Auto Leasing Guide
Go to LeaseGuide.com now !

Refinancing a Car Loan Farmington NM

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.

AutoLoansInNewMexico.Com
Santa Fe, NM
 
1st Payday Loans
(505) 324-8300
658 W Main St
Farmington, NM
 
Yokie Mortgage Corp
(505) 325-7625
1909 E 20th St
Farmington, NM
 
Your Credit Inc
(505) 326-0490
401 W Main St
Farmington, NM
 
Advance Funding Inc.
(505) 564-2500
409 W Main St
Farmington, NM
 
Nizboni Title Loan Inc
(505) 599-8855
101 S Gower Rd
Farmington, NM
 
Farmington Cash Advance
(505) 324-9898
3900 E Main St
Farmington, NM
 
World Finance Corp
(505) 564-2000
915 Farmington Ave
Farmington, NM
 
Continental Loans
(505) 326-7500
1903 E 20th St
Farmington, NM
 
Wells Fargo Financial
(505) 325-1866
3501 E Main St
Farmington, NM
 

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 ...

Click here to read the rest of this article from Lease Guide