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Refinancing a Car Loan Bolingbrook IL

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.

Interim Funding (Funding Insurance)
(888) 495-7300
1 South 270 Summit Ave
Oak Brook Terrace, IL
 
Nationwide Acceptance
(800) 622-7605
3435 N. Cicero Avenue
Chicago, IL
 
Turner Acceptance
(773) 539-8900
4410 N Ravenswood
Chicago, IL
 
Express Auto Finance, LLC
(847) 752-0195
8170 N. McCormick Blvd Suite 118
Skokie, IL
 
The Auto Warehouse
(773) 245-0421
2622 North Cicero Avenue
Chicago, IL
 
Honor Finance
(847) 733-0300
1563 Sherman Ave.
Evanston, IL
 
Interim Funding (Funding Insurance)
(888) 495-7300
1 South 270 Summit Ave
Oak Brook Terrace, IL
 
AutoLoansInIllinois.com
(217) 717-9228
Springfield, IL
 
Titlemax
(217) 241-0248
2951 Lindberg Blvd
Springfield, IL
 
Car Loans Online Company
(847) 435-0987
22,
CHICAGO, IL
 

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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