Refinancing Auto Loans
Quiz
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The best idea is to go to a credit union!
Credit unions are non-profit organizations, and are made for lending. They may prefer that you are their member, but it is not always required. If you already have a credit union, contact them to ask about auto loan preapproval or refinancing. If you don't have a credit union, check out our website and the credit unions we recommend!
Got it!
You need to have a good credit score so you can qualify for a better rate.
It's good to have your credit score around 720 before you consider refinancing your car! If your score is lower than this, you may not qualify for a lower rate.
Got it!
It'd actually be $25,562 extra in just interest.
You're going to be paying $55,562 for a $30,000 car. You're basically buying the same car twice with a low credit score. However, if your loan was at just 6% instead of 23%, you'd be saving over $18,700 in interest!
Got it!
With predatory loans, an average of 1 in 3 vehicles is repossessed.
Buying a car from a buy here-pay here dealer, or even getting into a bad subprime auto loan, can be risky. You're basically paying twice as much for the car, and missing payments can lead to your car being repossessed.
Got it!
Auto Refinancing Quiz
Wendy Massengill
Created on October 20, 2025
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Transcript
Refinancing Auto Loans
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
The best idea is to go to a credit union!
Credit unions are non-profit organizations, and are made for lending. They may prefer that you are their member, but it is not always required. If you already have a credit union, contact them to ask about auto loan preapproval or refinancing. If you don't have a credit union, check out our website and the credit unions we recommend!
Got it!
You need to have a good credit score so you can qualify for a better rate.
It's good to have your credit score around 720 before you consider refinancing your car! If your score is lower than this, you may not qualify for a lower rate.
Got it!
It'd actually be $25,562 extra in just interest.
You're going to be paying $55,562 for a $30,000 car. You're basically buying the same car twice with a low credit score. However, if your loan was at just 6% instead of 23%, you'd be saving over $18,700 in interest!
Got it!
With predatory loans, an average of 1 in 3 vehicles is repossessed.
Buying a car from a buy here-pay here dealer, or even getting into a bad subprime auto loan, can be risky. You're basically paying twice as much for the car, and missing payments can lead to your car being repossessed.
Got it!