Lower interest rate

As interest rates drop, you may have the opportunity to refinance your current car loan to get a lower rate. Also, a lower interest rate may reduce your monthly loan payment. These savings can really add up.

Note: Refinancing your existing auto loan may reduce the amount of your monthly loan payment. However, if you choose to make your remaining payment term longer, the overall cost of your loan may be higher. Consult your financial advisor to see if refinancing your auto loan is beneficial for your situation.

Shorter loan term

You may want to refinance your current car loan now to pay off your loan faster. This will result in less interest that you will pay over the life of the loan. By shortening the length of your car loan term, you can pay it off faster and save on interest charges.

Lower monthly payment

Refinancing can help you reduce your monthly car loan payments. Take advantage of a low interest rate, which may decrease your monthly payment. Or, consider extending the term of your car loan. Spreading out the cost of the car for a longer period of time can decrease your monthly payment. Keep in mind that extending your loan term may cost you more money over the life of the loan, even if your monthly payment goes down.

Important: This is for informational purposes to help customers identify ways to make informed financial decisions. For questions about your specific situation, consult your own financial advisor.