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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.

steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
Mortgage Broker Network Group
(918) 449-9838
741 W New Orleans St
Broken Arrow, OK
 
Ez Pawn
(918) 251-2766
709 S Elm Pl
Broken Arrow, OK
 
American General Financial Services
(918) 258-5631
923 N Elm Pl
Broken Arrow, OK
 
Farm Credit Services
(918) 251-4020
601 E Kenosha St
Broken Arrow, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Trian Bank N A
(918) 254-1444
7666 E 61 St
Broken Arrow, OK
 
Bank of America
(918) 258-1480
1800 S Elm Pl
Broken Arrow, OK
 
Security Finance
(918) 258-3799
522 S Elm Pl
Broken Arrow, OK
 
South Tulsa Loans
(918) 250-5900
NE Corner of 71st & Gar
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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