If you are hoping to lower your interest rate or reduce your monthly payments, you may want to refinance your car loan. There are a number of reasons to refinance an auto loan, but do you know what steps are needed once you make the decision?

Here are the steps to take if you’re ready to refinance your car.

• The loan’s interest rate and monthly payment
• The remaining balance on the loan
• The loan term (how many months left to repay the loan)
• Your car’s vehicle identification number (VIN)
• Your driver’s license and Social Security number
• Current pay stubs or other proof of employment or income

The financial institution for the new loan then pays off the original loan. You now have a brand new loan with the new lender and can begin making payments to them at your new rate.

Ready to Refinance? If you want to lower your interest rates or monthly car payments, we’re here to help.

Refinance a Car Loan