How Do I Refinance My Car Loan for a Longer Term

by Marijane
(Pueblo West, Co.)

Questin: How do I refinance my car loan for a longer term? I purchased a 2011 jeep patriot 3 weeks ago and I would like to finance for 72 months instead of the current 60. How do I do this?

Answer: Hi Marijane, I would suggest you start with the lender that you are currently with and see if they are able to do this for you.

If they are not able to/willing to, then I'd suggest you look to a credit union and simply refinance for a longer term.

Of course your credit rating will play a big role in whether this can be accomplished, but I'm assuming that your credit must be average or better if you were able to purchase a new vehicle.

One thing to consider however is that if you financed through Ally Bank and received some sort of special finance rate, i.e. 0%, 1.9%, etc., you'll have to expect your rates to go up with a traditional lender.

How much might your rate go up? Again, this will depend on your credit rating, but as of now there are credit unions offering rates for 72 month auto loans in the 3's (as low as and O.A.C.).

I would suggest you look at Money Aisle. They have a couple hundred lenders they work with nationwide (many are credit unions) and you can compare multiple quotes from multiple lenders without applying for a loan.

The only thing you'd need to know to get accurate quotes is your credit score and you can Get your Credit Score from - fast, free and easy!.

I also did some math and even if you had gotten 0% for 60 months going to 3.5% (example only) for 72 months would still lower your payments by roughly $30 a month.

If you do find a lender that you like with rates that are acceptable for you, then refinancing your car loan will be easy from there. Simply apply with the lender and once approved they should handle most all the rest for you. It should also be free in most cases.

Hope this helps,

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