Calculate the value of your car.

The current value of your car will affect your refinancing options. Your car should be worth more than the amount remaining on your loan, since the car itself is typically used as collateral. Consult with Kelley Blue Book or an online valuation tool to get the approximate value of your current car. 


Use a car loan payment calculator1.

An auto loan payment calculator lets you see if refinancing your car will help you pay off your loan sooner, or lower your monthly payment. 

To calculate your potential new monthly payment, simply type in the amount remaining on your loan, your estimated rate and the length of the new car loan you want.  


Prepare the necessary documents.

Once you are ready to apply for an auto loan, you’ll need to gather:

  • Documents to verify your residence, employment, income and your Social Security number
  • Your financial history, with bank statements and credit history
  • Your current loan information
  • Your vehicle registration and mileage
  • Proof of car insurance

You can apply online for an auto loan with U.S. Bank

Same-day loan decision is available and you can always check your application’s status during the process. 

Compare rates and fees.

Rates and terms may vary widely, so it’s important to compare lenders when looking to refinance. And, know that your credit score factors into the rate you’re quoted. Generally speaking, the higher your credit score, the better rate you’ll be offered.

When looking to refinance, also consider origination fees for your new loan and prepayment penalties on your previous loan, so you can understand the total cost of refinancing.

If you have questions about your loan quote, visit a local U.S. Bank branch or by phone 1-800-US-BANKS.

Prepare to close.

Once you’ve decided on a lender, it’s time to close your loan in-person. Schedule a time to visit your local branch to complete the paperwork, making sure to bring in the necessary documents that the lender requests. In most cases, you may close within a day or two of applying. If you’re still uncertain, visit a local U.S. Bank branch or by phone 1-800-US-BANKS.