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Refinancing a Car Loan Columbus IN

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.

AutoLoansInIndiana.com
(317) 759-7360
Indianapolis, IN
 
A and E Financial
(574) 440-6089
405 N Nappanne st
ELKHART, IN
 
Home Federal Bank
(812) 376-3361
3805 25th St
Columbus, IN
 
Citifinancial
(812) 372-7826
3050 Columbus Ctr
Columbus, IN
 
Beneficial Indiana Inc
(812) 376-3365
3200 N National Rd
Columbus, IN
 
cashland
(765) 356-3640
6767 W. Washington St
Indianapolis, IN
 
none
(219) 936-6710
3535 wisconsin st.
lake station, IN
 
Advance America Cash Advance
(812) 372-5683
1315 N National Rd
Columbus, IN
 
Charter Funding
(812) 373-5680
3550 W Two Mile House Rd
Columbus, IN
 
Premier Commercial Lenders
(812) 375-0801
2020 Iroquois Trl
Columbus, IN
 

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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