Before you sign, the lender will make sure you understand all the terms, including interest and any fees you’ll have to pay. Apply for the loan. Once you choose a lender, fill out their auto refinance application.Look for lenders that offer low rates, minimal fees and terms that work for you. But don’t just go with the first lender you see-compare multiple lenders and their terms first so you can make an informed decision. Compare multiple lenders. You can start with your current auto loan lender and see if they offer refinancing.

Get your paperwork together. Collect all of your current auto loan paperwork and vehicle information, like your vehicle identification number (VIN) and current mileage.

Here are the steps you should follow to refinance your auto loan: If your score is too low to qualify for an auto refinance, or if the rate you receive is too high, you can always consider refinancing with a co-signer. Typically, lenders look for a minimum credit score of 670 or higher. So, if your credit is bad, even if you find a lender willing to refinance, your interest rate will be much higher than if you had good credit. Just keep in mind that your credit score still matters. Yes, you can refinance your auto loan with bad credit-some lenders work with scores as low as 520. Related: Best Auto Loan Rates Can I Refinance a Car Loan With Bad Credit? A lower rate could limit the amount of interest you pay over the course of your loan term and reduce your monthly payments. If you can get a lower rate than what you currently have, it might be a good time to refinance your auto loan. The best thing to consider is whether or not rates have decreased since you took out your original loan. Since auto loan rates are constantly changing, it’s difficult to know when refinancing will be worth it. What Is a Good Rate to Refinance a Car Loan? United Services Automobile Association (USAA)

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