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Refinancing a Car Loan Gig Harbor WA

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.

Bucky's Muffler, Radiator & Brakes
(253) 566-0747
6318 6th Ave
Tacoma, WA
 
WrapJax, LLC
(877) 309-9290
2305 S Wilkeson Ste B
Tacoma, WA
 
Kay Parks/Dan Meyer Auto Rebuild, Inc
(253) 272-0512
3102 S 12th St
Tacoma, WA
 
Shaub-Ellison Co., Inc
(253) 272-4119
1117 Broadway Plaza Ste 500
Tacoma, WA
 
Stroud's Auto Rebuild, Inc
(253) 474-0709
3833 S Tacoma Way
Tacoma, WA
 
Pacific Motor Co
(253) 572-7214
1408 Martin Luther King Jr Way
Tacoma, WA
 
Bucky's Muffler, Radiator & Brakes
(253) 627-8267
603 S Sprague Ave
Tacoma, WA
 
Williams Oil Filter Service Co
(253) 627-8163
PO Box 2155
Tacoma, WA
 
Alfa of Tacoma
(253) 572-2532
615 Saint Helens Ave
Tacoma, WA
 
Firestone Complete Auto Care
(253) 471-8473
4502 S Steele St Ste 211
Tacoma, WA
 

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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