Auto Leasing Guide
Go to LeaseGuide.com now !

Refinancing a Car Loan Billings MT

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.

AutoLoansInMontana.Com
Helena, MT
 
Intermountain Mortgage Co Inc
(406) 252-2600
3333 2nd Ave N Ste 250
Billings, MT
 
Northside Pawn
(406) 896-0333
2209 1st Ave N
Billings, MT
 
Advance America Cash Advance
(406) 655-9080
2346 Grand Ave
Billings, MT
 
Home Owners Mortgage Equity
(406) 256-1177
801 15th St W
Billings, MT
 
Mile High Chrysler Jeep Dodge Kia
(406) 282-3082
3883 Harrison Avenue,
Butte, MT
 
Montana Title Loans
(406) 651-8191
2341 Broadwater Ave
Billings, MT
 
Advance America Cash Advance
(406) 254-6800
1749 Main St Ste B
Billings, MT
 
Farm Credit Services
(406) 651-1670
Billings, MT
 
Square One
(406) 254-1635
1010 Grand Ave Ste D
Billings, MT
 

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 ...

Click here to read the rest of this article from Lease Guide