Auto Leasing Guide
Go to LeaseGuide.com now !

Refinancing a Car Loan Hilo HI

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.

AutoLoansInHawaii.com
(808) 756-9311
Hilo, HI
 
First Hawaiian Bank
(808) 669-5655
5095 Napilihau St Ste 103
Lahaina, HI
 
Wells Fargo Financial
(808) 487-3896
99-115 Aiea Heights Dr Ste 301
Aiea, HI
 
American Express
(808) 585-3200
677 Ala Moana Ste 100
Wailuku, HI
 
Colortyme Rent-To-Own
(808) 668-7070
87-2070 Farrington Hwy Ste E3
Waianae, HI
 
AutoLoansInHawaii.com
(808) 756-9311
Hilo, HI
 
Honolulu Federal Credit Union
(808) 687-8565
1001 Kamokila Blvd Ste 104
Kapolei, HI
 
Benchmark Mortgage
(808) 891-0415
2395 S Kihei Rd Ste 203b
Kihei, HI
 
Maui Finance Co
(808) 244-9143
140 N Market St Ste 201
Wailuku, HI
 
Migita Lance State Farm Insurance Agency
(808) 874-2555
411 Huku Lii Pl Ste 304
Kihei, HI
 

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