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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.

steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
Security Finance
(580) 237-7528
111 S Grand St
Enid, OK
 
Advance Loan Company
(580) 233-3712
624 E Broadway Ave
Enid, OK
 
Enid Finance Company
(580) 242-1660
220 S 3rd St
Enid, OK
 
Bell Finance
(580) 237-6521
326 N Independence St
Enid, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Diamond Finance
(580) 237-8585
324 N Independence St
Enid, OK
 
Your Credit
(580) 234-0161
218 W Randolph Ave
Enid, OK
 
Bok Mortgage
(580) 548-8528
2308 N Van Buren St
Enid, OK
 
Production Credit Assn
(580) 237-2535
805 Chisholm Trl
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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