When looking for a suitable deal for a car loan refinance, it pays to shop around for a good interest rate. In some circumstances, people get a rate offered to them by the dealer they purchase the car from. These are not always the best deals available, and the interest rate should not be more than 8% in most cases. If you are paying more than that, you might want to look for alternative financing.
Probably the best place to start really. Your own bank will know your finances and earnings. They will be able to assess your ability to pay by the level of income you have, and how often you put your earnings in the bank. If your bank has a manager or a finance department, it is a good idea to call them and find out if you can get a loan from them. They may provide you with a special car loan interest rate.
If you are a member of a credit union, you can also go knocking on their door. Borrowing money for car financing is not the same as borrowing money for a home mortgage. When you need to re-mortgage your home, you will have an appraisal done on its value. With a vehicle, it is only based on the balance of what you owe, rather than the value of the vehicle itself. The less you owe, the better chance you have of borrowing. Especially if you are not in negative equity.
You can find many loan companies online. They will all be vying for your business, and you may get a better rate than the one you have now. If you have exemplary credit, you will most definitely qualify for a low interest rate, and even with slightly scarred credit you will still get a reasonable rate. Have a look around online and get some information about companies who might provide you with excellent car refinance rates.
Get a copy of your full credit history so that you have the power to choose what you do about your loan. When you want to refinance a car, knowing your personal credit rating is useful information, because it will also disclose any other people living in the house who could affect what rate you get.
Family members with bad credit should not technically affect you, but unfortunately they do. Many people think this is wrong because you may not be responsible for the way another person spends their money. Though companies will see that as tarring you with the same brush. It is a sad fact that many people lose a good credit rating because of someone else. If there is anything on your credit report that you feel is unwarranted, you can contest it. You should contact the company and request that the incorrect information is removed, providing you can support your claim of incorrect information.