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Refinancing your car means replacing your current auto loan with a new one. The new loan pays off your original loan, and you begin making monthly payments on the new loan. The application process for refinancing doesn't take much time, and many lenders can/may make determinations quickly. Still, there are things to consider before taking the plunge.

Although Chase doesn't offer refinancing, we'll cover the steps below so you can see if it's the right choice for you.

Can you refinance a car loan? Do some preparation beforehand to get the answer to this question. The process may vary slightly according to the lender but knowing the basic steps can help prepare you for what comes next.

Refinancing your auto loan should reduce your monthly payment or lower the overall amount you pay in interest. However, this might not be possible if any of the following factors apply to you:

Lenders rely heavily on your credit report and credit score when approving a loan and determining an interest rate. A higher credit score typically translates into lower interest rates. Keep an eye on your credit, as it may have improved over time.

Organizing your documents ahead of time can help simplify the application process. Most of the time, you'll need the same items used for securing a loan, including:

You also need to obtain a copy of your original loan contract. If you can't locate your copy, contact the lender and ask them to email you a copy. A new lender might request details about your existing loan, such as:

Before signing on the dotted line, cover all your bases by asking the right questions and reading the fine print. Talk to lenders and ask, “how does refinancing a car work?” Also, get answers regarding the annual percentage rate (APR), loan duration, and if there are any origination fees or early payoff penalties.

If you've found the right deal and are confident about qualifying, you might be ready to jump right in and start the application process. But it can put a hard inquiry on your credit report. If you're unsure where you stand, getting prequalified can give you a better idea without adding an inquiry to your credit report.

Refinancing a car isn't for everyone and deciding when to refinance can be challenging. The benefits of refinancing might be limited or non-existent in certain instances. For example, if you have a poor payment history on your current loan or are close to paying it off, it may not be to your advantage to refinance.

However, there are times when refinancing your car can benefit you. Consider refinancing your car if any of the following situations apply to you.

Your credit score is one of the main factors a lender considers when determining loan approval and credit terms. If you financed your car with a low credit score, refinancing your car could get you a better interest rate or even reduce your monthly payment.

If you bought your car when interest rates were high, refinancing your vehicle can save you money, possibly more than you realize. An interest rate decrease of only 2% to 3% could save you hundreds if you do not extend the term of your loan.  An auto loan calculator can show you how interest rates affect your monthly payment and the total amount you could pay in interest.

If you got your original loan from the car dealer, you might have spent too much. Buyers don't always check their credit score or research interest rates before heading to the dealership, and their loan terms may have suffered because of it. If you took the loan offer from the dealership without knowing what options were available, you might not have received the best deal.

If your monthly payment is too high, refinancing your auto can help. A lower interest rate can decrease your monthly payment, but it may not be enough to make the difference you need. Extending the length of your loan can have a greater impact on reducing your monthly installment. However, a longer term increases the amount of interest you'll pay over the life of the loan.

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