- 1). Review your current loan paperwork to find the interest rate. Write down the payoff amount, current interest rate, monthly payment and years remaining on the loan. Use this information to compare offers from lenders.
- 2). Contact your current lender and banks and credit unions in your area. Ask for the current auto loan rates. Apply with the companies you feel will work best for you.
- 3). Look at the loan offers from each company. Compare the terms with the terms of your current loan. Check to see if there are fees added for refinancing. Look at the details closely --- a lower monthly payment may not save you money if the payments are stretched out over more years.
- 4). Complete the refinancing process with the lender you wish to proceed with, who will arrange to pay off the earlier loan. You will receive new loan information from the lender, including the address for sending your monthly payments.
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