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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
 
Primerica Financial Services
(808) 661-5770
930 Wainee St Ste 7
Lahaina, HI
 
Amepnrse Financial Services Inc Alan H Kodama Senior Financial
(808) 242-9712
1498 Lower Main St Ste A3
Wailuku, HI
 
Kahi Mohala Behavioral Healthcare
(808) 677-7600
91-2301 Fort Weaver Rd
Ewa Beach, HI
 
American General Financial Services Of Hawaii Inc
(808) 236-0007
46-028 Kawa St Ste A9
Kaneohe, HI
 
AutoLoansInHawaii.com
(808) 756-9311
Hilo, HI
 
Wells Fargo Financial
(808) 262-6584
26 Hoolai St
Kailua, HI
 
CitiFinancial
(808) 621-0721
846 Kilani Ave
Wahiawa, HI
 
Budget Pros Inc
(808) 674-8767
91-1004 Kanihaalilo St
Kapolei, HI
 
Hawaiiusa Federal Credit Union
(808) 625-5999
Mililani Shopping Ctr
Mililani, 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 ...

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