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These terms are often used interchangeably, though 'car finance' is a broader term that can include loans, leases, and other financing methods. A car loan specifically refers to borrowing money to purchase a vehicle, which you'll own once it's paid off.

When you refinance, a new lender pays off your existing car loan and creates a new loan with different terms—often a lower interest rate or adjusted monthly car loan repayments. You continue making payments to the new lender under the new agreement.

Yes, it's possible to get a car loan with bad credit, though rates may be higher. If you're refinancing, improving your credit since your original loan could qualify you for better car loan interest rates now. We can help you explore your options.

A fixed rate car loan maintains the same interest rate throughout the entire loan term, which means your monthly car loan payments stay consistent and predictable, making budgeting easier.