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Refinancing a Car Loan Aurora CO

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.

Universal Special Auto Finance
303-773-44200
5690 DTC Blvd. Suite 340W
Greenwood Village, CO
 
Key Truck & Diesel Repair
(303) 288-6613
5350 Dahlia Street
Commerce City , CO
 
R.D. Motors, Inc.
(303) 232-2303
8200 W. Colfax Avenue
Lakewood , CO
 
Sterling Collision Centers
(303) 920-5100
631 E. 120th Avenue
Thornton , CO
 
Pro Chrysler Jeep
(303) 469-1931
1800 West 104th Avenue
Thornton , CO
 
Transwest Trucks, Inc.
(303) 289-3161
7626 Brighton Rd.
Commerce City , CO
 
King Credit Auto Sales
(303) 287-5511
8595 Washington St.
Thornton , CO
 
Stan's Auto Sales
(303) 650-1011
7192 Newton St.
Westminster , CO
 
Medved Chevrolet
(303) 421-0100
11001 W. I-70 Frontage Rd. North
Wheat Ridge , CO
 
Go Honda 104th
(303) 438-6109
2999 W 104th Avenue
Westminster , CO
 

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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