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Refinancing a Car Loan Hammond LA

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.

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Baton Rouge, LA
 
American Auto Finance
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Alpha Automobile Sales, LLC
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Allied Cash Advance
(985) 340-0117
2808 W Thomas St
Hammond, LA
 
Money To Lend of Louisiana
(985) 345-9150
2226 W Thomas St
Hammond, LA
 
Crescent Bank Trust
(800) 264-4381
1000 Veterans Blvd Suite 100
Metairie, LA
 
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lake charles, LA
 
Family Check Advance
(985) 429-8880
1600 W Thomas St
Hammond, LA
 
First Access Mortgage Corp
(985) 429-1770
1250 SW Railroad Ave Ste 140
Hammond, LA
 
First Heritage Credit
(985) 429-0270
2726 W Thomas St
Hammond, LA
 

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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