Are you searching the internet for, "how to refinance my car with bad credit" or "how to refinance my car with poor credit?" The financial experts at Glenwood Springs Subaru have you covered! If you're looking to lower your monthly car payments and save on interest, refinancing is the way to go. The finance department at Glenwood Spring Subaru knows the ins and outs, and can answer your question on "how do you refinance a car loan?" Learn how to refinance a car loan with bad credit in Glenwood Springs.

How Do You Refinance a Car Loan?

Vail and Grand Junction drivers decide to refinance their car loan to lower the interest rate they're being charged each month. Take a look at your documents or give your lender a call to confirm your current interest rate and monthly payments. Once you have the information needed, follow the steps below:

  • Check Your Credit Score: If you have been paying all your bills on time since your vehicle was purchased, your credit score has likely improved, and you could benefit from refinancing. 
  • Start Applying: Apply to several automotive refinance companies to ensure the best rate possible. Make sure you submit all applications within 14 days to minimize the negative impact on your credit score.
  • Evaluate Offers: Take time to run the numbers to make sure any new offers coming back will get you the monthly payment you are looking for. 
  • Decide Loan Term: Decide if a longer or shorter-term loan fits best fits your budget. A shorter-term loan requires larger monthly payments, but you pay less interest in total. With a longer-term loan, your monthly payments lower, but you will pay more interest in the end. 


Consider your circumstances before refinancing, and make sure that any offer or term you pick is going to work best for your situation. Our team is here to assist when it comes to finding the best way to refinance an auto loan.

What to Know When Refinancing Your Car

Vail drivers should also consider a few things when deciding whether or not to refinance your car:

  • Fees: You will want to check your original car loan to make sure there aren't any fees associated with paying it off early. If there are, refinancing may not be cost-effective. 
  • Underwater Finances: Do you owe a lot more than what the car is worth? If so, getting approved for refinancing can be harder.
  • Older Vehicles: Many lenders will not refinance an older car that's experienced major depreciation. 


If you are in any of the situations listed above, give the finance center at Glenwood Springs Subaru a call. We can guide you to options better suited for your situation.

Learn How To Finance a Car Loan in Glenwood Springs

Want more details about the best ways to refinance an auto loan or, what does guaranteed car financing mean, what is a good interest rate for a car loan? Our finance experts are here to answer any questions that you have.