How Do I Apply to Refinance My Car

by Lakeisha
(Flushing, NY)

Question: How do I apply to refinance my car? I am wanting to lower my car payments as my credit is now better than it was when I first bought the car, but am not sure what I need to do to refinance.

Are there special lenders for this or will any bank work?


Answer: Hi Lakeisha, the hardest part about refinancing your car is finding the right lender. Outside of that it's fairly easy and should be free. The lender will handle most everything for you.

I personally feel that credit unions are almost always the best way to go when refinancing. I've found that traditional banks tend to have higher rates for older cars with some miles on them and aren't quite as willing to work with customers that may have had credit issues in the past.

I personally recommend you check out Money Aisle.

They work with close to 200 nationwide lenders (many of which are credit unions) and they compete for your business by using a reverse rate auction.

If they do not have lenders in your area, then I'd definitely recommend you look at some of the credit unions near your home or work.

Hope this helps,
Justin