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Refinancing a Car Loan Cocoa FL

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.

Mid-Atlantic Finance
(800) 793-9661
15500 Lightwave Drive Suite 201
Clearwater, FL
 
Service Finance
(866) 336-1504
1956 NE 5th Avenue Suite 8
Boca Raton, FL
 
Equity Auto Finance
(800) 683-1095
2718 W. Oakland Park Bulevard
Fort Lauderdale, FL
 
Southern Automotive Finance - SAFCo
(800) 215-9406
2901 W Oakland Park Bulevard A23
Fort Lauderdale, FL
 
Auto Credit of Florida
(904) 387-9800
4545-3 Shirley Ave
Jacksonville, FL
 
Nicholas Financial
(727) 726-0763
2454 McMullen Booth Road - Bldg C
Clearwater, FL
 
AutoLoanInFlorida.com
(850) 332-0258
Tallahassee, FL
 
Mark One Financial LLC
(877) 862-4240
PO Box 17038
Jacksonville, FL
 
AFS Acceptance LLC
(877) 223-3254
101 NE 3rd Avenue Suite 2000
Fort Lauderdale, FL
 
Lydia Cladek, Inc
(888) 386-2514
108 SeaGrove Main Street
St. Augustine, FL
 

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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