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Auto loan refinancing is the process of replacing your existing auto loan with a new one, typically to achieve better terms. This can involve obtaining a new loan with a lower interest rate, lower monthly payments, or a different loan term, and using it to pay off the remaining balance of your current auto loan. The goal is to reduce overall costs or improve payment flexibility.
Refinancing an auto loan involves several steps:
The process of applying for an auto refinance typically varies by lender. The process may be completely digital, it may be mostly online with some mailed documents to sign or require a fully paper application.
Still, the documentation you will need to complete your refinance application is typically the same across lenders. Lenders will typically want to see:
In addition, almost every auto lender will need a valuation of your vehicle.