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Refinancing a Car Loan Boiling Springs SC

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 Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
 
AutoLoansInSouthCarolina.com
(803) 369-8110
Columbia, SC
 
Bb&t
(864) 599-8390
2701 Boiling Springs Rd
Boiling Springs, SC
 
North American Title Loans
(803) 648-7082
2256 Whiskey Rd
Aiken, SC
 
Advance America Cash Advance
(843) 398-0731
305A Lamar Hwy
Darlington, SC
 
American Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
 
Money Store the
(864) 814-3500
8658 Asheville Hwy
Boiling Springs, SC
 
Credit Central
(864) 229-1231
718 Montague Ave
Greenwood, SC
 
Hartsville Pay Day Loans
(843) 383-9050
116 N 5th St
Hartsville, SC
 
Ace Cash Express
(803) 980-0210
762 Cherry Rd
Rock Hill, SC
 

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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