How do you refinance your car?

Refinancing your auto loan is a pretty straightforward process:

• Check your credit score. If it’s increased since you got your original loan, you may qualify for a better rate.
• Review the details of your existing loan, including your current rate, remaining balance, and any prepayment penalties.
• Shop for and compare interest rates and loan terms from trusted lenders (like MCU!).
• Apply for the refinance loan and provide the required documentation.

When you complete the process, your new lender will pay off your old loan, and you’ll begin making payments on your new loan. For a complete step-by-step guide, read our in-depth article on how to refinance your car loan.