Although auto loan refinancing is a great way to lower car payments and
save money, few people consider this option. Car buyers refinance their
auto loans for several reasons. Is the current interest rate or APR
high? Maybe you accepted a bad car loan because of a dealership's scam.
Whatever the reason, refinancing an auto loan is perfect for lowering
payments and paying off the car sooner.
How Auto Loan Refi's Work
Auto loan refinancing is similar to refinancing a home loan. In a
nutshell, automobile owners apply for a new auto loan to replace the
existing. The new lender will payoff the old loan, and you begin making
monthly payments to them. The concept and process is very simple. Yet, few
people take advantage of auto loan refinancing.
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Some auto loan buyers are unaware of auto loan refinancing. However, if
bad credit resulted in a high interest rate, it may be possible to
lower that rate without extending the loan term. The money you save can be
used to payoff credit cards or build a cash reserve.
Choosing a Refinance Car Loan Lender
Many auto loan lenders offer refinancing. However, if choosing to
refinance for a lower rate, you are required to apply with a new lender.
Existing auto lenders are unable to refinance the auto loan. Finding a new
lender is simple. To begin, you may contact your credit union or bank
and request information on auto loans. Some may even offer a
no-obligation quote.
Next, complete an online quote request with an online auto loan broker.
This is one of the easiest methods for locating a reputable auto loan
lender. Besides, brokers will provide you with up to three different
offers. If refinancing to get the lowest possible rate, multiple offers is
a huge plus because they allow quick and easy loan comparisons.
Auto Loan Refinancing Requirements
Try using one of ABC Loan Guide's Recommended Auto Loan Refinance Companies.
Before applying for a new loan, vehicles must qualify for a
refinancing. In order to refinance a car loan, you must owe more than $7500.
Secondly, the name on the auto loan refinancing application must be the same
as the name on the original auto loan. Most importantly, for an auto
loan refi approval, the amount owed on the car cannot exceed the value.
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