How Do You Refinance a Car Loan?

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Drivers in Aurora and beyond often wonder about the best way to refinance auto loans. Refinancing is a common means people have of lowering their monthly payments and it’s not hard to do if you take the proper steps. The finance department at Valley Honda tells you what to know when refinancing your car below, so read on to find out more!

Tips for the Best Way to Refinance Auto Loans

The best way to refinance auto loans involves knowing where you stand. Here’s a list of things Naperville drivers should check on their current loan:

  • “Underwater Loans”: The term “underwater” refers to a loan whose amount has now surpassed the vehicle’s worth. This can happen through a combination of raised interest and depreciation of the car’s value, making it a difficult car to refinance.
  • Vehicle Age: On a similar note, the depreciation of value on an older vehicle can result in a lender refusing to refinance it. It’s important to note that some lenders have limitations on the age of a vehicle that they will finance. That’s why we work with several lenders to ensure we find the best offer for our customers.
  • Fees for paying off early: There’s a chance that your loan has fees associated with early fulfillment or refinancing, making a refinance bad for your wallet.
  • Credit Score: A common answer to the question about the best way to refinance auto loans involves your credit score. Check it through a secure place to see where you stand! With the approval of our customers, Valley Honda will gladly obtain your credit score from the credit bureau and go over your score together!

What to Know When Refinancing Your Car

Once you’ve looked up fees, your credit score, and set your sights on a better monthly payment, here’s what to expect when refinancing around Chicago:

  • Application timing: Submitting a lot of applications over a long period of time can hurt your credit score, so make sure to shop around within a 14 day period.
  • Get Multiple Offers: Have your ideal monthly payment in mind and make sure to consider more than one offer. You don’t want to miss out on a good deal! At Valley Honda, we work with several local lenders so you don’t have to go through this alone! We’ll help you find the most attractive offer for your specific financial situation!
  • Consider what’s at stake in a loan term: A larger loan term can look great but mean more interest. If you can make larger payments over a shorter period of time, you may end up saving money overall!
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How Can Valley Honda Help with Refinancing?

Our expert finance team can do much more than simply pointing you in the right direction. We can guide you through refinancing, step-by-step! We’ll make sure to be by your side through the whole process, thanks to some of our excellent benefits, including:

  • A knowledgeable finance staff that can offer these services in-house, working hand-in-hand with banks and lenders
  • Options to purchase extended warranties when refinancing your auto loan
  • With the help of banks, we can even help you refinance a loan for a car that is underwater
  • A vast network of lenders that helps to ensure we find you the best possible offer when refinancing your Honda

At Valley Honda, our Wheaton customers will find a simple, honest, and helpful refinancing process at their disposal. Contact our team today to get started!

Learn More about Car Financing with Valley Honda!

The list of what to know when refinancing your car can seem long, but Valley Honda is here to help by providing expert advice and many financing options! Our finance specials and lease specials can help drivers from Aurora to Bolingbrook find the right vehicle for them. Many people have questions about the best way to refinance auto loans, so please contact us if you want to know more!

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(630) 851-5700

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4173 Ogden Avenue • Aurora, IL 60504

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Valley Honda

4173 Ogden Avenue Aurora, IL

Phone: (630) 851-5700


Phone: (630) 851-5700

4173 Ogden Avenue Aurora, IL


Phone: (630) 851-5700

4173 Ogden Avenue Aurora, IL


Phone: (630) 851-5700

4173 Ogden Avenue Aurora, IL
41.7503286 -88.2129555
Valley Honda 41.7503286, -88.2129555.