Nurse drivies her newly financed car to an appointment
Auto Loan Refinance
Car loan refinancing
Refinance your vehicle and take the wheel.
Refinancing a car can help you save money by lowering your interest rate, decreasing your monthly payment or allowing you to pay off your car loan sooner. At Commerce you can refinance at no cost — with no fees at loan closing.
Auto Loan Refinance Rates*
Save 0.25% off your interest rate
Receive a rate discount for having your payment automatically deducted from your Commerce checking or savings account.1
Apply for an auto loan for a personal loanBenefits of refinancing with Commerce Bank
- Lower your monthly payment, either with a lower interest rate or extended term.2
- Borrow more money using your vehicle’s equity.
- No loan fees.
Auto Loan Refinance FAQs
Can I refinance my existing auto loan?
Yes. Simply apply now for a Personal Loan and wait for your loan decision. To check the current rate discount offer or requirements and how to qualify, visit our Vehicle Loans product page.
What are the benefits of refinancing?
There are several benefits to refinancing your auto loan. You can lower your monthly payment, either by receiving a lower rate or by extending the term of your loan.2 Another benefit could be that you are refinancing with an institution that better fits your banking needs, making managing payments and your money easier.
What qualifies me to refinance my car?
When reviewing your application information, there are three common factors used to assess whether you qualify for the loan:
- Your credit history (FICO® Score)
- Your ability to repay
- The value of your vehicle
If I refinance, can I get additional cash?
When you refinance, you may be able to get additional cash with a larger loan, depending on the amount of equity available in your vehicle. For instance, if your vehicle is worth $15,000, but you are refinancing an auto loan of $10,000, you may have $5,000 in equity available. This may allow you to increase the amount of your loan to $15,000, refinancing the $10,000 loan and giving you $5,000 in cash.
Do you refinance classic cars?
Yes. You can refinance classic cars with Commerce Bank.
Disclosures:
- Rates are subject to change. These rates are available only for new and used car, truck, and motorcycle loans. Your APR will be determined based on creditworthiness, length and amount of loan, and age of collateral. Higher rates may apply for older collateral. Must be 18 years or older to apply. Subject to credit approval.
- Rate discounts of 0.25% for automatic payment from a Commerce bank checking or saving account. Rate discount cannot be combined with any other offer and is not available on dealer loans, mortgages or refinances of Commerce Bank loans. Subject to credit approval.
- Extending your loan term will increase the amount of your total finance charges.
- FICO® is a registered trademark of Fair Isaac Corporation in the United States and other countries.
