Check your current loan balance, interest rate, monthly payment, and remaining term
Review your credit score and credit report
Compare refinance offers from banks, credit unions, online lenders, and your current lender
Look for lower interest rates, better terms, or lower monthly payments
Check lender requirements for vehicle age, mileage, loan amount, and credit score
Gather required documents such as ID, proof of income, proof of residence, vehicle registration, and current loan details
Apply with multiple lenders to compare offers
Review the new loan terms, including APR, term length, fees, and total cost
Confirm whether the new loan will pay off the old loan directly
Make sure the refinance saves money or improves your payment terms
Sign the new loan agreement
Continue making payments on your old loan until the refinance is completed
Verify that the old loan is paid off and the new loan is active
Update your records and insurance lender information if needed