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Refinancing a Car Loan Broken Arrow OK

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.

SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Broken Arrow Mortgage Company
(918) 357-1212
25695 E 71st St S Ste A
Broken Arrow, OK
 
Western Sun Federal Credit Union
(918) 362-1400
4620 W Kenosha St
Broken Arrow, OK
 
Wells Fargo Financial
(918) 254-9086
8316 E 61
Broken Arrow, OK
 
Cit Group Inc
(918) 369-2046
6000 W South Park St
Broken Arrow, OK
 
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
Loans-Personal
(918) 251-5442
221 W Kenosha St
Broken Arrow, OK
 
Advance American Cash Advance
(918) 449-1064
3357 S Elm Pl
Broken Arrow, OK
 
Wells Fargo Financial
(918) 355-6921
2502 E Kenosha St
Broken Arrow, OK
 
National Quik Cash
(918) 251-4111
1224 E Kenosha St
Broken Arrow, OK
 

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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