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Refinancing a Car Loan Enid 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.

SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Express Loan
(580) 242-0600
114 E Broadway Ave
Enid, OK
 
Ca Hland
(580) 234-4447
902 W Owen K Garriott Rd
Enid, OK
 
Bank of America
(580) 237-4000
300 W Randolph Ave
Enid, OK
 
Check 'n Go
(580) 242-0722
2402 W Owen K Garriott Rd
Enid, OK
 
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
National Quik Cash
(580) 234-6308
705 S Oakwood Rd
Enid, OK
 
World Acceptance Corp
(580) 242-0014
107 E Broadway Ave
Enid, OK
 
Check Into Cash
(580) 233-5963
2119 W Owen K Garriott Rd
Enid, OK
 
Enid Finance Company
(580) 242-1919
220 S 3rd St
Enid, 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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