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Refinancing a Car Loan Arkadelphia AR

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.

AutoLoansInArkansas.Com
Little Rock, AR
 
Farm Credit Services
(870) 246-8061
2858 Walnut St
Arkadelphia, AR
 
Elk Horn Bank & Trust Co
(870) 246-5811
601 Main St
Arkadelphia, AR
 
Elk Horn Bank & Trust Co
(870) 246-5811
6th & Main
Arkadelphia, AR
 
McCain Trading & Loan Co
(501) 945-7470
3600 Highway 161
North Little Rock, AR
 
Thrifty Car Sales
(479) 636-5050
1810 So 8Th Street (Hwy 71B)
Rogers, AR
 
Regions Bank
(870) 246-2411
506 Main St
Arkadelphia, AR
 
Advance America Cash Advance
(870) 246-6338
112 Wp Malone Dr
Arkadelphia, AR
 
Farmers & Merchants Bank
(870) 256-4191
Third & Erwin
Des Arc, AR
 
Farm Credit Services
(870) 584-3113
De Queen, AR
 

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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