Can You Refinance a Car Loan With the Same Lender?

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Is It Possible to Refinance With the Same Lender?
When Does It Make Sense to Refinance?
You Now Qualify for a Lower Interest Rate: If interest rates go down or your credit has improved, you could save money with a lower rate. If your credit score isn’t very high, refinancing with a co-signer could also help you pay less in interest. You Want to Lower Your Monthly Payment: You might be able to get a longer loan term by refinancing. This means you’ll be making payments longer but also lowers your monthly bill. You may end up paying more in interest over the extended loan term. Your Car Is Aging and/or Has High Mileage: Many lenders restrict your ability to refinance a vehicle once it reaches a certain age or mileage mark. If your car is close to 10 years old or is approaching 100,000 miles, then it might be time to crunch the numbers to see if one last refinance makes sense.
Is It Easier to Refinance With Your Current Lender?
How to Refinance With the Same Lender
How to Refinance With a Different Lender
The Takeaway
Frequently Asked Questions
About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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