How Do You Refinance a Car Loan?

car salesman handing over a car key

Want to get lower monthly payments and lower interest rates on your current car loan in the Cleveland area? Then it’s time to think about refinancing. How do you refinance a car loan the right way in Avon or Westlake? The finance team at Mercedes-Benz of North Olmsted is ready to help you through the process! Find out what to know when refinancing your car and start saving on those monthly payments.

Best Way to Refinance Auto Loan

The best way to refinance auto loan services is to start with good research. We want to bring down your interest rate, so first, we need to know exactly what you’re paying! That means gathering documents, calling your lender, and confirming your precise payments. Once you’ve gotten that information, follow these steps:

  • Credit Score: Has your credit score improved since you started making payments? Your hard work may earn you a better interest rate.
  • Applications: You can apply to several lenders to try to get the best rate possible, but be sure to finish those applications within a 2-week period to avoid a negative mark on your credit score.
  • Offers: Which offers give you the best deal? Take some time to evaluate each option to make sure that you get what you want out of your next financing plan.
  • Loan Term: A longer term means lower payments and more total interest, and a shorter term means higher payments and less interest total. Which is the right pick for you?

Ultimately, there is no one-size-fits all financing plan. Think carefully about your wants and needs, and consider utilizing free resources like our online payment calculator.

What to Know When Refinancing Your Car

We’ve gone over the basics, but here are a few tips about what to know when refinancing your car:

    • Fees: Check your original car loan contract to make sure there are no extra fees associated with paying off your car early. If so, factor those fees into your budgeting and make sure refinancing is still worthwhile.
  • Underwater Financing: If you’re dealing with underwater financing and you owe more than your vehicle is worth, you might have trouble getting approved for your refinancing.
  • Car Age: If your car is older and already experienced major depreciation, lenders might not be able to refinance your vehicle.

Get Expert Advice with Mercedes-Benz of North Olmsted

Whether you want to get the refinancing process started or just ask a few questions, feel free to reach out to our experts at Mercedes-Benz of North Olmsted. We’re here to answer all your finance & insurance questions about everything from car theft insurance to refinancing and more. Located in North Olmsted, our team is ready to help you achieve the financing solutions that you want. You can even get started from the comfort of your own home, so contact us at any time!

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(833) 969-0624

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28450 Lorain Rd • North Olmsted, OH 44070

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Open Today! Sales: 9am-7pm

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Mercedes-Benz of North Olmsted 41.4103091, -81.9371326.