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Refinancing a Car Loan Dover NH

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.

Lewis Motor Sales Of Brentwood
(603) 347-5140
317 South Rd
Brentwood, NH
 
Lewis Motor Sales Of Brentwood
(603) 347-5140
317 South Rd
Brentwood, NH
 
Advance America Cash Advance
(603) 750-7106
110 Tri City Plz
Somersworth, NH
 
First Horizon Home Loans
(603) 421-0009
25 Indian Rock Rd Ste 3
Windham, NH
 
Countrywide Home Loans
(603) 356-5827
65 Seavey
Conway, NH
 
AutoLoansInNewHampshire.com
(603) 513-0385
Concord, NH
 
New England Auto & Payday Loans
(603) 749-3300
903 Central Ave
Dover, NH
 
Passumpsic Savings Bank
(603) 444-1730
Littleton, NH
 
United Auto Credit Corp
(603) 434-0765
50 Nashua Rd
Londonderry, NH
 
Citifinancial
(603) 228-0144
133 Loudon Rd Unit 3
Concord, NH
 

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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