Refinancing your car can potentially save you money. Your savings depends on a multitude of factors including auto loan term, interest rate, where you live, what type of vehicle you are financing, and your credit score. All of these factor into the refinancing process and the final APR on your total loan amount. Understand how auto refinancing works

Yes, it is possible to be pre-qualified for auto refinancing. You can quickly submit your information to check if you qualify. Please Apply to start the process and submit your information. Learn about terms and definitions related to pre-qualifying

This depends on the refinancing offer you select. If you want to save more money each month, there may be options to lower your monthly car loan payment. Your financial health, term length, interest rate, and other loan factors determine the amount of money you save. The average Caribou customer saves about $130* per month on their car payment.

There are several benefits when it comes to refinancing your vehicle. You can:

- Save money on monthly payments

- Lower you interest rate

- Pay off the loan early

- Lengthen the term of the loan so you have more time to pay.

It is possible to refinance a used car loan. This depends on several factors like the amount of the loan, the car's age, the vehicle's mileage, and the auto loan term.

Yes, you can usually refinance your car at any time after purchasing it from a dealer. Keep in mind car dealerships often add services and incentives which may end when you refinance the car. This applies to finance-related things like cash-back programs, lease deals, dealership cash offers, rewards programs, and other related things. This does not apply to things like GAP insurance, manufacturer's vehicle warranties, and dealership service contracts.

Refinancing allows for changes like adding a cosigner. However, your name must remain on the vehicle's title.

Yes, refinancing can give you the opportunity to add a cosigner to the loan. The cosigner requirements vary depending on the lender.

Refinancing your vehicle is a great way to put money back into your monthly budget. When you refinance your car, truck, SUV or other vehicle, you can work with our auto loan officers. They will help you understand the lending process better. You can refinance your vehicle for different reasons. You might want to extend your term, lower your interest rate, or save money on your monthly payment.

Auto refinance rates today vary depending on factors like your credit score, loan balance, and the length of your loan term. Borrowers with a better credit score or a smaller loan balance may get better rates.

Tip: Use our Auto Refinance Calculator above. It helps you compare current rates. You can see how refinancing your auto loan may save you money.

Refinancing your car can be worth it if it lowers your total amount paid or reduces your monthly payment. Here are some scenarios where it might make sense:

- Your credit score has improved: A better score could mean a lower interest rate.

- Lower remaining balance: Refinancing could help you pay off your loan faster.

- Avoid a prepayment penalty: If your current loan doesn’t penalize you for paying early, refinancing could save you money.

- You need a longer loan term: Extending your term can lower monthly payments, though it may increase the total cost.

Use our calculator above to estimate your savings and decide if refinancing your auto loan aligns with your financial goals.

Calculating if refinancing is worth it involves comparing your current loan terms to a potential refinance offer. Here’s what to look at for your assessment:

- Interest Rate: A lower rate could save you money, especially if your credit score has improved.

- Remaining Balance: Refinancing might make sense if you still owe a significant portion of your loan balance.

- Total Amount Paid: Compare the total amount you’ll pay with and without refinancing.

- Prepayment Penalty: Check your current loan for penalties that could offset your savings.

- Loan Term: Decide whether a shorter or longer loan term fits your financial goals.

Make sure to check out our calculator above to help you.

If you have a credit score of around 700, you may qualify for competitive auto refinance rates. Borrowers with better credit scores usually get lower interest rates. While exact rates vary by lender, borrowers with improved credit scores often see lower interest rates than those available when they first took out their loan. This can help reduce your total amount paid or lower you monthly payments.

Refinancing your auto loan with a strong credit score may also allow you to adjust your loan term to better fit your financial goals.

You can use our calculator above to estimate your rate based on your current credit score and remaining loan balance.

Although many have saved money by refinancing their car loan, it’s not always the right move. Here are some potential downsides to consider before refinancing:

- Prepayment Penalty: Some loans include feed for paying off the loan early, which could offset the benefits of refinancing.

- Longer Loan Term: Extending your loan term might reduce your monthly payments but could increase the total amount you pay over time.

- Fees and Costs: There may be application fees or other costs associated with refinancing your auto loan.

- Loan Balance Requirements: If your remaining balance is very low, the saving from refinancing might not be worth the effort.

We recommend using our Auto Refinance Calculator above to weigh the pros and cons for your unique situation.

AUnlike buying a car, refinancing usually doesn’t require a down payment. However, putting money down could help reduce your loan balance and the total amount paid over time. This can be particularly beneficial if you’re refinancing for a longer loan term but want to minimize interest costs.

You can use our calculator above to see how a down payment might impact your new loan terms and overall savings.