If you got your car loan when your credit was at its worst, you’re probably paying a higher interest rate than necessary. Refinancing means replacing your current loan with a new one at a lower rate — which reduces your monthly payment. Easy Ride Canada helps drivers with bad or improving credit find better rates through our network of 30+ lenders. If your credit has improved since your original loan, refinancing could save you $50–$150 per month.
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Not every situation benefits from refinancing. Here’s when it makes financial sense.
12–18 months of on-time payments can improve your score by 50–100+ points. If your score is higher now, you likely qualify for a lower rate.
If your current rate is 15%+ and your credit has improved, refinancing to 9.99%–12.99% could save $50–$150/month on a typical vehicle loan.
Most lenders require at least 12 months of payment history before refinancing. This proves you can handle the payment reliably.
If your vehicle is worth more than you owe, refinancing is straightforward. Negative equity is possible but limits options.
Check your approval in under 2 minutes. No hard credit pull. No obligation.