How to Refinance a Car Loan

Did you know that our finance department has helped lots of Lincoln customers just like you to lower the payments on their car loans? We’ve put together a guide below on how to refinance a car loan. Why? Because we think you should be aware of what to know when refinancing your car. 

How to Refinance a Car Loan in Four Easy Steps

• Check your credit report. When it comes to what to know when refinancing your car, this is the most important. Look up your report and fix any issues.
• Calculate your monthly payment. Our car payment calculator can help with that.
• Apply for financing. We can help with that as well.
• Shop around for the best rate. Applying to only one lender is not the best way to refinance an auto loan. Fortunately, most dealerships work with multiple lenders. So, talk to our finance department before you approach every lender in Omaha. 

What to Know When Refinancing Your Car

To be aware of what to know when refinancing your new car, you need to know what to expect before you apply. Here are some things you should be aware of before you start the process of refinancing your car loan.

Helpful Tips for Refinancing Your Car

• You will probably only get a better rate if your credit score has improved.
• Your old lender may charge a prepayment penalty.
• Your new lender will likely charge fees on your new loan.
• Some states will require you to re-register or transfer the title of your car (more costs).
• You may not save money or qualify for a new loan if your car is older than eight years old, has over 100,000 miles on it, or you now owe more than the car is worth. 

The Finance Department at Honda of Lincoln is Here to Help!

Our finance staff is fully prepared to inform you about what you should know when refinancing a car loan. While you’re here, check out our finance specials. Feel free to come in and check out our new vehicle specials. We’re conveniently located near both Gretna and Bellevue. So, stop by or contact us today!