Refinance a Car Loan

Car loan requirements vary, but in general, they all share a few basic requirements:

• Credit history & credit score
• Proof of income
• Proof of residence & identity
• Vehicle information
• Proof of insurance

If you qualify–that is, if you have equity in your car–you can opt for a cash-out refinance. It’s a great way to get funds quickly, especially if your car has a decent value.

If you want to refinance your auto loan for a lower payment, consider this: refinancing almost any loan–auto, personal, home, or otherwise–can be a great option if you can secure a lower interest rate at the time. However, even if you need to extend your loan (and pay more interest in the long run) a lower monthly loan payment can be a great benefit, especially when your finances are a little tight.

Refinancing your vehicle loan may cause your credit score to drop a little, at least in the beginning. But as you make regular payments, you should see it recover and possibly improve over time. There’s nothing like keeping up with scheduled payments to improve a credit score.

The answer to this depends on your situation, and if you have the funds available to pay off your existing loan. Keep this in mind: at Greater Nevada, there are no penalties for paying off your new loan early if you choose to refinance with us.

Opening a new car loan will affect your credit score due to the new “hard inquiry” and loan on your record. That’s why it’s a good idea to wait a few months before refinancing–at least half a year, so your score can recover.

Getting a car loan from a credit union can open up a world of ways to improve your finances. And when you choose Greater Nevada, you’ll gain members-only access to excellent interest rates, low (or no) fees, and products and services designed to improve your credit score and your savings. That’s the power of a credit union that puts members first.