Frequently Asked Questions About Bank of Montreal Car Loans

Car loan refinancing means replacing your current auto loan with a new one, typically to secure a lower interest rate or better terms. When you refinance through Bank of Montreal car loans, we pay off your existing lender and you start making payments to us instead, potentially saving money each month or over the life of your loan.

Most applications take just 10-15 minutes to complete online. Once submitted, you'll typically receive a decision within minutes to a few hours. If approved, the entire refinancing process from application to funding usually takes 3-5 business days, depending on your specific situation and documentation.

No, there's absolutely no cost to submit your application and see what rates you qualify for. We believe in transparency, so you'll know all potential fees upfront before making any commitment. Many borrowers find that even with minimal fees, the savings from a lower rate make refinancing worthwhile.

Yes, you can refinance a vehicle with an outstanding loan balance, and this is actually the most common scenario. As long as you've been making payments for at least six months and your car has sufficient value, Bank of Montreal car loans can help you potentially secure better terms on your remaining balance.