Yes! If you’ve already refinanced your auto loan with CEO and are considering doing it again, we’re here to help. Whether you're switching lenders or upgrading your vehicle, we offer flexible refinancing options.
Refinance with an External Institution
You can refinance your CEO auto loan through another financial institution. We’ll work directly with your new lender to provide the loan payoff amount, transfer the vehicle title, and complete all required documentation. This ensures a smooth and efficient transition.
Refinance for a New Vehicle
Looking to upgrade your car? We can help you refinance your current loan into a larger one. For example, if you owe $10,000 and want to purchase a $20,000 vehicle, we’ll refinance the $10,000 and lend an additional $10,000 for the new purchase. A trade-in of your current vehicle is required.
Only the new amount borrowed is subject to closing fees. A new loan application is required, and the refinancing will appear on your credit report.
Things to Keep in Mind
Refinancing involves taking out a new loan to pay off your existing one. This strategy can help you secure better terms—such as a lower interest rate, reduced monthly payments, or a different loan duration.
Before moving forward, consider the following:
- Consult a financial coach to review your overall financial situation and goals.
- Check your car’s current market value to ensure refinancing makes sense.
- Watch out for negative equity, which occurs when your loan balance is higher than your car’s value. This can limit your options and lead to long-term financial strain.
- Factor in any fees or costs associated with refinancing, such as title transfer or loan origination fees.
- Understand the impact on your credit, as applying for a new loan will result in a hard inquiry and may affect your credit score.
Taking these steps can help you make a confident, informed decision and protect your financial health.
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