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Refinancing a Car Loan Bismarck ND

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.

American Bank Center
(701) 258-2611
320 N 4th St
Bismarck, ND
 
American Bank Center
(701) 221-4722
1101 E Interstate Ave
Bismarck, ND
 
Kirkwood Bank & Trust Co
(701) 258-6550
2911 N 14th St
Bismarck, ND
 
Wells Fargo Bank Na
(701) 222-5100
5th & Rosser
Bismarck, ND
 
Wells Fargo Financial
(701) 255-0384
1050 E Interstate Ave Ste 121
Bismarck, ND
 
Wells Fargo Bank Na
(701) 222-5117
400 E Broadway Ave
Bismarck, ND
 
Check 'n Go of North Dakota
(701) 250-9060
424 S 3rd St
Bismarck, ND
 
Student Loans of North Dakota
(701) 328-5660
PO Box 5509
Bismarck, ND
 
Citifinancial
(701) 255-0813
555 S 7th St
Bismarck, ND
 
Bismarck National Bank
(701) 250-3000
322 E Main Ave
Bismarck, ND
 

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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