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Refinancing a Car Loan Albany GA

There are only two ways that refinancing a car loan can lower your monthly payments: 1) by lowering interest rate, and 2) by extending the payoff schedule, or both. Refinancing can reduce your car payments if there is a difference between your old interest rate and the rate that you might get now.

United Acceptance Inc.
(888) 951-9512
2400 Lake Park Dr. SE Suite 100
Smyrna, GA
 
AutoLoansInGeorgia.Com
Atlanta, GA
 
Auto Financing
(330) 938-7935
3511 Horner Street
Savahana, GA
 
Fast Cash Title
(770) 931-1771
3870 Lawrenceville Hwy Ste C-106
Lawrenceville, GA
 
Doco Regional Federal Credit Union
(229) 420-8200
2102 Rosebrier Ave
Albany, GA
 
CAR Financial Services, Inc.
(877) 570-8857
600 Westpark Drive
Peachtree City, GA
 
Georgia Auto Finance
(770) 882-2731
1170 Peachtree Street
Atlanta, GA
 
Wells Fargo
(706) 267-6664
2844 Pineveiw Rd
Augusta, GA
 
Heritage Auto Finance
(770) 728-3660
25 Oakmont Lane
Covington, GA
 
Albany Bank and Trust
(229) 446-2265
2815 Meredyth Dr
Albany, GA
 

Refinancing a Car Loan

Refinancing an auto loan can be a good way to reduce monthly payments. However, it often doesn't bring the benefits that borrowers expect. Let's take a look.

How refinancing works
A car refinance loan is no different than any other used-car loan. You determine the payoff balance on your old loan, arrange for a new loan, pay off the old loan, and begin your new loan. The new loan replaces the old.

A refinance loan does not have to come from the same loan company as the old loan.

It is possible that your auto loan company will be willing to modify the terms of your existing loan if you are in serious financial difficulty and need to lower your payments. This is unusual and should not be your only plan. Contact your bank or loan company to find out if this is possible in your case.

There are only two ways that refinancing a car loan can lower your monthly payments: 1) by lowering interest rate, and 2) by extending the payoff schedule, or both.

Will refinancing really help?
First make sure your refinancing expectations are realistic. What are your car loan payments now? How much do you want to lower your payments? Are you willing to extend your loan for a couple more years?

Refinancing can reduce your car payments if there is a difference between your old interest rate and the rate that you might get now. The benefit is greatest if your old interest rate is very high – possibly because your credit score was low at the time, or ...

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