Auto Refinance


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Is It Time To Refinance?

As the name itself suggests, refinancing is a “redo” of sorts on your home, auto, or other loan or combination of loans. Perhaps interest rates have gone down significantly, giving you the opportunity to save substantial money over time. Maybe your credit score has improved enough that it’s worth renegotiating your terms. Sometimes it’s just that you have so many obligations each month that it’s time to consolidate them in order to make your debt more manageable.

You may choose to refinance your car with your current lender or explore other options. Thanks to the wonders of modern capitalism and easy access to the internet, there are even car refinance companies which specialize in situations just like yours, whatever those might be. You may prioritize better interest rates or seek lower monthly payments by extending your terms. You may decide to refinance truck payments alone or to refinance auto loan options as part of a comprehensive bill consolidation.

Whatever you decide, it’s important to consider your options in advance. Refinancing isn’t typically free – there will be upfront charges to factor in, and of course there’s the time and energy you’ll spend going through the process yourself. The fact that you’re here, right now, however, means you’ve already started off well. At, we believe in being armed with information, like what you’re doing right now.

Auto refinancing may be a valid option as you move forward and take fuller control of your financial future. It’s not for everyone in every situation, however. After you’ve looked at the logistics and common pros and cons, it’s up to you to decide whether or not it’s what’s best for you right now. Let’s get started.

How Refinancing Works

Refinancing at its most basic takes the balance on your existing loan and treats it like the purchase price of the vehicle. Lenders look at your current credit score and full credit report, just as with a new loan. They may ask you to provide proof of income or other employment information as well. The terms of the new loan, including interest rate and the length of the loan, are largely determined by that information.

The type of vehicle purchased is a factor as well, however. It’s more difficult to refinance car payment balances if they’re significantly higher than the current value of the car or truck. Many lenders will prioritize any past history you have paying off vehicles specifically. While your track record with medical bills, utilities, or credit cards are certainly part of your overall credit history and impact your three-digit credit score, lenders may weigh your success (or failure) in making car or truck payments on time more heavily than other factors.

Once you’ve successfully refinanced your car, it’s important to make your payments on time every month just like with the original loan. If your goal was to lower your monthly payments or secure a better interest rate, you’ve accomplished that. Now it’s important to use that advantage to strengthen your credit going forward, laying the groundwork for future financial needs. If your need was a refinance auto loan with poor credit, you’ve done it. Build on this by becoming the most reliable client your lender has ever seen, whatever your background.

Whatever your credit situation today – excellent, average, or abysmal – you will one day need credit again. What you do with this loan, starting now, will largely determine how things will go when the time comes.

Things To Consider

If you’re not working with your original lender, prepare as if you’re starting from scratch. Have recent tax returns or pay stubs easily accessible; bring them with you if you’re visiting a local bank or credit union. Even if you are using the same lender, be prepared to document anything which has changed – your address, your employment, or major life events which might impact your ability to pay.

Refinancing a vehicle may come with set-up fees or other costs of the process. Pay attention also to the terms of the loan beyond your monthly payments or interest rate. What are penalties for late payments? Can you pay extra towards the principle in order to pay off the loan more quickly? Is there a penalty for paying off the loan in full ahead of schedule? What other charges or changes might there be from what you’ve grown used to with your previous loan?

If you’re extending the terms from the months you had remaining on your previous loan, this may lower your monthly payments but increase the total amount you pay over time. Use an online loan calculator before you borrow to determine what combination of factors works best for you.

Treat refinancing the same way you do any other financial commitment – pay attention, read the small print, and ask as many questions as necessary to feel fully comfortable before you commit. Period.

Loanry® is here to help you Shop for an auto refinance lender


Why Loanry?

The internet has sometimes been compared to the “Wild West.” It’s a place of both great opportunity and limited rules. What that means in terms of auto refi is that there are incredible options out there if you simply know where to find them. There are endless pitfalls if you don’t.

You could simply enter “refinance my car loan” into your favorite search engine and take your chances with the results. Or, you can rely on an established lender marketplace to help you find reputable online lenders who may want to work with you both now and in the future. Making these connections is a significant part of what we do, and our goal is to make it as easy on you as possible.

You’ll probably want to start by checking your credit score for free on You can compare the impacts of various interest rates and lengths of your refinancing using one of our online calculators. Or you can take a few days and read up on various auto loan options and terminology on the or related blogs – all on your schedule, using whatever device you prefer, as much or as little as you choose. It’s all up to you.

If it makes you feel better to shower and dress up before moving forward, you’re welcome to do so – but it’s not required and we’ll never ask. You don’t even have to wear shoes!

Proceed as quickly or slowly as you wish. If you have a desktop computer, a laptop, a tablet with a web browser, or most any cell phone, you can submit your request while having your morning coffee or winding down after the kids (or spouse) have finally gone to bed. Access us on your lunch break, while waiting for your haircut, or sitting at the mall waiting on your friends.

Response times vary, but if you’re approved, it’s not unusual for money to be deposited in your account the next day.


There’s no single best way to refinance a car. What makes the most sense depends on your specific circumstances and the options available to you. Obviously we’re happy to help with that part.

But refinancing by its nature suggests you’re doing trying to do more than get a car or finance a purchase. You’re trying to make an improvement in your current debt situation by lowering your payments, reducing your interest rates, or otherwise taking better control of your finances now and for the foreseeable future. Just taking this step indicates you’re invested and attentive and looking at the long game.

It means you’re already ahead of the curve compared to the majority of Americans. Nice.

When you’re able to make your monthly payments on time and in full, you’re doing more than paying down your current debt. You’re investing in the future by strengthening your credit history and raising your credit score. When you decide to buy another vehicle, purchase a home, add a credit card, or otherwise secure financing, you’ll find you have very different options based on what you do today and in the months between now and then. Improving your credit takes time, but it might not take as long as you think. Good choices add up quickly.

Finally, don’t overlook the value of taking care of the car or truck being refinanced. We all know not to drive our car into a pond or run our truck into a wall if we can avoid it, just like we all know to avoid the most obvious credit pitfalls. But that’s not what gets most of us in the long run. It’s the oil changes, the recommended maintenance, keeping the upholstery clean and making sure we avoid bad roads. It’s the regular little things that most often make the difference over time – whether we’re talking about our car or our credit scores.


At Goalry, everything we do is anchored by helping you organize your personal or small business finances and increase your financial efficiency. From budgets to loans to investments, we’re here to educate and connect you with services. What you do with it is always up to you.

While we’re probably best-known for our success connecting borrowers and lenders, we’re proud of our online library of thousands of informational blog posts and hundreds of YouTube videos to support them. More are being added weekly, but already you can learn how what sort of terminology you’re likely to encounter when seeking a small business loan, how to build up your retirement on a modest budget, or even why Arnold Schwarzenegger’s net worth is so much higher than Bill Clinton’s. You can also follow us on pretty much any social media platform to keep up-to-date.

Our most popular tools are checking your credit score for free, but there are plenty more available online for free, and more on the way. With a single ID and password, you can access everything the family has to offer, including all of the various “stores” in our “content mall”:

The focus of each is different, but the goal is always the same – convenient, centralized financial education and management with you at the helm.


Did You Hear?

"Success is not final. Failure is not fatal. It's the courage to continue that counts."

Winston Churchill (British Prime Minister 1940 - 1945, 1951 - 1955)

Educate Yourself

Can We Start Again?

If you’ve taken out an auto loan in the past decade and wondered how you were going to pay for it, you’re far from alone. More Americans are borrowing money to purchase a vehicle than ever before, and the average amount of those loans keeps rising as well, leading many borrowers to seek longer loan terms – five, six, or even seven years. The only things we owe more on are our homes and our student loans.

All of those payments can be difficult to keep up with. Auto refinancing doesn’t make our obligations go away, but it can make them easier to manage. It’s not the answer for everyone, but it’s certainly worth a closer look.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

Start Loan Shopping

Tell us things like who you are and how much money you need.It only takes minutes.

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Step 2

Find Lender

The Loanry® Store may help you find a lender interested in your loan request.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Reasons for Auto Refinancing Loans

There are many reasons you might consider refinancing your car or truck. Here are a few of the most popular.

Lower Your Monthly Payment

Sometimes our obligations simply grow beyond what we can consistently manage. Letting your automobile payment fall into delinquency hurts your credit score and risks having your account turned over for collection. It might even lead to having your vehicle repossessed.

Consolidate For Lower Interest

The right consolidation loan can eliminate many of the individual bills showing up in your mailbox or email every month. Ideally, you can secure a better interest rate than what you’re paying on your credit cards or eliminate the late fees or other charges being layered on by other creditors.

You Need Another Vehicle

When you financed your current vehicle, it was the only one you needed. Now your partner has a new job, the kids are in activities, and someone needs to pick up milk or dog food or that dress you left at the cleaners. It's time for a second car in the family.

Remove A Co-Signer

If you had little or no credit when you first purchased your vehicle, you may have had to find a co-signer in order to get your loan approved. It could be your parents or other relatives, a good friend, or maybe even your boss. Now that it’s been a few years and you’re starting to build up a credit history, you’d like to take the rest of the loan on all by yourself. Even if they’ve been very supportive, it feels good to know you’ve got things covered. It also might make that relationship a little less tense once they know they’re off the hook and that you seem to be doing rather well. Make sure you tell them thanks – again.

Add A Co-Signer

Adding a son or daughter to your loan on the car or truck they’re already driving is one more way to help build a positive credit history under their name, as well as helping them learn the ropes of automobile financing themselves. It won't be long before they'll be expected to handle things on their own, right?

Interest Rates Have Dropped

Even if you’re making your car payments just fine every month, you can’t help noticing promotions from local credit unions as well as a number of online lenders offering interest rates substantially lower than what you secured a few years ago. A half-a-percentage point or more may not sound like big money, but over a period of years it adds up – especially if you purchased a new (and therefore more expensive) car to begin with. Refinancing offers a chance to grab that lower rate for the remainder of the loan. Be aware there may be other charges or changes to the terms you previous negotiated, however – so read those details.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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