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Refinancing a Car Loan Boaz AL

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 General Auto Finance
(800) 457-3741
2768 Eastern Blvd
Montgomery, AL
 
Fderaldebtreliefs
(801) 304-9936
3712 Philadelphia Avenue, Midvale, UT 84047
alasak, AL
 
McCurry Motors
(256) 713-0575
2601 d north memorial pkwy
huntsville, AL
 
Titlemax
(256) 840-0511
475 US Highway 431
Boaz, AL
 
Alabama Title Loans
(256) 840-0731
941 US Highway 431
Boaz, AL
 
AutoLoansInAlabama.Com
Montgomery, AL
 
Car Donation
(626) 263-9264
112/a bau
mymensingh, AL
 
Pioneer Credit Corporation
(256) 845-2698
2904 Greenhill Blvd NW
Ft. Payne, AL
 
Advance America Cash Advance
(256) 593-1452
2196 US Highway 431
Boaz, AL
 
Liberty Bank
(256) 593-1722
1610 Sardis Dr
Boaz, AL
 

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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