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Refinancing a Car Loan Albuquerque NM

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.

AutoLoansInNewMexico.Com
Santa Fe, NM
 
Economy Finance Company
(505) 881-7004
5617 Menaul Blvd NE Ste D
Albuquerque, NM
 
Ace Cash Express
(505) 344-9656
5310 4th St NW
Albuquerque, NM
 
Zia Finance
(505) 839-6625
640 Coors Blvd NW Ste 25
Albuquerque, NM
 
Check N Go Inc
(505) 831-4600
2810 Coors Blvd NW
Albuquerque, NM
 
Aaca Inc
(505) 884-6300
5500 San Mateo Blvd NE
Albuquerque, NM
 
Wallick and Volk Inc
(505) 268-3884
7800 Marble Ave NE Ste 12
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Fastbucks
(505) 881-2274
4701 Menaul Blvd NE
Albuquerque, NM
 
Ready Money
(505) 889-9900
7200 Montgomery Blvd NE
Albuquerque, NM
 
Check 'n Go
(505) 873-0517
1511 Goff Blvd SW
Albuquerque, NM
 

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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