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Refinancing a Car Loan Cheyenne WY

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.

First Cheyenne Federal Credit Union
(307) 632-8111
3485 Converse Ave
Cheyenne, WY
 
B & R Check Holders
(307) 772-0020
218 S Greeley Hwy
Cheyenne, WY
 
Advanced Cash Services
(307) 634-4432
408 W 17th St
Cheyenne, WY
 
Security First Bank
(307) 775-6500
500 W 18th St
Cheyenne, WY
 
Wallick and Volk Mortgage Bankers
(307) 634-5941
222 E 18th St
Cheyenne, WY
 
Advance America Cash Advance
(307) 638-0600
800 S Greeley Hwy
Cheyenne, WY
 
Quik Check
(307) 635-3200
515 E Pershing Blvd
Cheyenne, WY
 
First Horizon Home Loans
(307) 634-6950
5920 Yellowstone Rd Ste 2
Cheyenne, WY
 
Advance America Cash Advance
(307) 632-0389
3709 E Lincolnway
Cheyenne, WY
 
Quik Check
(307) 635-3035
1802 Dell Range Blvd
Cheyenne, WY
 

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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