Auto Refinance Resources
When to refinance your car loan (& when to wait)
Refinancing your auto loan can help you get a lower interest rate or change the loan term, which could save you money on interest, lower your monthly payments—or potentially both. If you only recently bought your car, or you’ve had it for several years, you might be wondering if it’s too soon, too late, or the perfect time to refinance.
- Auto Refinance
- Jul 12, 2026
- 6 min read
Auto loan refinancing is when you use a new car loan to pay down your old loan—often with a lower monthly payment or interest rate.
Your credit score may be impacted when you refinance your auto loan thanks to a hard credit check, but the effects are typically short-lived.
The total cost of owning a car includes the purchase price, interest on loans, insurance, fuel, maintenance, repairs, taxes, registration, depreciation, and unexpected expenses.
Should you lease or buy your next car? Leasing costs less on a monthly basis and puts limits on how you can use your car. Buying comes with ownership responsibility but will cost you less in the long run.
If you’re in the market for a new car, you might be wondering if your current credit score will help you get a good deal or hold you back. Your credit score is an important part of the process, but it’s not the only factor. Though good and excellent credit scores help when taking out any line of credit, it is possible to buy a car with a less-than-ideal score.
Is now a good time to buy a car? At the time of this writing, inventory shortages, rising interest rates, a lack of dealer incentives, and a stressful shopping experience are still making the car-buying process unusually difficult for buyers of both new and used cars.
Keep more of what you earn and earn more on what you save.
Checking your rate won’t impact your credit score.2
