Car loan refinancing example
You received a car loan for $20,000 with an interest rate of 12%. You have already paid $5,000 off the loan, leaving you with $15,000 left to pay.
You choose to refinance your loan with another lender offering an interest rate of 8%. You apply for a $15,000 loan with the new lender and use the funds to pay off the remaining amount on your original loan.
You then continue to make repayments on the new loan, but are now paying 8% interest, instead of 12%, saving money in the process.
I want to refinance my car.
Hello Sony,
Thank you for your comment.
Since you’re looking for refinancing options for your car, the guide above will give you ideas and tips on how to go about getting one. You may compare the car loan refinancing products above and click the Go to Site button of your preferred loan product.
Please make sure to meet all the criteria and the requirements before submitting the application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. We also recommend that you get in touch with the lender.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
I have a car loan and I would like to refinance it somewhere else with a better interest rate
Hello Savvas,
Thank you for your question.
You are on the right page! :)
You may put your loan amount and the desired term on the calculator at the top of the comparison table. This will help you get the figures down for the loan you’re likely to be comfortable with in terms of repayments.
It is worth mentioning that you need to review the qualifications and the loan terms prior application.
Hope this helps.
Cheers,
Jonathan
Good Afternoon,
I am looking to refinance my Harley Davidson motorcycle. The interest rate is extremely high.
The only default I have is from over 5 years ago – no current credit cards, no credit issues.
Is there another option I have to re-finance? Payout figure is approximately $28K
Hi AJ,
Thanks for your question.
You may try contacting a motorcycle loan lender for your motorcycle refinancing options. Please note that your approval will be on a case-by-case basis so make sure to read the criteria and requirements before you apply.
Hope this helps.
Cheers,
May
I have an existing car loan and im wanting to borrow an extra $20000. Adding it to my loan. Is that possible? Is that refinancing?
Hi Bob,
Refinancing involves you taking out a new loan to pay out your existing loan, so borrowing an additional $20,000 on your existing loan is just “topping up” your loan. You’ll need to get in touch with your lender to find out if this is possible and what the process is to apply.
Hope this helps,
Elizabeth
Hi, I want to refinance my loan. looking for right advice.
Hi Roy,
As a financial comparison service we can’t offer you personal advice, but any of the lenders on the page above can help you with car loan refinancing. You can use the table above to compare them. You can also click the “Speak to a broker” tab if you’d like some advice from a car loan broker.
Hope this helps,
Elizabeth