Yes, it is definitely possible to refinance an auto loan. This often makes sense if your credit score has improved or you didn't get the best possible rate when you originally financed the vehicle. In order to see if refinancing makes sense for you, take a look at your current interest rate and determine how many months of payments you have remaining. Then, review your credit score to see if you have had any recent improvements. Typically good scores fall in the 700-749 range and excellent scores are 750+.
Refinancing an auto loan can save you money, just make sure you focus on your total payments over the life of the loan and not just the monthly payment. Here is a calculator you can use to see if refinancing can save you money. refinance calculator from Bankrate
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.