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
Apply with multiple lenders to compare rates and terms
Gather required documents such as proof of income, vehicle information, insurance, and identification
Make sure your car meets the lender’s age, mileage, and value requirements
Choose a loan term that fits your budget and financial goals
Review the new loan’s APR, fees, and total cost
Confirm whether there are any prepayment penalties on your current loan
Accept the best offer and complete the lender’s paperwork
Allow the new lender to pay off your old loan
Verify that the old loan is closed and the title is updated
Start making payments on the new loan on time