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How to Refinance a Car Loan

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If you’ve been paying off your car loan with on-time monthly payments and your credit score has increased with time, you may be a great candidate for refinancing. How do you refinance a car loan? The process is no more complicated than when you first applied for your current car loan. In the guide below, the knowledgeable finance team from BMW of Southpoint explains how to refinance a car loan with actionable steps for success! 

How Do You Refinance a Car Loan?

Raleigh drivers who choose to refinance their car loan are seeking to lower their interest rate, thus decreasing the total amount paid by the end of their loan. The best way to refinance an auto loan might vary between drivers and their unique circumstances, but a solid place to get started is to confirm your current interest rate and monthly payment. Once you gather that information, you can move on with the steps below:

  • Assess Your Credit Score: If you’ve been making every auto loan payment in full and on time, while also keeping up with any other financial obligations, your credit score has likely increased from the time you applied for your loan.
  • Start the Application Process: Apply with a handful of automotive refinance companies so you can compare their rates. As always, you should limit your applications to a 14 day period so as not to harm your credit score.
  • Compare Offers: Take the time to assess each offer so you can confidently select the most favorable one. You may find it helpful to utilize our monthly payment calculator along the way.
  • Choose a Loan Term: Remember, a short-term loan will have higher monthly payments but will be paid off sooner, meaning less interest paid overall. A long-term loan has smaller monthly payments but will take longer to pay off, so you’ll pay a little more in total interest. 

If you’d like additional information or one-on-one help, our finance team will be happy to meet with you to determine the best way to refinance a car loan. 

What to Know When Refinancing Your Car

As with all financial decisions, there are a few factors to consider before you refinance your car loan. Here’s what to know when refinancing your car in Cary:

  • Early Payoff Fees: Some auto loan contracts have an early loan payoff fee built into them. Check your original contract to see if this applies to you; if the fee is hefty, it may be better to continue with your current loan.
  • Upside Down Finances: If you owe more than your vehicle is worth, refinancing will probably be difficult. Instead, you might consider trading in your financed car so you can consolidate what you owe into a new agreement on a more affordable vehicle.
  • State of Depreciation: If your vehicle has already undergone a lot of depreciation, you might find it difficult to get lenders to consider you for refinancing.

Learn About Your Options at BMW of Southpoint

If you’re still unsure of how to refinance a car loan, our team can help. Contact us for an appointment or stop by on your way home from Chapel Hill to speak with our friendly finance professionals. We’re conveniently located in Durham and are ready to provide car-buying tips you can trust!

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$899.00 Dealer Administrative Fee included in advertised price.

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Additional Disclaimers:

Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between September 1, 2026 and November 2, 2026, and finance through a participating dealer and lender have the option to defer monthly payments for 120 days from contract date. Excludes Hendrick Performance vehicles. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 75 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by November 2, 2026. See dealer for complete down payment and interest rate options and details. Financing available to qualified buyers. Some exclusions apply. See dealer for complete details. 

The BMW Ultimate Care Oil Services plan includes unlimited oil and oil filter changes for three years for $249.00 plus taxes and disposal fees where applicable. The need for included services are prompted by the vehicle’s Condition Based Service (CBS) system. For non-CBS vehicles, annual low-mileage oil changes are included as outlined in your BMW Maintenance Booklet. Available for all BMW vehicles that have reached 60 months or 60,000 miles but have not yet exceeded 240 months / 20 years and have no current Ultimate Care+ coverage. Plan is also available for purchase for vehicles that have reached at least 54 months and are currently covered by the BMW Ultimate Care Scheduled or BMW Ultimate Care+2 coverage. All work must be performed by an authorized BMW Center. Please see your authorized BMW Center for additional details pertaining to all programs. All work is carried out by BMW Trained Technicians using Original BMW Parts, which come with a two-year unlimited mileage limited warranty. Warranty repairs do not constitute an extension of the original limited warranty period for the vehicle or a part thereof. Each program and its pricing are subject to change.

Loyalty Offers available to qualified customers who have leased or financed a BMW model through BMW Financial Services NA, LLC in the last 12 months. In order to qualify for a BMW Loyalty Offer, loyal current or former BMW owners or lessees must show proof of ownership or BMW Financial Services account number and qualify for credit approval. Available Loyalty Offer of $5,000 off MSRP on select new 2026 i7 eDrive50 models (consists of $4,000 BMW of North America, LLC contribution plus $1,000 loyalty contribution from your BMW Center). Must take delivery by September 30, 2026. Availability of Loyalty Offers are subject to dealer participation. Visit your authorized BMW Center for important details. Purchase Credit: Valid on 2026 BMW i7 eDrive50 models. Through September 30, 2026, 0.90% APR financing for up to 24 monthly payments of $42.06 for every $1,000 financed, and 0.90% APR financing for up to 60 monthly payments of $17.05 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Available Purchase Credit of $7,500 off MSRP for well qualified buyers.

Valid on 2026 BMW X5 xDrive40i models. Through September 30, 2026, 0.90% APR financing for up to 24 monthly payments of $42.06 for every $1,000 financed, and 0.90% APR financing for up to 60 monthly payments of $17.05 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Available Purchase Credit of $1,000 off MSRP for well qualified buyers.

APR: Valid on 2026 BMW 330i Sedan models. Through September 30, 2026, 0.90% APR financing for up to 24 monthly payments of $42.06 for every $1,000 financed, and 0.90% APR financing for up to 60 monthly payments of $17.05 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Lease: Advertised lease offer is a national advertisement intended to be available on new 2026 BMW 330i Sedan models from participating BMW Centers through BMW Financial Services NA, LLC, to customers who meet BMW Financial Services' credit requirements. Dealer sets actual sale price and may add additional fees and charges. Advertised lease payment is calculated based on Manufacturer’s Suggested Retail Price for vehicle as shown and does not necessarily represent the dealer’s actual sale price. Offer not valid in Puerto Rico. Advertised monthly lease payments of $479 per month for 39 months is based on an adjusted capitalized cost of $46,685 (MSRP of $53,900, including destination and handling fee of $1,350, less $3,555 capitalized cost reduction, $0 security deposit, suggested dealer contribution of $2,660, and Lease Credit of $1,000). Actual MSRP and dealer contribution may vary and could affect your monthly lease payment. Cash due at signing includes $3,555 capitalized cost reduction, $479 first month's payment, $925 acquisition fee and $0 security deposit. Lessee responsible for insurance during the lease term, excess wear and tear as defined in the lease contract, $.25/mile over $32,500 miles, plus disposition fee of up to $495 (not to exceed an amount permissible by law) at lease end. Not all customers will qualify for security deposit waiver. Tax, title, license, registration and any dealer fees and charges (if any) are additional amounts that are due at signing. Advertised monthly payment does not include applicable taxes. Purchase option price at lease end is $30,723, plus the purchase option fee disclosed in the lease contract. Additional tax, title, and government fees may also apply. Offer valid through September 30, 2026 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized BMW Center for important details.

APR: Valid on 2026 BMW X1 xDrive28i models. Through September 30, 2026, 1.99% APR financing for up to 24 monthly payments of $42.54 for every $1,000 financed, and 1.99% APR financing for up to 60 monthly payments of $17.52 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Lease: Advertised lease offer is a national advertisement intended to be available on new 2026 BMW X1 xDrive28i models from participating BMW Centers through BMW Financial Services NA, LLC, to customers who meet BMW Financial Services' credit requirements. Dealer sets actual sale price and may add additional fees and charges. Advertised lease payment is calculated based on Manufacturer’s Suggested Retail Price for vehicle as shown and does not necessarily represent the dealer’s actual sale price. Offer not valid in Puerto Rico. Advertised monthly lease payments of $499 per month for 39 months is based on an adjusted capitalized cost of $41,685 (MSRP of $47,750, including destination and handling fee of $1,350, less $3,175 capitalized cost reduction, $0 security deposit, suggested dealer contribution of $1,890, and Lease Credit of $1,000). Actual MSRP and dealer contribution may vary and could affect your monthly lease payment. Cash due at signing includes $3,175 capitalized cost reduction, $499 first month's payment, $925 acquisition fee and $0 security deposit. Lessee responsible for insurance during the lease term, excess wear and tear as defined in the lease contract, $.25/mile over $32,500 miles, plus disposition fee of up to $495 (not to exceed an amount permissible by law) at lease end. Not all customers will qualify for security deposit waiver. Tax, title, license, registration and any dealer fees and charges (if any) are additional amounts that are due at signing. Advertised monthly payment does not include applicable taxes. Purchase option price at lease end is $26,740, plus the purchase option fee disclosed in the lease contract. Additional tax, title, and government fees may also apply. Offer valid through September 30, 2026 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized BMW Center for important details.

APR: Valid on 2026 BMW X3 30 xDrive models. Through September 30, 2026, 0.90% APR financing for up to 24 monthly payments of $42.06 for every $1,000 financed, and 0.90% APR financing for up to 60 monthly payments of $17.05 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Lease: Advertised lease offer is a national advertisement intended to be available on new 2026 BMW X3 30 xDrive models from participating BMW Centers through BMW Financial Services NA, LLC, to customers who meet BMW Financial Services' credit requirements. Dealer sets actual sale price and may add additional fees and charges. Advertised lease payment is calculated based on Manufacturer’s Suggested Retail Price for vehicle as shown and does not necessarily represent the dealer’s actual sale price. Offer not valid in Puerto Rico. Advertised monthly lease payments of $569 per month for 39 months is based on an adjusted capitalized cost of $50,000 (MSRP of $58,450, including destination and handling fee of $1,350, less $3,805 capitalized cost reduction, $0 security deposit, suggested dealer contribution of $2,645, Lease Credit of $1,000, and SoCal Edition Package Credit of $1,000). Actual MSRP and dealer contribution may vary and could affect your monthly lease payment. Cash due at signing includes $3,805 capitalized cost reduction, $569 first month's payment, $925 acquisition fee and $0 security deposit. Lessee responsible for insurance during the lease term, excess wear and tear as defined in the lease contract, $0.25/mile over 32,500 miles, plus disposition fee of up to $495 (not to exceed an amount permissible by law) at lease end. Not all customers will qualify for security deposit waiver. Tax, title, license, registration and any dealer fees and charges (if any) are additional amounts that are due at signing. Advertised monthly payment does not include applicable taxes. Purchase option price at lease end is $33,317, plus the purchase option fee disclosed in the lease contract. Additional tax, title, and government fees may also apply. This X3 Offer requires SoCal Edition Package included in the vehicle build. SoCal Edition Package Credit of $1,000 is a credit against the MSRP of the vehicle. In order to qualify for the SoCal Edition Package credit, the applicable X3 30 xDrive model must be equipped with the SoCal Edition Package (Package Code: ZS9). Contact your local BMW Center for more details. Offer valid through September 30, 2026 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized BMW Center for important details.

APR: Valid on 2026 BMW X5 xDrive40i models. Through September 30, 2026, 0.90% APR financing for up to 24 monthly payments of $42.06 for every $1,000 financed, and 0.90% APR financing for up to 60 monthly payments of $17.05 for every $1,000 financed is available from participating BMW Centers to well qualified customers who meet BMW Financial Services NA, LLC credit requirements. No down payment required for well qualified customers. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. All offers are subject to dealer participation. Offers valid through September 30, 2026. Visit your authorized BMW Center for important details. Available Purchase Credit of $1,000 off MSRP for well qualified buyers. Lease: Advertised lease offer is a national advertisement intended to be available on new 2026 BMW X5 xDrive40i models from participating BMW Centers through BMW Financial Services NA, LLC, to customers who meet BMW Financial Services' credit requirements. Dealer sets actual sale price and may add additional fees and charges. Advertised lease payment is calculated based on Manufacturer’s Suggested Retail Price for vehicle as shown and does not necessarily represent the dealer’s actual sale price. Offer not valid in Puerto Rico. Advertised monthly lease payments of $869 per month for 39 months is based on an adjusted capitalized cost of $66,100 (MSRP of $76,250, including destination and handling fee of $1,450, less $5,135 capitalized cost reduction, $0 security deposit, suggested dealer contribution of $3,015, and Lease Credit of $2,000). Actual MSRP and dealer contribution may vary and could affect your monthly lease payment. Cash due at signing includes $5,135 capitalized cost reduction, $869 first month's payment, $925 acquisition fee and $0 security deposit. Lessee responsible for insurance during the lease term, excess wear and tear as defined in the lease contract, $.25/mile over $32,500 miles, plus disposition fee of up to $495 (not to exceed an amount permissible by law) at lease end. Not all customers will qualify for security deposit waiver. Tax, title, license, registration and any dealer fees and charges (if any) are additional amounts that are due at signing. Advertised monthly payment does not include applicable taxes. Purchase option price at lease end is $39,650, plus the purchase option fee disclosed in the lease contract. Additional tax, title, and government fees may also apply. Offer valid through September 30, 2026 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized BMW Center for important details.

APR: From 2.49% APR up to 72 months at $14.97 per month per $1,000 financed applies to all 2022–2024 BMW Certified Pre-Owned iX models. No down payment is required. Offer valid through 09/30/2026. Offer available from participating BMW Dealers to eligible, qualified customers with excellent credit history who meet BMW Financial Services NA, LLC credit requirements. Not all customers will qualify for the lowest rate. Other rates and terms available. All offers subject to vehicle availability. Payment Deferral: Delayed first payment is not available in PA or ME. Interest will accrue during 90-day period to first payment and will be due prior to maturity of the contract. This offer is available on all model-year 2021-2024 CPO BMW models with 36-to-72-month retail contracts financed through BMW Financial Services NA, LLC, excluding Select contracts. To be eligible, qualified customers must have excellent credit history and meet BMW Financial Services’ credit requirements. Not all customers will qualify. Other rates and terms available. All offers subject to vehicle availability. Offer valid through 09/30/2026.

Restrictions apply. Visit your nearest service location for complete details.

Certain restrictions apply. Offer valid on the online purchase of four eligible Bridgestone tires. Contact center for details regarding eligible tires. Tires must be purchased through the BMW Tire Center online tire store and installed at a participating BMW center to qualify. Offer ends September 21, 2026, and tires must be installed by September 28, 2026. See participating BMW center for details. Void where prohibited. Images may be computer-generated. © 2026 BMW Tire Center

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