Many people who have sat through the process of obtaining a car loan at a dealership might wonder why anyone would want to undergo that whole process again in refinancing a new car loan. Here’s the good news, the process is much easier, quicker and can save you money every month. Although you are unlikely to see the thousands of dollars that a mortgage refinance can give you, if you’re interested in saving $40 to $50 dollars a month on your car payment that’s entirely doable.

Where do you begin? Your current lender is not a likely source, so one of the places where you can find the most lenders doing business in that marketplace is the internet. Many banks and other lenders have a simple easy process that will take only a few minutes of your time with minimal paperwork. They will pay off the old loan and execute a new contract with a new payment amount often within as little as a week’s time. The added possible bonus of a month with no payment is also an enticement.

Why would you want the opportunity to refinance a new car? Many buyers who have arranged financing through a dealership have found to their chagrin that better offers were available at a local bank or credit union and they want to access those lower interest rates and save some money. Some buyers who purchased their vehicle when their credit standing had suffered but who have since made significant improvement in their FICO score may find that the same lender who was uninterested in their business a few months ago will now consider a refinance at a more attractive rate than they currently have.

Looking for a source? You can start right here! Our simple application on our secure website can get the whole process started. We will find a lender for you who will be willing to refinance your new car. A couple words of caution make sure that all payments are credited during this process, there have been horror stories of repossessions during a refinance when payments were not made on time and/or credited properly. Remember a 2% interest rate savings on a car loan of $28,000 (the average new car price) can put some money back in your pocket every month!