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Refinancing a Car Loan Clark NJ

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.

EZ Dealer Finance
(866) 343-6714
8998 RT. 18 N. Suite 210
Old Bridge, NJ
 
Ameri Car Loans
(800) 219-4354
Staten Island
New York, NY
 
New Jersey State Auto Auction
(201) 200-1100
Jersey City, NJ
 
Fleet Lease Network
(201) 200-1100
406 Sip Avenue
Jersey City, NJ
 
TriState Finance
(347) 850-2592
3956 Nostrand Ave,
Brooklyn, NY
 
Family Auto Brokers
(908) 587-2474
1530 Roselle St
Linden, NJ
 
Auto Finance
(908) 462-0099
1337 Stonepot Road
NJ, FL
 
Polimer Technologies inc
(862) 235-7976
77 Floyd ave
Bloomfield , NJ
 
We Buy Cars NJ
(888) 726-1103
5 John St.
Old Bridge, NJ
 
EZ Dealer Finance
(866) 343-6714
8998 RT. 18 N. Suite 210
Old Bridge, NJ
 

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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