Auto Leasing Guide
Go to LeaseGuide.com now !

Refinancing a Car Loan Indianola IA

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.

AutoLoansInIowa.Com
Des Moines, IA
 
City State Bank
(515) 961-7000
1510 N 1st St
Indianola, IA
 
Advance America Cash Advance
(515) 967-0330
550 36th Ave SW
Altoona, IA
 
Peoples Advantage Mortgage
(563) 386-8616
3956 N Pine St
Davenport, IA
 
First Citizens National Bank
(641) 394-3185
124 W Main St
New Hampton, IA
 
AutoLoansInIowa.Com
Des Moines, IA
 
Check For Cash
(712) 336-2274
2301 Circle Dr W
Spirit Lake, IA
 
Payday Loans
(563) 323-2646
1820 Brady St
Davenport, IA
 
Security State Bank
(319) 885-4327
104 N Cherry St
Shell Rock, IA
 
West Iowa Bank
(515) 379-1111
104 Humboldt Ave
Bode, IA
 

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