Refinancing your loan may be an easy way to lower your monthly payments to get a little extra money in your monthly budget.The process is much easier than when you first signed for your car loan. Here are the terms. You still have to make copies of your important documents (paystub, phone bill, etc.), but this time you can do it all either online or through the mail. Even if you just save $10 per month, that’s $120 a year and if you have 60 months to go, that would be $600 total. For about two hours worth of work, that’s not bad. So that being said, you are still asking how I refinance my car loan. Well you will need to apply to a couple of banks or finance companies like RoadLoans. We are able to check your credit and give you a decision immediately. Usually you have to fill out an application for 5-10 minutes and if approved, you will get an offer in seconds. The only information you need ahead of time is the mileage and the VIN number of your vehicle. Upon approval, you will have to finish the paperwork. Some companies might require you to get a notarized power of attorney for title issues with your vehicle. This can be annoying but not insurmountable; you can go to any bank or post office to get it done. Some other important points about refinancing your car loan include that while you are going through the paperwork and are getting all of your documents together, you must remember to pay your current bill. This is critical because until your new company has paid off your current company you are still under contract and they can still report you as delinquent. Worse yet, your new refinance company can invalidate your application because you are delinquent on the current loan. So above all else, make sure that you pay your current bill until you get the welcome letter from your new refinance company. Do not worry about that payment getting lost, these companies are required by law to apply your payment to your new loan. So in summary, when you refinance your loan, you might get to lower your payments, possibly take a payment off in between, and all you have to do is apply online and get approved, and finish and submit your paperwork.