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Refinancing a Car Loan Haleyville AL

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.

American General Auto Finance
(800) 457-3741
2768 Eastern Blvd
Montgomery, AL
 
Fderaldebtreliefs
(801) 304-9936
3712 Philadelphia Avenue, Midvale, UT 84047
alasak, AL
 
Car Donation
(626) 263-9264
112/a bau
mymensingh, AL
 
Citifinancial
(205) 486-2233
1435 21st St
Haleyville, AL
 
First American Bank
(256) 230-3039
27453 Capshaw Rd
Athens, AL
 
AutoLoansInAlabama.Com
Montgomery, AL
 
Pioneer Credit Corporation
(256) 845-2698
2904 Greenhill Blvd NW
Ft. Payne, AL
 
McCurry Motors
(256) 713-0575
2601 d north memorial pkwy
huntsville, AL
 
Haleyville Loan Co
(205) 486-7429
901 19th St
Haleyville, AL
 
Sweeps
(334) 567-4176
102 Company St
Wetumpka, AL
 

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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