Auto Leasing Guide
Go to LeaseGuide.com now !

Refinancing a Car Loan Greenville NC

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.

Regional Acceptance
(252) 321-7700
1202 East Fire Tower Road
Greenville, NC
 
ACE Motor Acceptance
(704) 882-7100
111 Cupped Oak Drive Suite F
Matthews, NC
 
Steve Strange Insurance
(828) 754-0957
710 Blowing Rock Blvd
Lenoir, NC
 
national auto sales1
(828) 441-2271
1210 1st ave sw
hickory, NC
 
East Carolina Bank the
(252) 355-8200
1001 Red Banks Rd
Greenville, NC
 
Regional Acceptance
(252) 321-7700
1202 East Fire Tower Road
Greenville, NC
 
AutoLoansInNorthCarolina.com
(919) 746-7722
Raleigh, NC
 
Global Motorist - Used Cars Charlotte
(704) 568-7373
6625 East Independence Blvd
Charlotte, NC
 
Pinpoint Recovery Service
(336) 932-8008
P.O. box 29
Stoneville, NC
 
Wachovia
(252) 758-6005
1701 Greenville Blvd SW
Greenville, NC
 

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