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Wondering, “When should I refinance my car loan?”The short answer is, it depends! It depends on: your eligibility for a refinance, whether you’re a good candidate for a beneficial refinance, and other factors related to your personal finance and broad financial trends.Here are three key things to think about:Can you refinance your loan?Is the time right for you?What do you want to achieve through refinancing?Car refinance eligibility timelineBorrowers are generally able to refinance an auto loan from a few months after the start of the loan until the last 1-2 years of the loan, depending on a variety of factors, but refinancing very early or very late in the loan is less likely to save you money. Refinancing when it’s right for youYou may also want to time your refinance based on your credit score, your finances, broader interest rates trends, or other changes you might want to make to the loan (like adding or dropping a co-borrower).The choice to refinance a car loanThe refinancing process can lower your monthly payments and help you get out of debt faster. But should you refinance your vehicle right now? If you're thinking about it, here are some things to consider:Is your auto loan term nearing its end?Are you struggling with high monthly payments?Have interest rates gone down?Has your credit score gone up?Do you want a lower interest rate?Do you want to add or drop a co-borrower?Ultimately, the right time to refinance a car loan depends primarily on your vehicle, your current loan, your finances, and your credit score, but there are many factors to consider.Dive deeper in the next section to decide if now might be the right time for you to refinance a car loan.Here’s How to Know When to Refinance Your VehicleConsider these five key factors to decide when you should refinance your car loan:Your existing loanYour credit scoreYour cash flowYour eligibilityInterest ratesLet’s break these factors down.Your Existing LoanWhere and when you got your existing loan – and the details of that loan – are all among the deciding factors in whether you’ll be able to find a better deal.It’s worth noting that, if you got your loan through dealership financing, the odds are very good you could save money by refinancing, as dealerships often add mark ups to their rates.When thinking about whether or not to refinance your car loan, it is important to know the current interest rate and term of your loan. You should consider the amount of time left on your loan and any prepayment penalties.Prepayment penaltiesPrepayment penalties are fees your lender charges you for paying off the loan before it is due. Beware: some lenders will not refinance loans that have prepayment penalties attached. That said, even if your current loan has a penalty attached, it may still be worth it for you to refinance. In some cases, you may be able to save more by refinancing than the cost of the penalty. This is especially true if you got a particularly bad rate on your existing loan (which frequently happens when you buy a new car directly from the dealer). Time remainingIf you have had your loan for several months and/or have several years left on your current auto loan, refinancing may be the right decision. After all, refinancing your car loan can be a great way to save money on interest and get lower monthly payments!If you refinance your loan to a longer term, you’ll likely be able to lower your monthly payments – but you could end up paying more in interest. On the flip side, if you can refinance at a lower interest rate and at a similar or even shorter loan term, you’ll be able to save money in the long run. (That’s one of the things that makes refinancing so great!)Your Credit ScoreYour credit history is one of the biggest factors in being able to refinance with most lenders. If you have good enough credit, refinancing your car could save you hundreds or even thousands of dollars.Refinancing can be a great option if you have improved your credit and want: lower monthly payments OR a longer term on your loanBetter credit can also qualify you for a lower rate than you initially received so that you can pay less overall, regardless of whether or not you want to change your other loan terms. If your credit score has gone down, on the other hand, you may not be eligible for a better rate than your current loan.The most important thing to note when it comes to your credit score is that you’ll want to avoid:refinancing right before or after and other major purposes, as each credit pull will temporarily lower your scorerefinancing multiple times, as doing so could hurt your score, and rates usually go up with additional refinances.Your Cash FlowIf your income has gone down or you want more money in your pocket for added expenses, refinancing your auto loan could make sense for you. Doing so can lower your monthly payments and help save some cash, without having to change or get rid of your vehicle.Refinancing offers tons of potential savings and can be helpful for people who have limited cash flow. For example, if you’re unemployed and need money in your pocket right away, refinancing can lower your monthly payments and even give you the option to take a few months off from making a payment.Before refinancing your car loan, make sure you refinance for the best possible price. Shop around and compare offers before signing any paperwork to make sure you’re saving as much as possible. Unlike the competition, at Auto Approve, we never mark up the rate the bank offers you, so we pass maximum savings on to you. Eligibility For A New LoanWhat makes you eligible to refinance your car? This varies based on the lender, but eligibility can depend on: how old your car ishow many miles you have on ithow much money is left on your loanand other factors If you’re not sure whether you’re eligible to refinance, don’t worry – we can help! Talk to one of our knowledgeable and friendly Auto Approve agents or use our handy online quote form to find out if your vehicle loan qualifies and how much you might be able to save in a jiffy.Interest RatesWith all that out of the way, the final important factor you should consider when deciding when you should refinance your car is the broader picture of interest rates.When it comes to interest rates, things have been all over the place in the past several years, with big fluctuations in vehicle prices and rates. Depending on when exactly you financed your vehicle, average rates may be lower or higher now, and your loan-to-value ratio may have shifted. It’s worth reviewing how rates have changed and how your vehicle’s value has changed since your initial loan when you’re thinking about refinancing.With that in mind, if you’re eligible, it may be a great time to refinance your automobile right now – the only way to know for sure is to check.So, When Should You Refinance a Vehicle?When everything aligns! Many things go into making the decision to refinance your loan, but this article should help you know better what to look for. For many people, refinancing can help save money monthly and pay less over the life of the loan.And the good news is, getting a free quote is easy!There’s no commitment or credit check to find out what rates you might be eligible for, and when you decide to refinance, an AutoApprove agent will help make sure you find the best deal for you and then do the paperwork for you, making refinancing quick and easy. So, whether you’re on the fence or ready to dive into refinancing, get your free quote now.

Countless resources are available for those thinking about refinancing a car, but what about motorcycle loans? Does refinancing a motorcycle work the same way as it does with a regular car loan? The short answer is yes, you can refinance your motorcycle loan, and yes, the process is essentially the same.Read on to discover the what, why, and how of refinancing your motorcycle.What is a refinance for a motorcycle?Refinancing means paying off your old motorcycle loan with a new loan, preferably with better terms.Why would you want to refinance your motorcycle?You may want to refinance if…You want to save moneyYou got your loan with a dealership markup and were eligible for a lower rateYour monthly payments are too highYour budget is too tightYour credit score went upInterest rates have gone downYou want to add or remove a co-borrowerYou want to pay off the loan soonerDetermine your whyThere are plenty of things to consider when deciding whether to refinance and which lender is offering the best deal for you. It’s important to ask yourself, why do you want to refinance your motorcycle?You can save money if you refinance to a lower annual percentage rate (APR). You can lower your monthly payment by refinancing for a longer term. If interest rates have dropped, you got a bad deal in the first place, or your credit score has gone up, you may be able to both pay less and save money overall!Figuring out your ‘why’ can help you make a more informed decision. Maybe your monthly payments are feeling too high because inflation has raised your other costs, or your spouse lost their job and you need to prioritize other bills. Or maybe your credit score has improved and you’re now eligible for a more favorable interest rate. For example, if you had a credit score in the 600s before, but it’s now well into the 700s, you could well be eligible for better loan terms.Think about why it is that you want to refinance as you learn more about your options and it’ll help you make sure you choose the right refinance for your unique situation. Whether you are trying to pay off your bike more quickly, or simply lower your monthly payments, you should be able to save money in the short-term, the long run, or both when refinancing your motorcycle loan.A word of warningJust like with refinancing a car, when it comes to refinancing a purchase as expensive as a motorcycle, you want to do your due diligence and make sure you’ve considered and reviewed all possible factors. For example, it may be possible to refinance with less than excellent credit, but it will likely mean paying higher interest rates. In that case, a lower monthly payment now could cost you more in the long run – is that a sacrifice you’re willing to make for more wiggle room in your budget now? Similarly, be sure to check for any fees on your existing loan and go over your options carefully to ensure your refinance meets your goals. Some loans have pre-payment penalties that could cancel out your savings.If all of this sounds confusing, it’s because it can be if you don’t review the information thoroughly. Fortunately, when you refinance with Auto Approve, we’ll work with you directly to review your options, make sure you understand all the terms of your new loan, and handle the paperwork for you – even the DMV!How do you refinance a motorcycle loan?Review your optionsConsider your new paymentReview your credit scoreCheck for feesGather your paperworkLock in your refinanceMany people assume that refinancing anything is a lengthy and complex process. In fact, with proper preparation and help from the professionals at Auto Approve, refinancing doesn’t have to be overwhelming at all! Plus, refinancing your motorcycle loan can save you thousands over time, which makes the process worth it. Here’s what you need to do.Step 1: Review Your Options. Start by comparing current interest rates broadly with the rates when you got your loan. This will help you feel more prepared for the range of options that might be available to you. Then, compare rates from a few different lenders and how they stack up against what you currently pay. Rates will vary by lender, your credit score, and the age and make of your motorcycle. Each lender comes with their own credit score requirements. In general, the higher your credit score, the better the rate you will be able to secure.Using Auto Approve to get a quote will allow you to review several different options at once.Step 2: Consider Your New Payment. Use a refinance calculator or review your quote options to figure out what you could be paying with a refinance and what you’ll pay overall with each option, then make sure those final numbers fit within your ideal budget.Step 3: Review Your Credit Score. When you apply for refinancing, lenders will submit a hard inquiry on your credit. This will temporarily lower your score. It will bounce back within a year, but you’ll want to consider whether you’ve recently had a hard credit check or anticipate having your credit checked for any upcoming major purchases. If you’re about to buy a house, for example, now might not be the best time to refinance.You’ll also want to know in advance (before lenders perform a hard check) where your credit stands, how it stacks up against any credit score requirements from different lenders, and how it has changed since you got your initial loan.  Step 4: Look Out for Fees. Fees are where a lot of loan companies make their money and are written right into the leasing or lending contract. The fees can come from a variety of things related to the application process. Be sure to ask any potential lenders if they charge any fees and thoroughly check the paperwork on your existing loan to find any penalties you might need to pay should you choose to refinance your motorcycle.Step 5: Prepare Your Documents. By organizing the documentation you are going to need ahead of time, you’ll be able to expedite the refinance process. Things you might want to gather include: your vehicle identification numberYour motorcycle’s make and modelthe value of your bikeyour motorcycle insurance informationdetails about your existing loanWhen all of this is gathered, you can complete any application form quickly and submit your paperwork to start saving money.Step 6: Lock in Your Refinance.Once you’ve found a lender and an offer that makes sense for you and double checked that everything is in order, it’s time to refinance! You’ll need your new lender to work with your old lender to get the old loan paid off – or, if you choose to refinance with Auto Approve, your dedicated agent will handle the paperwork for you.Refinancing your motorcycle loan can be a simple way to put more money back in your wallet. Here at Auto Approve, we make refinancing quick and easy. Get your free, no credit check, no commitment quote today.GET A QUOTE IN 60 SECONDS

How do you know when to refinance your SUV? Here’s the short answer.You should consider refinancing your SUV under any of the following circumstances: You are eligible for a better deal because you got a bad deal from your dealershipInterest rates have dropped since you got the loanYour income or credit score has gone upYour budget has tightened and you need to pay less monthlyYou want to add or remove a co-borrowerYou should not refinance if:Your credit score has droppedYou’re about to have your credit checked for something else or recently had a hard credit checkYour loan is less than 6 months or more than 2 years oldYour current loan on your SUV is underwaterYour vehicle is very old or has very high mileageYou’ll owe more in penalties on your current loan than you’ll save with a new loanWork with a refinancing expertAt Auto Approve, we can help you find the best deal for your unique situation, and getting a free quote requires no commitment or hard credit check, so if you’re considering it, get your free quote and our advisors can help you understand your options.Get a quoteHere’s everything you need to know about when to refinance an SUV (and when not to).What is refinancing?Refinancing is the process of taking out a new loan to pay off the balance of your existing loan, ideally with better terms on the new loan than the original loan.What are the top reasons to refinance your SUV?There are a number of good reasons you might want to refinance a vehicle. 1. Lower your monthly payments.Maybe your financial situation has changed and you need a little more money every month. If you want a little more breathing room for your wallet, vehicle refinancing can help lower your monthly payments, either by lowering your interest rate, extending your payment timeline, or both. 2. Pay less overall.Maybe you have a bit of extra money and you want to pay off your SUV at a faster rate and be done with the loan entirely. Maybe you’re eligible for a better rate now. Refinancing can lower your interest rate and/or decrease your payment timeline, saving you money.3. Make a change to the loan.More mundane but equally valid, sometimes people choose to refinance to add or remove a co-borrower, meet a new timeline, or make other smaller changes to the loan terms.How to know if the time is right to refinance your SUVHere are some factors to consider when deciding if now is the best time to refinance a car or SUV:The current terms of your loanYour incomeYour credit scoreYour cash flowAny upcoming large purchases or credit checksInterest rates at largeWhere you got your loanWhen you got your loanWho else is on your loan (or should be)Your vehicle’s age and mileageThe loan-to-value on your current SUV loanExamples of when to refinance your SUV and when not toThere are many things to consider when it comes to refinancing a car. If any of the following apply to you, it might be a good time to refinance your vehicle.1. You didn’t get the best deal on your SUV in the first place due to your income or credit scoreMaybe your credit score had just taken a hit from some inquiries or missed payments. Maybe you had a tough couple months at work and your income wasn’t as high as the bank would have liked. Regardless, the bank didn’t view you as a very desirable candidate, and you were stuck with a rather high interest rate.Since then, your credit has improved. You have checked your credit reports on the three credit bureaus (which you can do for free once a year), and everything looks better. Your job is steadier, and your paychecks are a bit bigger. You know that if you went for that loan now, you would get a much better rate. While there is no magic credit score to refinance, you know that you are a much more desirable candidate this time around.If you originally bought your SUV when times were a bit tougher and your situation has since improved, this could be a great time to consider refinancing.2. You didn’t get the best deal in the first place due to a smooth talking salesmanYou went in to browse and get an idea of what kind of SUV you might be interested in, and before you knew it you were signing on the dotted line. Somehow you agreed to a 7% interest rate when other lenders were offering 5%, and you didn’t even see it coming. Car dealerships notoriously offer higher rates to make more money, and it is common to get caught up in the excitement and agree on the spot.In this case, simply refinancing with an accredited lender can reduce your interest rate, even if your credit score and income have remained the same.3. Interest rates in general have dropped since you first took out the loan on your vehicleBig banks tend to adjust interest rates based on how the economy is performing. It’s worth considering the rates available now versus the average rates when you first got your loan.While your personal finances are most important for determining your loan rate, standard rates fluctuate regularly, and you may be able to get a better deal simply by paying attention to those fluctuations. Timing can make a huge difference when it comes to interest rates and refinancing your vehicle.4. You want to add or remove a borrower to your policyAdding or removing a co-borrower to your loan is a very common reason to refinance, whether the reason is personal or financial.Adding a BorrowerMaybe times are tough right now. Your hours at work got cut and you are struggling to make ends meet. The monthly payments are simply too much to keep up on. Your friend or partner, however, could use a set of wheels, and they have some extra money to help bridge the gap in your payments. Best of all? They have fantastic credit. That's a great reason to consider refinancing your SUV! You can also refinance with a partner who has better credit simply to reduce household bills or help a partner who has worse credit than you by co-signing on their refinanced loan.Whatever your reason, adding your friend or partner to the loan can secure you a better interest rate and reduce your overall payments, since you will be splitting the monthly cost. The lender will consider your joint income and both of your credit scores when determining an interest rate.Removing a BorrowerWhat about removing a co-borrower? Maybe you had a co-borrower on the original loan because your credit wasn’t the best, but you don't really need the help anymore. Or maybe you were in a relationship that has now gone south and you need to separate from that person financially. Either way, refinancing your vehicle is a great way to sever that financial tie.5. You need the extra breathing room each monthYour finances have changed a bit for whatever reason, and you are having trouble making your monthly payments on everything. You want to take a big trip or are saving up for a big purchase. You simply want more spending money to pamper your family. No matter why you want a little extra wiggle room, refinancing could be the solution.Refinancing can allow you to lengthen your repayment period, which will lower your car loan payments every month. Keep in mind that this often means you will be paying back more money overall for the duration of the loan, unless you are able to drastically reduce your interest rate as well.6. It’s been at least six months since you originally took out your SUV loanYou need to wait at least 60 to 90 days to be able to apply for refinancing, as it typically takes this long for the title transfer to complete. But waiting six months will allow your credit score to bounce back from any dips that your credit score may have taken when initially securing your loan. First time borrower? Experts suggest waiting a year to refinance to optimize your refinancing options.7. You have at least two years remaining on your current SUV loanSince most of the interest for a loan is paid in the beginning, the more that is paid off on the loan, the less beneficial refinancing can be. Having at least two years remaining on your loan will help ensure that you will benefit from refinancing your vehicle.When the time is not right to refinance an SUVThere are several reasons that it might not be the best time to refinance your SUV. If any of the following apply to you, consider waiting on refinancing your vehicle.1. Your credit score has decreasedYour credit score is the single most important factor in determining your interest rate. If your score has not increased since your original loan, you will likely not qualify for refinancing. Credit scores can decrease for a number of reasons, such as:Late or missed payments.High credit balances.One of your credit limits decreased.A lot of new credit inquiries.Your credit utilization score has dropped. This ratio is determined by adding up all of your credit card balances and dividing it by your available credit. This number should ideally be 30%Any of these factors can cause your credit score to drop. Request a copy of your credit report and, if you see any inconsistencies, you can report it to the credit bureaus. 2. You need a high credit score for another reasonWhen you apply for refinancing, your credit score will take a hit. There is a fourteen day window allowed by the big three credit bureaus that allows for all credit inquiries in that span to count as one credit hit. But if you need your credit to be in good standing for another reason, say a mortgage application, it is best to hold off. These credit inquiries will affect your credit score for a year, so plan accordingly.3. The fees outweigh the savingsSome lenders build in prepayment penalties to their contracts. To offset the cost of losing your remaining interest, they build in penalty payments. Read your contract closely to see if you will incur any penalties, and call your lender directly if you are still unsure. Sit down and do the math to determine how much you will save by refinancing a vehicle, and see if that outweighs any penalty fees you might incur.4. You have an old vehicle or a vehicle with high mileageIf your SUV has very high mileage or is an older model, it will be difficult to refinance. It might make more sense to consider trading in or buying a new SUV if this is the case. 5. You owe more on your SUV than it is worthWhen you owe more on your SUV than it is worth, it is referred to as being “upside down” or “underwater”. If this is the case, lenders may not see the value in refinancing your SUV loan.Now you can decide the best time to refinance your SUVIf the time seems right, Auto Approve is standing by to help you apply, compare offers, and determine the best refinancing option for you. Auto Approve never marks up the rate you pay, so you know you're getting the best rate available.With an A+ rating from the Better Business Bureau and a 96% would-recommend rating from Lending Tree, you can be confident that we will work hard to save you money.GET A QUOTE IN 60 SECONDS