![]() Talk to lenders and ask, “how does refinancing a car work?” Also, get answers regarding the annual percentage rate (APR), loan duration, and if there are any origination fees or early payoff penalties. Vehicle information, like the vehicle identification number (VIN)īefore signing on the dotted line, cover all your bases by asking the right questions and reading the fine print. ![]() A new lender might request details about your existing loan, such as: If you can't locate your copy, contact the lender and ask them to email you a copy. You also need to obtain a copy of your original loan contract. Most of the time, you'll need the same items used for securing a loan, including: Organizing your documents ahead of time can help simplify the application process. Keep an eye on your credit, as it may have improved over time. A higher credit score typically translates into lower interest rates. Lenders rely heavily on your credit report and credit score when approving a loan and determining an interest rate.
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