How does refinancing work?

Refinancing is the process of finding a new lender (lien holder) for an existing loan, often for a better rate, but also to extend their term, skip a few payments, add or remove a co-applicant, and add products (such as GAP insurance) to a loan.
For more information, please see below:

  • What does it mean to refinance an auto loan?
  • How to Refinance an Auto Loan
  • The Refinance Process

When I refinance does that mean I have to start the entire term of my loan over again or extend the term of my loan?

Generally, refinances your current auto loan for the amount left in the current term i.e. if you have 42 months left in your current term, will refinance you at 42 months at a lower interest rate so you will pay less for the same vehicle in the same amount of time. However, your term is flexible and may be shortened or lengthened to accommodate your particular refinance needs.

Do you only refinance cars?

At this time, can refinance your car, truck and SUV. Currently, we are not able to refinance heavy equipment, motor homes, RVs, motorcycles, recreational or commercial vehicles or homes. Consolidation, personal and new purchase loans to buy or trade a vehicle are not currently available through either, however a lender in our network may be able to accommodate you with those loans.

My vehicle is under my company name, can you still refinance it? can refinance a personal vehicle purchased under a company name. Commercial vehicles and heavy equipment machinery are not eligible for refinance through

Is there a charge to refinance my automobile? does not charge any application or loan fees. The only cost associated with refinancing your vehicle is a Title Transfer Fee that is paid to your state (varying from $5-$65) depending on the state you are in. Some lenders may also have a loan processing fee. All additional fees are typically added to the loan so there are no out-of-pocket expenses to you.

While I am working with to refinance my automobile, can I stop making payments on my current loan?

No, you are contractually obligated to make payments on your current loan until your account is paid in full. Once all of your paperwork has been approved and funded by your new lender, a payoff check will be sent to your current lender. When the entire process is complete, and your current lender has been paid off, then you are free from your old loan.