You've heard of home refinancing; what about vehicle refinancing? For most of us, our car payment is our second-largest payment each month. We can help you lower your interest rates and get you qualified for payment deferrals.

Get in touch with our finance team by clicking the buttons below, or scroll to read our answers to some of the most frequently-asked questions regarding vehicle refinancing.

Contact a Finance Manager


What does refinancing mean?
Refinancing is often seen in the mortgage industry but the same concept applies to auto loans. Refinancing allows you to take advantage of the low rates of today to refinance your auto loan to lower your car payment and pay less overall interest.

Is refinancing a good option for me?
Refinancing is a great option for anyone who has a car payment! Refinancing allows another bank to take over your loan and lower your interest rate. This means you pay less monthly, less interest and sometimes allow you to pay off your vehicle sooner.

Why does my payment get lower?
Your car payment gets lower because of the lower interest rate and the lower amount owed for your vehicle. If you paid $25,000 two years ago but now only owe $15,000, you are financing less money and at less risk to the bank so you get a lower rate.

Why do I not have to make payments for a few months?
Because of current circumstances, many lenders are offering payment deferral meaning you don't have to worry about your second largest household payment during this uncertain time.

Do I have to pay longer?
In some cases, yes, and in other cases, no. It depends on the terms you set up. If you want to lower your payment because of unforeseeable circumstances and your vehicle is still in good health, you can extend your loan to alleviate financial burden. If you want to keep your payment and just lower your interest, you'll end up paying less money overall and still stay on track for your original payoff date.

Will I have to go to the DMV and pay taxes again?
As long as you don't need to change ownership of the vehicle (the names on the registration), you won't have to go to the DMV or pay taxes again.

What credit score do I need to refinance?
Most customers qualify for our low refinancing rates but the better the credit score, the lower the rate you'll get!

What happens if my payment doesn't lower?
In some cases, your payment may not lower but you can decrease the time paid on your car loan which means you will pay off your car quicker!

Do I stay with the same lender?
Most refinancing deals pair you with another one of our quality lenders.

How long does it take?
After being paired with one of our friendly finance managers, the process can be completed quickly, with just a few strokes of the pen!

At what point should I consider a new car/auto loan?
Many of our customers can lower the rate of their current loan. In most cases, a new car with a full warranty and a pre-paid maintenance plan, such as ToyotaCare, will be included at a cheaper payment than what you're already paying. Let your finance manager know if you'd be open to the idea of a new car, with lower payments, and free repairs!