Refinance Car Loan

Want to lower your car payment? Need some extra cash? A refinance car loan offered by CarsDirect may be the answer.

How Does a Refinance Car Loan Work?

If you’re familiar with how a home refinance loan works, you’ve pretty much got the idea. CarsDirect goes through a bank to get you a new loan for your car. This financing is used to pay off your existing loan, so you’ll continue to have one payment. The difference between the amount you paid on your vehicle and the amount you borrow is available as cash and can be used anyway you like.

A refinance car loan can also save you money by lowering your interest rate. A lower rate is especially probable if you’ve improved your credit since you took out your first loan.

Why Refinance Through CarsDirect?

Unlike going through one financial institution, CarsDirect can check rates at multiple banks to ensure you the best deal!

Simply e-mail us your name, e-mail address and phone number, and an Auto Refinance Specialist will contact you. In many cases, we can get you refinancing approval in a matter of minutes. We also give you the option of deferring your first payment for 90 days!

Best of all, the service is free and no obligation is required!

More Information on a Refinance Car Loan

Before you apply, there are a couple things to keep in mind. If your car was new during the initial loan, then chances are your interest rate was automatically somewhat lower than a used car loan, which is similar to what you would be getting with a refinance car loan. You also have to determine the shape of your car. If your vehicle is in poor working order, then your interest rate will most likely be higher.

You should know that if you apply for a refinance car loan, and then learn that the terms are not as favorable as what you're currently getting, there's no obligation on your part as long as you don't sign a contract. As with all financial products, the more informed you are on a refinance car loan before you take one out, the better.

Loans subject to approved credit; not all applicants will qualify. Not all applicants may qualify for lower interest rates or lower payments. Actual loan amount and payments are based on vehicle value at time of refinance, applicable interest rate and length of payments. Loans previously arranged through CarsDirect's or its affiliate company CD1Financial may not be eligible. Services are not available in all states. Contact a CarsDirect Auto Refinance Specialst for specific details.

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