When considering refinancing options, you must be familiar with the terms and conditions of the current loan, especially the payoff amount. If the payoff amount is less than the amount the lender will lend, you will not qualify for auto loan refinancing.
Be sure you have a good idea about your car’s worth, along with the cost of the loan. For example, if your car is relatively new and has low mileage, refinancing can save you money and keep you on the right track to repay the entire loan.
Your financial history and current credit score are important factors for refinancing. If you have been making payments on time and paying the credit card debt, there is a chance that your credit score might have improved since the time you took out the first car loan.