Financial literacy content and interactive calculators are provided for educational, informational and illustrative purposes only. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.
Auto Loan Refinance
Keep the car you love, with a loan structure that best fits your needs.
What is a Vehicle Refinance Loan?
Refinancing a vehicle is the replacement of your current auto loan with an entirely new one. The lender will repay your old auto loan and provide you with a new loan and payment plan.
Factors to consider before refinancing include whether you owe more on the car than it's worth, vehicle age and mileage, fees, prepayment penalties, and how a new loan may affect total borrowing costs.
Refinancing involves collecting necessary documents, weighing auto loan options, applying for a car refinance loan, and clearing the original auto loan before starting payments on the new one.
Refinancing your current loan could lower your interest rate, your payment amount, or both. Some borrowers prefer to pay less monthly, others may want to reduce their loan period or their total interest paid. Impacts of refinancing on your rate and/or payment will depend upon the terms and conditions of your current loan versus those of a refinance loan. You decide what best fits your current situation.
Tools & Learning
Use our calculator to see what your payment options could be.
Insights
Borrow
How to Refinance a Car Loan
Borrowers often decide to refinance their auto loan to help them save money. Learn how refinancing a car loan works and when is a good time to consider it.
6 min read
Borrow
When is the Best Time to Buy a Car?
Timing can be an important factor in the car buying process. Learn about the best times to buy a car and how timing can impact your decision making.
10 min read
Spending Responsibly
Paying Off Your Car Loan Early: Things to Consider
Thinking of paying off your car loan? While there’s the benefit of reducing your debt, take time to assess your personal financial position before making a decision. In this article, we highlight some of the important considerations to keep in mind.
3 min read
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