Check your current loan balance, interest rate, monthly payment, and payoff date
Review your credit score and credit report
Compare refinance offers from banks, credit unions, and online lenders
Look for a lower interest rate, lower monthly payment, or better repayment terms
Check for fees such as origination fees, prepayment penalties, and late fees
Calculate the total cost of the new loan
Gather required documents such as proof of income, employment details, ID, and existing loan information
Submit applications to multiple lenders if possible
Review loan terms carefully before accepting an offer
Use the new loan to pay off the existing personal loan
Confirm the old loan is closed and no balance remains
Set up automatic payments if available
Keep making payments on time to protect your credit score