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Refinancing a Car Loan Chickasha 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
 
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
Midwestern Loans
(405) 224-6698
1000 W Choctaw Ave
Chickasha, OK
 
Sun Loan Company
(405) 224-5493
Chickasha, OK
 
World Acceptance Loans
(405) 222-2866
406 W Chickasha Ave
Chickasha, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Chisholm Trail Farm Credit
(405) 224-6214
1027 Choctaw
Chickasha, OK
 
World Acceptance Corporation
(405) 222-2822
406 W Chickasha Ave
Chickasha, OK
 
Heartland Loans
(405) 224-1700
210 S 4th St Ste A
Chickasha, OK
 
Midwestern Loans
(405) 224-2288
1000 W Choctaw Ave
Chickasha, 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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