Auto Refinancing in Montana (August 2025)

Reduce your monthly payments with Montana auto refinancing

Even if you ignore escalating prices, your auto loan installments may be difficult to handle. If you want to get out of a poor car loan and manage your credit, Montana auto refinancing can assist you to:

• Reduce your Annual Percentage Rate (APRs)
• Reduce your monthly car loan payments
• Add or remove co-signers or co-borrowers to your loan
• Take a payment vacation or defer your payment
• Change your loan term
• Buy out your car lease at the end of the term
• Get bi-weekly payments and hardship plans

Auto Refinance in Montana - Unlock savings on your auto loan

• Auto refinancing in Montana enables borrowers to swap out their high-interest rate loan for one with a new, often cheaper APR.
• The remaining balance of your old loan will be paid off by the new lender, and you will no longer be responsible for the payments on that loan.
• With the new loan, your monthly payments will be more manageable and you could save $80-$150, depending on the interest rate.
• The best thing about refinancing is the choice it gives you. Since there are so many refinance lenders, you don't have to sign the first deal you get.

A refinance aggregator like Way.com can help you shop around with multiple lenders, compare rates, and choose the offer that fits you best.

Why should you refinance your Montana auto loan?

You may have committed to an inflated loan if you financed the purchase of your automobile through a bank or dealership. This implies your monthly payments may be more than they should be! Perhaps you were told this was the best deal available, or your credit was insufficient to get a cheaper interest rate.

Refinancing your Montana auto loan can have the following benefits:

• Lower APRs : Reducing your interest rate by just 1-2% can save hundreds yearly.
• Reduced monthly payment : Save between $80 and $150 every month for more crucial expenses such as your home, student loans, and personal loans.
• Change co-borrower/co-signer : It's difficult to return a loan on your own; acquire a parent, sibling, or spouse as a co-borrower in order to repay the amount promptly.
• Cash-out refinancing : With cash-out refinancing, you can use your car as collateral if you need cash for an emergency.
• You get more benefits like adding Guaranteed Asset Protection (GAP), Extended Warranty, and buy out your lease at the end of the term.

How much can you save through auto refinance in Montana?

On average, Montana auto loan refinancers might cut APRs by between 1 and 2% points. With an excellent credit score, you can save up to $1,850 every year.

However, keep in mind that refinancing your auto loan involves multiple variables, so the savings for each individual will vary. Such as:

• Credit score
• Loan amount
• Loan term remaining
• Age of vehicle

When should you refinance your Montana auto loan?

Wondering what’s the right time to refinance? Don't rush to a lender until you got a yes for the following queries.

• Has it been at least 6-12 months since you took your existing loan?
• Has your credit score improved since?
• Do you want to save money on your auto loan by lowering your monthly payments?
• Do you want to remove certain terms/clauses from your auto loan?
• Would you like to add or remove a co-signer or co-borrower from your loan?

What documents do you need to refinance your auto loan?

When looking for the best auto refinance rates in Montana, it's best to have all the official loan documents ready. That will not only speed up the process, but it will also help you figure out what APR you should be aiming for.

Here's what you need:

Personal Financial Information

• Driver's License
• Credit score : A credit score above 700 gets the best rates ideally.
• Social Security Number
• Proof of Income : You can use pay stubs, bank statements, or tax returns as income proof.
• Proof of Residence : Mortgage statements, auto insurance policies, utility bills, or property tax bills can serve as proof of residence.

Current Loan Information

• 14-day payoff amount : Your lender can provide you with the remaining loan balance, including the next 14 days' principal and interest.
• Car Loan-to-value ratio : The LTV will tell you if you are 'upside-down' on your car loan (i.e, owe more than the car is worth). If so, it will be harder to refinance.
• Loan term remaining : Ideally, you should have more than a year left on your loan.
• Prepayment penalty : Some lenders will penalize you up to 2% of the loan balance if you close early.

Vehicle Information

• Make and Model
• Year (Age)
• Title
• Vehicle Identification Number (VIN)
• Proof of Car Insurance

Auto refinance in Montana: Eligibility requirements

Your car will be eligible for auto refinance in Montana if it meets the following broad criteria.

• The car is less than 10 years old (varies depending on the lender)
• The car has a mileage of less than 150,000 (varies depending on the lender)
• You have a verifiable income source
• You have a valid driving license
• You have a valid registration
• You have full coverage insurance
• You have a consistent payment history on your current loan

The criteria may vary depending on the lender. Ensure you consult with them before deciding to refinance.

Average auto refinance rates in Montana

*The rates given above are averages: actual rates may vary based on credit scores, risk profile, payment history, loan balance, and more. Borrowers with excellent credit may get even lower rates than shown. These rates are current as of August, 2022.

How to refinance your Montana auto loan with Way.com

Step 1: Estimate your savings

First, use our online auto refinance calculator to find out if you can save money by refinancing. Your new estimated payment should be less than what you pay now, if at all possible.

Step 2: Get multiple pre-qualified offers

Shop around, get pre-approved, and compare rates from different lenders before deciding which one is best for you.

Step 3: Choose an offer and start saving

Once you decide on an offer, you need to formally apply by sending in the necessary documents. Be ready for the lender to have a hard credit inquiry on your credit.

How to refinance without hurting your credit

Refinancing your car will cause a temporary drop in your credit score. However, you can reduce the magnitude of the drop in the following ways:

• Rate shop within a certain window: Credit risk companies will count multiple inquiries made for the same reason as one inquiry. For instance, VantageScore gives you a 14-day window, but FICO gives you 45 days.
• Pre-qualify for offers using a soft credit pull: It only does a soft inquiry into your credit, so it won't hurt your score. It can help you find the best few offers and keep you from getting hit with multiple credit hits.
• Check your credit score regularly: If you get your credit score up to more than 700, the credit drop will be a lot smaller.

Why our Montana auto loan refinance program is great for you

At Way.com, we recognize that financing and maintaining a vehicle in Montana can be difficult. You require as much assistance as possible to manage rising gas expenses, insurance premiums, and monthly loan payments.

That's why Way.com is simplifying car ownership across the country. Our AI-enabled fintech platform allows you to:

• Find and connect to the best refinance lenders
• Compare the best offers and choose the best
• Refinance lease buyouts
• Include additional perks such as insurance, warranty extension, etc.
• Refinance even with bad credit

... and much more!

What is Way.com?

Way.com is the country's leading car services marketplace and #1 auto super app, making car ownership affordable to millions of Americans. You can save more than $1500/year through our combined auto services like:

• Auto insurance and refinance
• Airport parking and city parking
• Car wash services
• Roadside assistance and Cashback on gas

Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.