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Refinancing a Car Loan Central Falls RI

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.

AutoLoansInRhodeIsland.Com
Providence, RI
 
AutoLoansInRhodeIsland.Com
Providence, RI
 
Sovereign Bank Mortgage Division
(401) 828-9483
875 Centerville Rd
Warwick, RI
 
Riverside Capital Mortgage
(401) 270-1740
1395 Atwood Ave Ste 210
Johnston, RI
 
Check 'n Go
(401) 732-2251
1565 Post Rd
Warwick, RI
 
state cap auto finace,llc
(508) 916-0427
1018 sate rd
westport, MA
 
Coast To Coast Mortgage & Funding
(401) 463-4000
1150 New London Ave
Cranston, RI
 
Balanced Lending Corp
(401) 845-0850
1272 W Main Rd
Middletown, RI
 
Check 'n Go
(401) 822-2321
826 Bald Hill Rd
Warwick, RI
 
AAA Acceptance Corp
(401) 723-9100
245 Manton St
Pawtucket, RI
 

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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