couple with car keys

How to Refinance a Car Loan

Interested in lowering your monthly car payments in Lakeland and saving on interest? Most drivers are! If you’re one of them, refinancing your car loan might be your best option. If you’re unsure how to refinance a car loan, Chevrolet Center can help. Join our friendly finance team as we explore the ins and outs of refinancing so you can feel confident before you apply. 

How Do You Refinance a Car Loan?

When you refinance your car loan, the main goal is to lower the interest rate you’re being charged each month, meaning you’ll need to know what you’re currently paying. Review your documents on your own or get in touch with your lender to confirm your monthly payments and interest rate. Once you have these numbers, you’ll perform the following steps:


  • Check Your Credit Score: Have you been diligent about paying your bills on time since purchasing your vehicle? There’s a good chance your credit score has improved over time, and refinancing could be a great possibility.
  • Start Applying: Apply to several automotive refinance companies to ensure you get the best rate. Make sure you submit all applications within a 14-day period to minimize the negative impact on your credit score.
  • Evaluate Offers: It may seem like tedious work, but you should still run the numbers to ensure any new offers coming your way are going to secure the new monthly payment you desire. Need help comparing offers? Use our handy monthly payment calculator.
  • Decide On a Loan Term: Will a long or short-term loan suit your unique financial situation best? Shorter-term loans require larger monthly payments, but you’ll pay less total interest in the end. Longer-term loans, on the other hand, make your monthly payments smaller, but incur more total interest when all is said and done.


The best way to refinance an auto loan depends on your circumstances, so make sure that any offer or term you choose works well for your situation. 

What to Know When Refinancing Your Car

In addition to what we discussed above, you should keep the following factors in mind as you decide whether or not to refinance your car in Haines City:


  • Fees: Check your original car loan to ensure there won’t be any fees associated with paying it off early. If this is the case, refinancing might not be the most cost-effective option.
  • Underwater Finances: Do you owe significantly more than your vehicle is currently worth? This can make it harder to get approved for refinancing.
  • Older Vehicles: Many lenders won’t consider refinancing an older vehicle that has already gone through significant depreciation.


If you find yourself in any of these situations, the finance center at Chevrolet Center can give you advice and guide you through options that better fit your circumstances. 

Explore More Financing Options at Chevrolet Center

Have lingering questions about refinancing your car loan? Curious about what other options exist? Contact us to schedule an appointment with our finance professionals. We’re not far from Davenport, and we’re always happy to help!

More from Chevrolet Center

  • 2019 Chevy Traverse MPG Ratings

    View Inventory Contact Us Looking for a fuel-efficient SUV to handle your Lakeland commute? The 2019 Chevy Traverse MPG will generate an EPA-estimated 18 city and 27 highway mpg*, allowing you to travel more often without stopping for gas. Explore the Chevrolet Traverse performance features below before heading to Chevrolet Center to see how one…

  • Grove Roots Brewery in Winter Haven

    Whether you’re a hop head or a total beer novice, Grove Roots Brewery in Winter Haven can introduce you to brand new flavors that you’ve never experienced before. This modern taphouse prides itself on a commitment to innovation and authenticity – and of course, amazing brews. From bright and citrus-laden pale ales to rich roasted…

  • Explore the 2020 Chevy Equinox Colors

    Shopping for a versatile SUV in Lakeland that perfectly suits not only your driving needs, but also your unique personality? Check out the 2020 Chevy Equinox at Chevrolet Center! With four well-equipped trim levels and 10 vibrant new Chevy Equinox colors to choose from, it’s easier than ever to configure your dream SUV in Winter Haven. Learn…

Contact Us ×

(863) 294-7371

Call Now

101 Cypress Gardens Blvd • Winter Haven, FL 33880

Get Directions

Today's Hours:

Open Today! Sales: 9am-5pm

Open Today! Service: 7:30am-2pm

Open Today! Parts: 7:30am-2pm

[schema type="organization" orgtype="LocalBusiness" url="" name="Chevrolet Center" description="" street="101 Cypress Gardens Blvd" city="Winter Haven" state="FL" postalcode="33880" country="United States" email="" phone="(863) 294-7371" logo=""]
Chevrolet Center
Chevrolet Center
101 Cypress Gardens Blvd
Winter Haven, FL, 33880 United States
(863) 294-7371
Chevrolet Center 28.0049718, -81.7276861.