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.gobankingrates.com/saving-money/car/dont-pay-for-useless-things-at-car-dealerships/",{"type":52,"attrs":2660},{"color":194},{"text":2662,"type":45,"marks":2663},"will typically offer add-ons",[2664,2666,2668],{"type":191,"attrs":2665},{"href":2658,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2667},{"color":194},{"type":200},{"text":2670,"type":45,"marks":2671}," 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.",[2672],{"type":52,"attrs":2673},{"color":194},{"type":84,"attrs":2675,"content":2676},{"level":2601},[2677],{"text":2678,"type":45,"marks":2679},"Overpriced models",[2680],{"type":52,"attrs":2681},{"color":54},{"type":41,"content":2683},[2684,2689,2696,2704],{"text":2685,"type":45,"marks":2686},"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",[2687],{"type":52,"attrs":2688},{"color":54},{"text":1044,"type":45,"marks":2690},[2691,2694],{"type":191,"attrs":2692},{"href":2693,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.motor1.com/features/455448/worst-resale-value-cars/",{"type":52,"attrs":2695},{"color":194},{"text":2697,"type":45,"marks":2698},"much harder to resell.",[2699,2701,2703],{"type":191,"attrs":2700},{"href":2693,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2702},{"color":194},{"type":200},{"text":2705,"type":45,"marks":2706}," 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. ",[2707],{"type":52,"attrs":2708},{"color":194},{"type":84,"attrs":2710,"content":2711},{"level":231},[2712],{"text":2713,"type":45,"marks":2714},"How can I avoid an upside-down car loan in the future? ",[2715],{"type":52,"attrs":2716},{"color":54},{"type":41,"content":2718},[2719],{"text":2720,"type":45,"marks":2721},"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.   ",[2722],{"type":52,"attrs":2723},{"color":54},{"type":84,"attrs":2725,"content":2726},{"level":2601},[2727],{"text":2728,"type":45,"marks":2729},"1. Own equity in the car",[2730],{"type":52,"attrs":2731},{"color":54},{"type":41,"content":2733},[2734,2739,2748],{"text":2735,"type":45,"marks":2736},"Instead of taking out a loan for the full value of the car, borrowers should put a sizable ",[2737],{"type":52,"attrs":2738},{"color":54},{"text":2740,"type":45,"marks":2741},"lump sum toward the down payment",[2742,2745,2747],{"type":191,"attrs":2743},{"href":2744,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.nerdwallet.com/article/loans/auto-loans/how-much-down-payment-make-buying-car",{"type":52,"attrs":2746},{"color":194},{"type":200},{"text":2749,"type":45,"marks":2750},". 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. ",[2751],{"type":52,"attrs":2752},{"color":194},{"type":84,"attrs":2754,"content":2755},{"level":2601},[2756],{"text":2757,"type":45,"marks":2758},"2. Pay taxes and fees upfront",[2759],{"type":52,"attrs":2760},{"color":54},{"type":41,"content":2762},[2763,2768,2777],{"text":2764,"type":45,"marks":2765},"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, ",[2766],{"type":52,"attrs":2767},{"color":54},{"text":2769,"type":45,"marks":2770},"title and registration fees",[2771,2774,2776],{"type":191,"attrs":2772},{"href":2773,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.creditkarma.com/auto/i/dealer-fees-buying-car",{"type":52,"attrs":2775},{"color":194},{"type":200},{"text":2778,"type":45,"marks":2779},", 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.",[2780],{"type":52,"attrs":2781},{"color":194},{"type":84,"attrs":2783,"content":2784},{"level":2601},[2785],{"text":2786,"type":45,"marks":2787},"3. Do your research when purchasing",[2788],{"type":52,"attrs":2789},{"color":54},{"type":41,"content":2791},[2792,2797,2806],{"text":2793,"type":45,"marks":2794},"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, ",[2795],{"type":52,"attrs":2796},{"color":54},{"text":2798,"type":45,"marks":2799},"do your research",[2800,2803,2805],{"type":191,"attrs":2801},{"href":2802,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.npr.org/2019/10/31/774757867/5-tips-for-buying-a-car-the-smart-way",{"type":52,"attrs":2804},{"color":194},{"type":200},{"text":2807,"type":45,"marks":2808},", compare prices, and ask for several quotes before buying. ",[2809],{"type":52,"attrs":2810},{"color":194},{"type":84,"attrs":2812,"content":2813},{"level":2601},[2814],{"text":2815,"type":45,"marks":2816},"4. Consider your loan term carefully",[2817],{"type":52,"attrs":2818},{"color":54},{"type":41,"content":2820},[2821,2826,2835],{"text":2822,"type":45,"marks":2823},"Six- or seven-year loan terms can be tempting because they often come with lower monthly payments. However, a longer loan term can ",[2824],{"type":52,"attrs":2825},{"color":54},{"text":2827,"type":45,"marks":2828},"quickly become a disadvantage",[2829,2832,2834],{"type":191,"attrs":2830},{"href":2831,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.npr.org/2019/10/31/773409100/the-7-year-car-loan-watch-your-wallet",{"type":52,"attrs":2833},{"color":194},{"type":200},{"text":2836,"type":45,"marks":2837},". 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. ",[2838],{"type":52,"attrs":2839},{"color":194},{"type":41,"content":2841},[2842],{"text":2843,"type":45,"marks":2844},"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. ",[2845],{"type":52,"attrs":2846},{"color":54},{"type":84,"attrs":2848,"content":2849},{"level":231},[2850],{"text":2851,"type":45,"marks":2852},"Does refinancing a car loan hurt my credit? ",[2853],{"type":52,"attrs":2854},{"color":54},{"type":41,"content":2856},[2857,2862,2871,2876,2885],{"text":2858,"type":45,"marks":2859},"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 ",[2860],{"type":52,"attrs":2861},{"color":54},{"text":2863,"type":45,"marks":2864},"five points or less",[2865,2868,2870],{"type":191,"attrs":2866},{"href":2867,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/how-many-points-does-an-inquiry-drop-your-credit-score/",{"type":52,"attrs":2869},{"color":194},{"type":200},{"text":2872,"type":45,"marks":2873},". The drop is also temporary. It will generally stop affecting your score in one year and ",[2874],{"type":52,"attrs":2875},{"color":194},{"text":2877,"type":45,"marks":2878},"disappear from your credit report",[2879,2882,2884],{"type":191,"attrs":2880},{"href":2881,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.equifax.com/personal/education/credit/report/articles/-/learn/understanding-hard-inquiries-on-your-credit-report/",{"type":52,"attrs":2883},{"color":194},{"type":200},{"text":2886,"type":45,"marks":2887}," entirely in two years. ",[2888],{"type":52,"attrs":2889},{"color":194},{"type":41,"content":2891},[2892],{"text":2893,"type":45,"marks":2894},"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. ",[2895],{"type":52,"attrs":2896},{"color":54},{"type":41,"content":2898},[2899],{"text":2900,"type":45,"marks":2901},"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. ",[2902],{"type":52,"attrs":2903},{"color":54},{"type":84,"attrs":2905,"content":2906},{"level":231},[2907],{"text":2908,"type":45,"marks":2909},"Should I trade in my car when my loan is upside down?",[2910],{"type":52,"attrs":2911},{"color":54},{"type":41,"content":2913},[2914],{"text":2915,"type":45,"marks":2916},"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.",[2917],{"type":52,"attrs":2918},{"color":54},{"type":41,"content":2920},[2921,2926,2935],{"text":2922,"type":45,"marks":2923},"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 ",[2924],{"type":52,"attrs":2925},{"color":54},{"text":2927,"type":45,"marks":2928},"private sale",[2929,2932,2934],{"type":191,"attrs":2930},{"href":2931,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.nerdwallet.com/best/loans/auto-loans/private-party-auto-loans",{"type":52,"attrs":2933},{"color":194},{"type":200},{"text":2936,"type":45,"marks":2937},". 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.",[2938],{"type":52,"attrs":2939},{"color":194},{"type":84,"attrs":2941,"content":2942},{"level":86},[2943],{"text":1437,"type":45,"marks":2944},[2945],{"type":52,"attrs":2946},{"color":54},{"type":41,"content":2948},[2949,2954,2961,2966,2972,2979],{"text":2950,"type":45,"marks":2951},"Whether you’re looking for lower interest rates or longer terms, Navient Marketplace can help you find an auto loan refinance",[2952],{"type":52,"attrs":2953},{"color":54},{"text":2955,"type":45,"marks":2956},"2",[2957,2959],{"type":48,"attrs":2958},{"class":67},{"type":52,"attrs":2960},{"color":194},{"text":2962,"type":45,"marks":2963}," 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.",[2964],{"type":52,"attrs":2965},{"color":194},{"text":1044,"type":45,"marks":2967},[2968,2970],{"type":191,"attrs":2969},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2971},{"color":194},{"text":1455,"type":45,"marks":2973},[2974,2976,2978],{"type":191,"attrs":2975},{"href":1459,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":2977},{"color":194},{"type":200},{"text":1464,"type":45,"marks":2980},[2981],{"type":52,"attrs":2982},{"color":194},{"type":41,"content":2984},[2985],{"text":531,"type":45,"marks":2986},[2987,2989],{"type":48,"attrs":2988},{"class":50},{"type":52,"attrs":2990},{"color":54},{"type":41,"content":2992},[2993],{"text":2994,"type":45,"marks":2995},"1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. 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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":3068,"_uid":3072,"body":3073,"author":30,"category":31,"featured":28,"component":1576,"canonicalTag":3844,"_editable":3845},{"_uid":3069,"title":3070,"plugin":17,"og_image":18,"og_title":18,"description":3071,"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",[3074,3085,3829],{"id":591,"_uid":3075,"image":3076,"intro":3077,"author":595,"classes":3078,"category":18,"featured":28,"blogTitle":3082,"component":614,"imageLink":3083,"blendImage":28,"authorRoute":30,"publishedDate":1610,"backgroundColor":29,"_editable":3084},"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.",[3079],{"_uid":3080,"component":599,"titleColor":600,"dateClasses":601,"titleClasses":602,"authorClasses":603,"subtitleColor":604,"titleMaxWidth":605,"subtitleClasses":606,"dateMobileClasses":607,"titleMobileClasses":608,"authorMobileClasses":609,"featuredMobileClasses":610,"subtitleMobileClasses":611,"_editable":3081},"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":3086,"bloks":3087,"classes":1547,"component":1548,"mobileClasses":18,"containerContent":3827,"_editable":3828},"08891e4d-6ae3-45a4-bdf4-96de0165b6df",[3088],{"_uid":3089,"bloks":3090,"classes":18,"justify":1492,"component":1545,"mobileClasses":18,"_editable":3826},"a5066230-9526-4e22-855a-022c327c8659",[3091,3798],{"lg":625,"md":625,"sm":626,"_uid":3092,"cols":626,"bloks":3093,"alignSelf":1492,"component":1493,"_editable":3797},"d0dc457f-10c8-40ff-a7ad-e9856d551058",[3094],{"_uid":3095,"color":36,"classes":631,"content":18,"richText":3096,"component":1485,"mobileClasses":1486,"enableRichText":1487,"richTextMobile":3793,"_editable":3796},"79c5b935-428a-4f01-954a-527cf1bf772e",{"type":38,"content":3097},[3098,3116,3123,3131,3138,3146,3153,3160,3221,3228,3236,3254,3261,3269,3276,3283,3290,3310,3318,3325,3332,3339,3347,3354,3361,3368,3375,3382,3390,3397,3404,3412,3419,3426,3540,3548,3555,3563,3570,3578,3599,3606,3613,3621,3642,3649,3657,3664,3693,3700,3729,3736,3760,3768,3776,3785],{"type":41,"content":3099},[3100,3105,3111],{"text":3101,"type":45,"marks":3102},"A car loan refinance",[3103],{"type":52,"attrs":3104},{"color":54},{"text":63,"type":45,"marks":3106},[3107,3109],{"type":48,"attrs":3108},{"class":67},{"type":52,"attrs":3110},{"color":194},{"text":3112,"type":45,"marks":3113}," 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. ",[3114],{"type":52,"attrs":3115},{"color":194},{"type":41,"content":3117},[3118],{"text":3119,"type":45,"marks":3120},"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.",[3121],{"type":52,"attrs":3122},{"color":54},{"type":84,"attrs":3124,"content":3125},{"level":86},[3126],{"text":3127,"type":45,"marks":3128},"The pros of refinancing a car ",[3129],{"type":52,"attrs":3130},{"color":54},{"type":41,"content":3132},[3133],{"text":3134,"type":45,"marks":3135},"Auto loan refinancing comes with a long list of benefits. Here are some of the major ones to consider. ",[3136],{"type":52,"attrs":3137},{"color":54},{"type":84,"attrs":3139,"content":3140},{"level":231},[3141],{"text":3142,"type":45,"marks":3143},"You can potentially lower your interest rate ",[3144],{"type":52,"attrs":3145},{"color":54},{"type":41,"content":3147},[3148],{"text":3149,"type":45,"marks":3150},"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. ",[3151],{"type":52,"attrs":3152},{"color":54},{"type":41,"content":3154},[3155],{"text":3156,"type":45,"marks":3157},"Here are some markers that could indicate you’re in a better financial position: ",[3158],{"type":52,"attrs":3159},{"color":54},{"type":94,"content":3161},[3162,3171,3180,3189,3212],{"type":97,"content":3163},[3164],{"type":41,"content":3165},[3166],{"text":3167,"type":45,"marks":3168},"Your credit score has improved.",[3169],{"type":52,"attrs":3170},{"color":54},{"type":97,"content":3172},[3173],{"type":41,"content":3174},[3175],{"text":3176,"type":45,"marks":3177},"You got a raise. ",[3178],{"type":52,"attrs":3179},{"color":194},{"type":97,"content":3181},[3182],{"type":41,"content":3183},[3184],{"text":3185,"type":45,"marks":3186},"You got a new, higher-paying job. ",[3187],{"type":52,"attrs":3188},{"color":194},{"type":97,"content":3190},[3191],{"type":41,"content":3192},[3193,3198,3207],{"text":3194,"type":45,"marks":3195},"You took on a side gig to improve your ",[3196],{"type":52,"attrs":3197},{"color":194},{"text":3199,"type":45,"marks":3200},"cash flow",[3201,3204,3206],{"type":191,"attrs":3202},{"href":3203,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/what-is-cash-flow/",{"type":52,"attrs":3205},{"color":194},{"type":200},{"text":3208,"type":45,"marks":3209},".",[3210],{"type":52,"attrs":3211},{"color":194},{"type":97,"content":3213},[3214],{"type":41,"content":3215},[3216],{"text":3217,"type":45,"marks":3218},"You paid off other debts.",[3219],{"type":52,"attrs":3220},{"color":194},{"type":41,"content":3222},[3223],{"text":3224,"type":45,"marks":3225},"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. ",[3226],{"type":52,"attrs":3227},{"color":54},{"type":84,"attrs":3229,"content":3230},{"level":231},[3231],{"text":3232,"type":45,"marks":3233},"You can get better terms if you were taken advantage of",[3234],{"type":52,"attrs":3235},{"color":54},{"type":41,"content":3237},[3238,3243,3249],{"text":3239,"type":45,"marks":3240},"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 ",[3241],{"type":52,"attrs":3242},{"color":54},{"text":3244,"type":45,"marks":3245},"through",[3246,3247],{"type":1781},{"type":52,"attrs":3248},{"color":194},{"text":3250,"type":45,"marks":3251}," the dealer. And the dealer won’t always quote you a lender’s best rates. ",[3252],{"type":52,"attrs":3253},{"color":194},{"type":41,"content":3255},[3256],{"text":3257,"type":45,"marks":3258},"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. ",[3259],{"type":52,"attrs":3260},{"color":54},{"type":84,"attrs":3262,"content":3263},{"level":231},[3264],{"text":3265,"type":45,"marks":3266},"You can pay off your debt faster",[3267],{"type":52,"attrs":3268},{"color":54},{"type":41,"content":3270},[3271],{"text":3272,"type":45,"marks":3273},"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. ",[3274],{"type":52,"attrs":3275},{"color":54},{"type":41,"content":3277},[3278],{"text":3279,"type":45,"marks":3280},"Here’s an example to illustrate:",[3281],{"type":52,"attrs":3282},{"color":54},{"type":41,"content":3284},[3285],{"text":3286,"type":45,"marks":3287},"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.",[3288],{"type":52,"attrs":3289},{"color":54},{"type":41,"content":3291},[3292,3297,3306],{"text":3293,"type":45,"marks":3294},"If you want to see how these numbers shake out for your car loan, you can use a ",[3295],{"type":52,"attrs":3296},{"color":54},{"text":3298,"type":45,"marks":3299},"refinance loan calculator",[3300,3303,3305],{"type":191,"attrs":3301},{"href":3302,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.calculator.net/refinance-calculator.html",{"type":52,"attrs":3304},{"color":194},{"type":200},{"text":3208,"type":45,"marks":3307},[3308],{"type":52,"attrs":3309},{"color":194},{"type":84,"attrs":3311,"content":3312},{"level":231},[3313],{"text":3314,"type":45,"marks":3315},"You could lower your monthly payments ",[3316],{"type":52,"attrs":3317},{"color":54},{"type":41,"content":3319},[3320],{"text":3321,"type":45,"marks":3322},"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. ",[3323],{"type":52,"attrs":3324},{"color":54},{"type":41,"content":3326},[3327],{"text":3328,"type":45,"marks":3329},"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. ",[3330],{"type":52,"attrs":3331},{"color":54},{"type":41,"content":3333},[3334],{"text":3335,"type":45,"marks":3336},"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. ",[3337],{"type":52,"attrs":3338},{"color":54},{"type":84,"attrs":3340,"content":3341},{"level":231},[3342],{"text":3343,"type":45,"marks":3344},"You can access the equity in your car ",[3345],{"type":52,"attrs":3346},{"color":54},{"type":41,"content":3348},[3349],{"text":3350,"type":45,"marks":3351},"If you need cash for a short-term emergency, a “cash-out refinance” can help put extra money in your hands fast. ",[3352],{"type":52,"attrs":3353},{"color":54},{"type":41,"content":3355},[3356],{"text":3357,"type":45,"marks":3358},"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. ",[3359],{"type":52,"attrs":3360},{"color":54},{"type":41,"content":3362},[3363],{"text":3364,"type":45,"marks":3365},"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. ",[3366],{"type":52,"attrs":3367},{"color":54},{"type":84,"attrs":3369,"content":3370},{"level":86},[3371],{"text":1788,"type":45,"marks":3372},[3373],{"type":52,"attrs":3374},{"color":54},{"type":41,"content":3376},[3377],{"text":3378,"type":45,"marks":3379},"Auto loan refinancing isn’t for everyone. Here are some potential disadvantages to keep in mind.",[3380],{"type":52,"attrs":3381},{"color":54},{"type":84,"attrs":3383,"content":3384},{"level":231},[3385],{"text":3386,"type":45,"marks":3387},"It may be hard to qualify",[3388],{"type":52,"attrs":3389},{"color":54},{"type":41,"content":3391},[3392],{"text":3393,"type":45,"marks":3394},"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. ",[3395],{"type":52,"attrs":3396},{"color":54},{"type":41,"content":3398},[3399],{"text":3400,"type":45,"marks":3401},"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. ",[3402],{"type":52,"attrs":3403},{"color":54},{"type":84,"attrs":3405,"content":3406},{"level":231},[3407],{"text":3408,"type":45,"marks":3409},"Your rate might not improve ",[3410],{"type":52,"attrs":3411},{"color":54},{"type":41,"content":3413},[3414],{"text":3415,"type":45,"marks":3416},"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.) ",[3417],{"type":52,"attrs":3418},{"color":54},{"type":41,"content":3420},[3421],{"text":3422,"type":45,"marks":3423},"If you can, try to improve your credit score before you apply for a refinance. To do this, you can:",[3424],{"type":52,"attrs":3425},{"color":54},{"type":94,"content":3427},[3428,3451,3473,3482,3491,3500,3518],{"type":97,"content":3429},[3430],{"type":41,"content":3431},[3432,3437,3446],{"text":3433,"type":45,"marks":3434},"Open ",[3435],{"type":52,"attrs":3436},{"color":54},{"text":3438,"type":45,"marks":3439},"new lines of credit",[3440,3443,3445],{"type":191,"attrs":3441},{"href":3442,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/increase-credit-limit-vs-new-credit/",{"type":52,"attrs":3444},{"color":194},{"type":200},{"text":3447,"type":45,"marks":3448}," or ask for higher limits on existing lines of credit.",[3449],{"type":52,"attrs":3450},{"color":194},{"type":97,"content":3452},[3453],{"type":41,"content":3454},[3455,3460,3468],{"text":3456,"type":45,"marks":3457},"Use no more than 30% of your limit on any credit card (this is called ",[3458],{"type":52,"attrs":3459},{"color":194},{"text":3461,"type":45,"marks":3462},"credit utilization",[3463,3465,3467],{"type":191,"attrs":3464},{"href":1048,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":3466},{"color":194},{"type":200},{"text":3469,"type":45,"marks":3470}," and is a key factor in determining creditworthiness).",[3471],{"type":52,"attrs":3472},{"color":194},{"type":97,"content":3474},[3475],{"type":41,"content":3476},[3477],{"text":3478,"type":45,"marks":3479},"Pay your bills on time.",[3480],{"type":52,"attrs":3481},{"color":194},{"type":97,"content":3483},[3484],{"type":41,"content":3485},[3486],{"text":3487,"type":45,"marks":3488},"Take on a side gig to improve your cash flow.",[3489],{"type":52,"attrs":3490},{"color":194},{"type":97,"content":3492},[3493],{"type":41,"content":3494},[3495],{"text":3496,"type":45,"marks":3497},"Check your credit report and dispute any errors.",[3498],{"type":52,"attrs":3499},{"color":194},{"type":97,"content":3501},[3502],{"type":41,"content":3503},[3504,3513],{"text":3505,"type":45,"marks":3506},"Ask your creditor",[3507,3510,3512],{"type":191,"attrs":3508},{"href":3509,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.nerdwallet.com/article/finance/goodwill-letter",{"type":52,"attrs":3511},{"color":194},{"type":200},{"text":3514,"type":45,"marks":3515}," to remove any late payments or settled collection accounts from your record.",[3516],{"type":52,"attrs":3517},{"color":194},{"type":97,"content":3519},[3520],{"type":41,"content":3521},[3522,3527,3535],{"text":3523,"type":45,"marks":3524},"Sign up for a service like ",[3525],{"type":52,"attrs":3526},{"color":194},{"text":1220,"type":45,"marks":3528},[3529,3532,3534],{"type":191,"attrs":3530},{"href":3531,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.experian.com/blogs/ask-experian/what-is-experian-boost/",{"type":52,"attrs":3533},{"color":194},{"type":200},{"text":3536,"type":45,"marks":3537},", which will give you credit for on-time rent and utility payments.",[3538],{"type":52,"attrs":3539},{"color":194},{"type":84,"attrs":3541,"content":3542},{"level":231},[3543],{"text":3544,"type":45,"marks":3545},"Your loan could become upside down ",[3546],{"type":52,"attrs":3547},{"color":54},{"type":41,"content":3549},[3550],{"text":3551,"type":45,"marks":3552},"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.",[3553],{"type":52,"attrs":3554},{"color":54},{"type":84,"attrs":3556,"content":3557},{"level":231},[3558],{"text":3559,"type":45,"marks":3560},"You’ll have to pay fees ",[3561],{"type":52,"attrs":3562},{"color":54},{"type":41,"content":3564},[3565],{"text":3566,"type":45,"marks":3567},"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.",[3568],{"type":52,"attrs":3569},{"color":54},{"type":84,"attrs":3571,"content":3572},{"level":86},[3573],{"text":3574,"type":45,"marks":3575},"Can you refinance your loan more than once? ",[3576],{"type":52,"attrs":3577},{"color":54},{"type":41,"content":3579},[3580,3585,3594],{"text":3581,"type":45,"marks":3582},"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 ",[3583],{"type":52,"attrs":3584},{"color":54},{"text":3586,"type":45,"marks":3587},"a few points at a time",[3588,3591,3593],{"type":191,"attrs":3589},{"href":3590,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.clearviewfcu.org/Resources/Learn/Blog/Does-Refinancing-Hurt-My-Credit#:~:text=Refinancing%20will%20hurt%20your%20credit,back%20within%20a%20few%20months.",{"type":52,"attrs":3592},{"color":194},{"type":200},{"text":3595,"type":45,"marks":3596},". And if refinancing more than once helps you get out of debt faster, it may ultimately boost your credit score in the long run.",[3597],{"type":52,"attrs":3598},{"color":194},{"type":41,"content":3600},[3601],{"text":3602,"type":45,"marks":3603},"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. ",[3604],{"type":52,"attrs":3605},{"color":54},{"type":41,"content":3607},[3608],{"text":3609,"type":45,"marks":3610},"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. ",[3611],{"type":52,"attrs":3612},{"color":54},{"type":84,"attrs":3614,"content":3615},{"level":86},[3616],{"text":3617,"type":45,"marks":3618},"How soon can I refinance my car loan? ",[3619],{"type":52,"attrs":3620},{"color":54},{"type":41,"content":3622},[3623,3628,3637],{"text":3624,"type":45,"marks":3625},"To complete a car loan refinance, you’ll need proof of ",[3626],{"type":52,"attrs":3627},{"color":54},{"text":3629,"type":45,"marks":3630},"transfer of the vehicle title",[3631,3634,3636],{"type":191,"attrs":3632},{"href":3633,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.investopedia.com/how-to-transfer-a-car-title-5116873",{"type":52,"attrs":3635},{"color":194},{"type":200},{"text":3638,"type":45,"marks":3639},". 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. ",[3640],{"type":52,"attrs":3641},{"color":194},{"type":41,"content":3643},[3644],{"text":3645,"type":45,"marks":3646},"On top of this, some lenders may require you to have had your current loan for six months or longer before you apply.",[3647],{"type":52,"attrs":3648},{"color":54},{"type":84,"attrs":3650,"content":3651},{"level":86},[3652],{"text":3653,"type":45,"marks":3654},"Should I refinance my car?",[3655],{"type":52,"attrs":3656},{"color":54},{"type":41,"content":3658},[3659],{"text":3660,"type":45,"marks":3661},"Consider refinancing your car if:",[3662],{"type":52,"attrs":3663},{"color":54},{"type":94,"content":3665},[3666,3675,3684],{"type":97,"content":3667},[3668],{"type":41,"content":3669},[3670],{"text":3671,"type":45,"marks":3672},"Your financial situation has improved since you took out the original loan, and",[3673],{"type":52,"attrs":3674},{"color":54},{"type":97,"content":3676},[3677],{"type":41,"content":3678},[3679],{"text":3680,"type":45,"marks":3681},"You know you can get a much better interest rate.",[3682],{"type":52,"attrs":3683},{"color":194},{"type":97,"content":3685},[3686],{"type":41,"content":3687},[3688],{"text":3689,"type":45,"marks":3690},"You want to lower monthly payments by extending your loan term. ",[3691],{"type":52,"attrs":3692},{"color":194},{"type":41,"content":3694},[3695],{"text":3696,"type":45,"marks":3697},"Refinancing may not be a good idea if: ",[3698],{"type":52,"attrs":3699},{"color":54},{"type":94,"content":3701},[3702,3711,3720],{"type":97,"content":3703},[3704],{"type":41,"content":3705},[3706],{"text":3707,"type":45,"marks":3708},"The value of your car has dropped significantly since you bought it,",[3709],{"type":52,"attrs":3710},{"color":54},{"type":97,"content":3712},[3713],{"type":41,"content":3714},[3715],{"text":3716,"type":45,"marks":3717},"Your car is more than ten years old and has over 125,000 miles on it, or",[3718],{"type":52,"attrs":3719},{"color":194},{"type":97,"content":3721},[3722],{"type":41,"content":3723},[3724],{"text":3725,"type":45,"marks":3726},"You have a bad credit score.",[3727],{"type":52,"attrs":3728},{"color":194},{"type":84,"attrs":3730,"content":3731},{"level":86},[3732],{"text":1437,"type":45,"marks":3733},[3734],{"type":52,"attrs":3735},{"color":54},{"type":41,"content":3737},[3738,3743,3749,3755],{"text":3739,"type":45,"marks":3740},"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 ",[3741],{"type":52,"attrs":3742},{"color":54},{"text":2132,"type":45,"marks":3744},[3745,3747],{"type":191,"attrs":3746},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":3748},{"color":194},{"text":2955,"type":45,"marks":3750},[3751,3753],{"type":48,"attrs":3752},{"class":67},{"type":52,"attrs":3754},{"color":194},{"text":3756,"type":45,"marks":3757},"? It’s fast and free, and it won’t affect your credit score.",[3758],{"type":52,"attrs":3759},{"color":194},{"type":41,"content":3761},[3762],{"text":531,"type":45,"marks":3763},[3764,3766],{"type":48,"attrs":3765},{"class":50},{"type":52,"attrs":3767},{"color":54},{"type":41,"content":3769},[3770],{"text":2994,"type":45,"marks":3771},[3772,3774],{"type":48,"attrs":3773},{"class":50},{"type":52,"attrs":3775},{"color":54},{"type":41,"content":3777},[3778],{"text":3779,"type":45,"marks":3780},"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.",[3781,3783],{"type":48,"attrs":3782},{"class":50},{"type":52,"attrs":3784},{"color":54},{"type":41,"content":3786},[3787],{"text":44,"type":45,"marks":3788},[3789,3791],{"type":48,"attrs":3790},{"class":50},{"type":52,"attrs":3792},{"color":54},{"type":38,"content":3794},[3795],{"type":41},"\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":194,"alt":194,"name":18,"focus":194,"title":194,"filename":18,"copyright":194,"fieldtype":1525},"\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":3854,"created_at":3855,"published_at":3856,"updated_at":3857,"id":3858,"uuid":3859,"content":3860,"slug":4626,"full_slug":4627,"sort_by_date":194,"position":4628,"tag_list":4629,"is_startpage":28,"parent_id":570,"meta_data":194,"group_id":4630,"first_published_at":4631,"release_id":194,"lang":573,"path":194,"alternates":4632,"default_full_slug":194,"translated_slugs":194},"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":3861,"_uid":3865,"body":3866,"author":30,"category":31,"featured":28,"component":1576,"canonicalTag":4624,"_editable":4625},{"_uid":3862,"title":3863,"plugin":17,"og_image":18,"og_title":18,"description":3864,"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",[3867,3877,4609],{"id":591,"_uid":3868,"image":3869,"intro":3870,"author":595,"classes":3871,"category":18,"featured":28,"blogTitle":3854,"component":614,"imageLink":3875,"blendImage":28,"authorRoute":30,"publishedDate":1610,"backgroundColor":29,"_editable":3876},"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.",[3872],{"_uid":3873,"component":599,"titleColor":600,"dateClasses":601,"titleClasses":602,"authorClasses":603,"subtitleColor":604,"titleMaxWidth":605,"subtitleClasses":606,"dateMobileClasses":607,"titleMobileClasses":608,"authorMobileClasses":609,"featuredMobileClasses":610,"subtitleMobileClasses":611,"_editable":3874},"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":3878,"bloks":3879,"classes":1547,"component":1548,"mobileClasses":18,"containerContent":4607,"_editable":4608},"88c16170-c083-4e64-a1da-956adc7092f4",[3880],{"_uid":3881,"bloks":3882,"classes":18,"justify":1492,"component":1545,"mobileClasses":18,"_editable":4606},"c83f2542-55d3-4852-be66-5fdde31f0cb0",[3883,4578],{"lg":625,"md":625,"sm":626,"_uid":3884,"cols":626,"bloks":3885,"alignSelf":1492,"component":1493,"_editable":4577},"89786153-3aa6-4b22-8ac3-7ba827936ae5",[3886],{"_uid":3887,"color":36,"classes":631,"content":18,"richText":3888,"component":1485,"mobileClasses":1486,"enableRichText":1487,"richTextMobile":4573,"_editable":4576},"852fe052-f0af-4960-a9b8-7e828aab0ac8",{"type":38,"content":3889},[3890,3907,3914,3922,3929,3937,3944,3951,3959,3966,3973,3980,3987,4018,4026,4033,4040,4048,4067,4074,4082,4108,4115,4122,4181,4189,4196,4216,4223,4244,4290,4297,4305,4312,4391,4398,4406,4413,4420,4428,4435,4443,4472,4480,4518,4525,4549,4557,4565],{"type":41,"content":3891},[3892,3897,3903],{"text":3893,"type":45,"marks":3894},"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",[3895],{"type":52,"attrs":3896},{"color":54},{"text":63,"type":45,"marks":3898},[3899,3901],{"type":48,"attrs":3900},{"class":67},{"type":52,"attrs":3902},{"color":194},{"text":3208,"type":45,"marks":3904},[3905],{"type":52,"attrs":3906},{"color":194},{"type":41,"content":3908},[3909],{"text":3910,"type":45,"marks":3911},"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.",[3912],{"type":52,"attrs":3913},{"color":54},{"type":84,"attrs":3915,"content":3916},{"level":86},[3917],{"text":3918,"type":45,"marks":3919},"Determine if a car loan refinance is right for you",[3920],{"type":52,"attrs":3921},{"color":54},{"type":41,"content":3923},[3924],{"text":3925,"type":45,"marks":3926},"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. ",[3927],{"type":52,"attrs":3928},{"color":54},{"type":84,"attrs":3930,"content":3931},{"level":231},[3932],{"text":3933,"type":45,"marks":3934},"If your financial situation has improved ",[3935],{"type":52,"attrs":3936},{"color":54},{"type":41,"content":3938},[3939],{"text":3940,"type":45,"marks":3941},"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. ",[3942],{"type":52,"attrs":3943},{"color":54},{"type":41,"content":3945},[3946],{"text":3947,"type":45,"marks":3948},"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. ",[3949],{"type":52,"attrs":3950},{"color":54},{"type":84,"attrs":3952,"content":3953},{"level":231},[3954],{"text":3955,"type":45,"marks":3956},"If you can’t afford current loan payments ",[3957],{"type":52,"attrs":3958},{"color":54},{"type":41,"content":3960},[3961],{"text":3962,"type":45,"marks":3963},"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.",[3964],{"type":52,"attrs":3965},{"color":54},{"type":41,"content":3967},[3968],{"text":3969,"type":45,"marks":3970},"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. ",[3971],{"type":52,"attrs":3972},{"color":54},{"type":41,"content":3974},[3975],{"text":3976,"type":45,"marks":3977},"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. ",[3978],{"type":52,"attrs":3979},{"color":54},{"type":41,"content":3981},[3982],{"text":3983,"type":45,"marks":3984},"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. ",[3985],{"type":52,"attrs":3986},{"color":54},{"type":41,"content":3988},[3989,3994,4000,4008,4013],{"text":3990,"type":45,"marks":3991},"You can see how these numbers check out for your personal financial situation by using an",[3992],{"type":52,"attrs":3993},{"color":54},{"text":1044,"type":45,"marks":3995},[3996,3998],{"type":191,"attrs":3997},{"href":3302,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":3999},{"color":194},{"text":4001,"type":45,"marks":4002},"auto loan refinance calculator.",[4003,4005,4007],{"type":191,"attrs":4004},{"href":3302,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":4006},{"color":194},{"type":200},{"text":1044,"type":45,"marks":4009},[4010,4011],{"type":140},{"type":52,"attrs":4012},{"color":194},{"text":4014,"type":45,"marks":4015},"If you’ve decided to move forward with an auto loan refinance, here are the basic steps to follow. ",[4016],{"type":52,"attrs":4017},{"color":194},{"type":84,"attrs":4019,"content":4020},{"level":231},[4021],{"text":4022,"type":45,"marks":4023},"1. Review your current auto loan ",[4024],{"type":52,"attrs":4025},{"color":54},{"type":41,"content":4027},[4028],{"text":4029,"type":45,"marks":4030},"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.",[4031],{"type":52,"attrs":4032},{"color":54},{"type":41,"content":4034},[4035],{"text":4036,"type":45,"marks":4037},"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. ",[4038],{"type":52,"attrs":4039},{"color":54},{"type":84,"attrs":4041,"content":4042},{"level":231},[4043],{"text":4044,"type":45,"marks":4045},"2. Review your vehicle details",[4046],{"type":52,"attrs":4047},{"color":54},{"type":41,"content":4049},[4050,4055,4063],{"text":4051,"type":45,"marks":4052},"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 ",[4053],{"type":52,"attrs":4054},{"color":54},{"text":4056,"type":45,"marks":4057},"getting approved for a new loan",[4058,4060,4062],{"type":191,"attrs":4059},{"href":1855,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":4061},{"color":194},{"type":200},{"text":478,"type":45,"marks":4064},[4065],{"type":52,"attrs":4066},{"color":194},{"type":41,"content":4068},[4069],{"text":4070,"type":45,"marks":4071},"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. ",[4072],{"type":52,"attrs":4073},{"color":54},{"type":84,"attrs":4075,"content":4076},{"level":231},[4077],{"text":4078,"type":45,"marks":4079},"3. Check your credit score ",[4080],{"type":52,"attrs":4081},{"color":54},{"type":41,"content":4083},[4084,4089,4095,4103],{"text":4085,"type":45,"marks":4086},"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",[4087],{"type":52,"attrs":4088},{"color":54},{"text":1044,"type":45,"marks":4090},[4091,4093],{"type":191,"attrs":4092},{"href":2028,"uuid":194,"anchor":194,"target":194,"linktype":196},{"type":52,"attrs":4094},{"color":194},{"text":2032,"type":45,"marks":4096},[4097,4100,4102],{"type":191,"attrs":4098},{"href":4099,"uuid":194,"anchor":194,"target":195,"linktype":196},"http://AnnualCreditReport.com",{"type":52,"attrs":4101},{"color":194},{"type":200},{"text":4104,"type":45,"marks":4105}," to redeem your free reports.",[4106],{"type":52,"attrs":4107},{"color":194},{"type":41,"content":4109},[4110],{"text":4111,"type":45,"marks":4112},"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.",[4113],{"type":52,"attrs":4114},{"color":54},{"type":41,"content":4116},[4117],{"text":4118,"type":45,"marks":4119},"Here are some of the popular scoring models among refinancing lenders: ",[4120],{"type":52,"attrs":4121},{"color":54},{"type":94,"content":4123},[4124,4143,4162],{"type":97,"content":4125},[4126],{"type":41,"content":4127},[4128,4138],{"text":4129,"type":45,"marks":4130},"FICO® Score☉ 8 and 9:",[4131,4134,4135,4137],{"type":191,"attrs":4132},{"href":4133,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.myfico.com/credit-education/credit-scores/fico-score-versions",{"type":140},{"type":52,"attrs":4136},{"color":54},{"type":200},{"text":4139,"type":45,"marks":4140}," Auto lenders use these scores as a baseline, though they aren’t exclusive to this industry.",[4141],{"type":52,"attrs":4142},{"color":194},{"type":97,"content":4144},[4145],{"type":41,"content":4146},[4147,4157],{"text":4148,"type":45,"marks":4149},"FICO® Auto Scores:",[4150,4153,4154,4156],{"type":191,"attrs":4151},{"href":4152,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.fico.com/en/latest-thinking/solution-sheet/fico-auto-score-10",{"type":140},{"type":52,"attrs":4155},{"color":194},{"type":200},{"text":4158,"type":45,"marks":4159}," These are industry-specific scores and are based on several criteria, including your prior history of taking out and paying off auto loans.",[4160],{"type":52,"attrs":4161},{"color":194},{"type":97,"content":4163},[4164],{"type":41,"content":4165},[4166,4176],{"text":4167,"type":45,"marks":4168},"VantageScore® 3.0 and 4.0:",[4169,4172,4173,4175],{"type":191,"attrs":4170},{"href":4171,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://vantagescore.com/lenders/why-vantagescore/our-models/",{"type":140},{"type":52,"attrs":4174},{"color":194},{"type":200},{"text":4177,"type":45,"marks":4178}," These credit scoring models are popular among auto lenders and are becoming more common in the overall lending market, as well. ",[4179],{"type":52,"attrs":4180},{"color":194},{"type":84,"attrs":4182,"content":4183},{"level":231},[4184],{"text":4185,"type":45,"marks":4186},"4. Get prequalified ",[4187],{"type":52,"attrs":4188},{"color":54},{"type":41,"content":4190},[4191],{"text":4192,"type":45,"marks":4193},"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. ",[4194],{"type":52,"attrs":4195},{"color":54},{"type":41,"content":4197},[4198,4203,4211],{"text":4199,"type":45,"marks":4200},"When you prequalify for a loan, the lender conducts a “",[4201],{"type":52,"attrs":4202},{"color":54},{"text":4204,"type":45,"marks":4205},"soft credit inquiry",[4206,4208,4210],{"type":191,"attrs":4207},{"href":1118,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":4209},{"color":194},{"type":200},{"text":4212,"type":45,"marks":4213},".” Soft inquiries will only show up on your credit report in certain cases and never affect your credit score. ",[4214],{"type":52,"attrs":4215},{"color":194},{"type":41,"content":4217},[4218],{"text":4219,"type":45,"marks":4220},"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. ",[4221],{"type":52,"attrs":4222},{"color":54},{"type":41,"content":4224},[4225,4230,4239],{"text":4226,"type":45,"marks":4227},"The exception to this rule is ",[4228],{"type":52,"attrs":4229},{"color":54},{"text":4231,"type":45,"marks":4232},"rate shopping",[4233,4236,4238],{"type":191,"attrs":4234},{"href":4235,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.equifax.com/personal/help/credit-scores-inquiries/",{"type":52,"attrs":4237},{"color":194},{"type":200},{"text":4240,"type":45,"marks":4241},". 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: ",[4242],{"type":52,"attrs":4243},{"color":194},{"type":94,"content":4245},[4246,4275],{"type":97,"content":4247},[4248],{"type":41,"content":4249},[4250,4256,4261,4270],{"text":4251,"type":45,"marks":4252},"FICO: ",[4253,4254],{"type":140},{"type":52,"attrs":4255},{"color":54},{"text":4257,"type":45,"marks":4258},"Most modern FICO scoring models allow a ",[4259],{"type":52,"attrs":4260},{"color":194},{"text":4262,"type":45,"marks":4263},"45-day safe harbor period",[4264,4267,4269],{"type":191,"attrs":4265},{"href":4266,"uuid":194,"anchor":194,"target":194,"linktype":196},"https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries",{"type":52,"attrs":4268},{"color":194},{"type":200},{"text":4271,"type":45,"marks":4272},". 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.",[4273],{"type":52,"attrs":4274},{"color":194},{"type":97,"content":4276},[4277],{"type":41,"content":4278},[4279,4285],{"text":4280,"type":45,"marks":4281},"VantageScore: ",[4282,4283],{"type":140},{"type":52,"attrs":4284},{"color":194},{"text":4286,"type":45,"marks":4287},"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. ",[4288],{"type":52,"attrs":4289},{"color":194},{"type":41,"content":4291},[4292],{"text":4293,"type":45,"marks":4294},"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. ",[4295],{"type":52,"attrs":4296},{"color":54},{"type":84,"attrs":4298,"content":4299},{"level":231},[4300],{"text":4301,"type":45,"marks":4302},"5. Apply for the refinance loan ",[4303],{"type":52,"attrs":4304},{"color":54},{"type":41,"content":4306},[4307],{"text":4308,"type":45,"marks":4309},"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: ",[4310],{"type":52,"attrs":4311},{"color":54},{"type":94,"content":4313},[4314,4323,4332,4341,4350,4359,4368],{"type":97,"content":4315},[4316],{"type":41,"content":4317},[4318],{"text":4319,"type":45,"marks":4320},"Some form of ID like a driver’s license or social security number",[4321],{"type":52,"attrs":4322},{"color":54},{"type":97,"content":4324},[4325],{"type":41,"content":4326},[4327],{"text":4328,"type":45,"marks":4329},"Proof of income, like W-2s or pay stubs ",[4330],{"type":52,"attrs":4331},{"color":194},{"type":97,"content":4333},[4334],{"type":41,"content":4335},[4336],{"text":4337,"type":45,"marks":4338},"Proof of insurance, like a recent monthly statement ",[4339],{"type":52,"attrs":4340},{"color":194},{"type":97,"content":4342},[4343],{"type":41,"content":4344},[4345],{"text":4346,"type":45,"marks":4347},"Proof of your residence, like a lease agreement, mortgage statement, or utility bill",[4348],{"type":52,"attrs":4349},{"color":194},{"type":97,"content":4351},[4352],{"type":41,"content":4353},[4354],{"text":4355,"type":45,"marks":4356},"Vehicle registration and vehicle identification number",[4357],{"type":52,"attrs":4358},{"color":194},{"type":97,"content":4360},[4361],{"type":41,"content":4362},[4363],{"text":4364,"type":45,"marks":4365},"Copy of your driver’s license ",[4366],{"type":52,"attrs":4367},{"color":194},{"type":97,"content":4369},[4370],{"type":41,"content":4371},[4372,4377,4386],{"text":4373,"type":45,"marks":4374},"Your ",[4375],{"type":52,"attrs":4376},{"color":194},{"text":4378,"type":45,"marks":4379},"10-day payoff statement",[4380,4383,4385],{"type":191,"attrs":4381},{"href":4382,"uuid":194,"anchor":194,"target":195,"linktype":196},"https://www.earnest.com/blog/10-day-payoff-student-loans/",{"type":52,"attrs":4384},{"color":194},{"type":200},{"text":4387,"type":45,"marks":4388}," and payoff amount",[4389],{"type":52,"attrs":4390},{"color":194},{"type":41,"content":4392},[4393],{"text":4394,"type":45,"marks":4395},"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.",[4396],{"type":52,"attrs":4397},{"color":54},{"type":84,"attrs":4399,"content":4400},{"level":231},[4401],{"text":4402,"type":45,"marks":4403},"6. Keep making payments until your loan is paid off",[4404],{"type":52,"attrs":4405},{"color":54},{"type":41,"content":4407},[4408],{"text":4409,"type":45,"marks":4410},"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. ",[4411],{"type":52,"attrs":4412},{"color":54},{"type":41,"content":4414},[4415],{"text":4416,"type":45,"marks":4417},"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.",[4418],{"type":52,"attrs":4419},{"color":54},{"type":84,"attrs":4421,"content":4422},{"level":86},[4423],{"text":4424,"type":45,"marks":4425},"Is a car loan refinance right for me?",[4426],{"type":52,"attrs":4427},{"color":54},{"type":41,"content":4429},[4430],{"text":4431,"type":45,"marks":4432},"There are many factors you’ll need to consider before deciding whether or not to refinance your car loan. ",[4433],{"type":52,"attrs":4434},{"color":54},{"type":41,"content":4436},[4437],{"text":4438,"type":45,"marks":4439},"Auto loan refinancing may be ideal for you if: ",[4440,4441],{"type":140},{"type":52,"attrs":4442},{"color":54},{"type":94,"content":4444},[4445,4454,4463],{"type":97,"content":4446},[4447],{"type":41,"content":4448},[4449],{"text":4450,"type":45,"marks":4451},"Your financial standing has improved and you can leverage your new, higher credit score to get a better interest rate. ",[4452],{"type":52,"attrs":4453},{"color":54},{"type":97,"content":4455},[4456],{"type":41,"content":4457},[4458],{"text":4459,"type":45,"marks":4460},"Average auto loan rates have gone down and you think refinancing could help you secure one of these lower rates.",[4461],{"type":52,"attrs":4462},{"color":194},{"type":97,"content":4464},[4465],{"type":41,"content":4466},[4467],{"text":4468,"type":45,"marks":4469},"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.)",[4470],{"type":52,"attrs":4471},{"color":194},{"type":41,"content":4473},[4474],{"text":4475,"type":45,"marks":4476},"Auto loan refinancing may not be ideal for you if: ",[4477,4478],{"type":140},{"type":52,"attrs":4479},{"color":54},{"type":94,"content":4481},[4482,4491,4500,4509],{"type":97,"content":4483},[4484],{"type":41,"content":4485},[4486],{"text":4487,"type":45,"marks":4488},"Your income is unpredictable.",[4489],{"type":52,"attrs":4490},{"color":54},{"type":97,"content":4492},[4493],{"type":41,"content":4494},[4495],{"text":4496,"type":45,"marks":4497},"Average auto loan rates have gone up in recent years, in which case you could end up saddled with a higher interest rate.",[4498],{"type":52,"attrs":4499},{"color":194},{"type":97,"content":4501},[4502],{"type":41,"content":4503},[4504],{"text":4505,"type":45,"marks":4506},"Your car is more than 10 years old and/or has more than 125,000 miles on it. ",[4507],{"type":52,"attrs":4508},{"color":194},{"type":97,"content":4510},[4511],{"type":41,"content":4512},[4513],{"text":4514,"type":45,"marks":4515},"There’s little time remaining on your loan, in which case refinancing fees may eat up the amount you save on interest. ",[4516],{"type":52,"attrs":4517},{"color":194},{"type":84,"attrs":4519,"content":4520},{"level":86},[4521],{"text":1437,"type":45,"marks":4522},[4523],{"type":52,"attrs":4524},{"color":54},{"type":41,"content":4526},[4527,4532,4539,4544],{"text":4528,"type":45,"marks":4529},"Whether you’re looking for lower interest rates or longer terms, ",[4530],{"type":52,"attrs":4531},{"color":54},{"text":2132,"type":45,"marks":4533},[4534,4536,4538],{"type":191,"attrs":4535},{"href":519,"uuid":194,"anchor":194,"target":195,"linktype":196},{"type":52,"attrs":4537},{"color":194},{"type":200},{"text":4540,"type":45,"marks":4541}," 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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