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Refinancing a Car Loan Fergus Falls MN

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.

AutoLoansInMinnesota.Com
St. Paul, MN
 
Agcountry Farm Credit Services
(218) 739-5221
920 Pebble Lake Rd
Fergus Falls, MN
 
First Republic Mortgage Corporation
(952) 546-8555
9950 Wayzata Blvd
Minneapolis, MN
 
Rural American Bank
(320) 396-5100
121 S Main St
Barnum, MN
 
Saint Marys Hospital
(507) 535-1460
Rochester, MN
 
McCarthy Auto World
(916) 420-9923
3350 129th Ave NW
Coon Rapids, MN
 
Peoples Small Loan Co
(218) 998-4508
225 W Lincoln Ave
Fergus Falls, MN
 
Beneficial Loan & Thrift Co
(763) 571-2079
5180 Central Ave NE
Columbia Heights, MN
 
Minnwest Bank Central
(320) 269-6565
107 N 1st St
Montevideo, MN
 
Home Equity Inc
(763) 682-3266
568 50th St NE
Buffalo, MN
 

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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