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Refinancing a Car Loan Gettysburg PA

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.

Flagship Credit Corp.
(800) 707-0114
3 Christy Drive Suite 203
Chadds Ford, PA
 
AutoTrakk
(888) 689-7117
1500 Sycamore Road Suite 200
Montoursville, PA
 
Covalt's Repair
(717) 597-4664
1209 Mason-Dixon Road
Greencastle, PA
 
Brookville Motorsports, Inc.
(814) 849-0004
1167 Route 36
Brookville, PA
 
Greencastle Lube Center
(717) 597-2500
10680 Antrim Church Road
Greencastle, PA
 
AutoLoansInPennsylvania.com
(717) 884-9911
Harrisburg, PA
 
Antrim Way Honda
(717) 597-3101
224 South Antrim Way
Greencastle, PA
 
Skyline Auto Sales
(717) 597-5257
131 South Antrim Way
Greencastle, PA
 
Pennsylvania Auto Finance
(215) 798-0752
1650 Market Street
Philadelphia, PA
 
Clarion Ford Mercury, Clarion Chrysler Dodge Jeep
814-226-7440 814-226-9550
1214 East Main Street
Clarion, PA
 

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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