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Refinancing a Car Loan Jackson MS

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.

AutoLoansInMississippi.Com
Jackson, MS
 
Ez Pawn
(601) 355-7296
3295 Highway 80 W
Jackson, MS
 
Payday Loan Store
(601) 992-0016
901 Lakeland Dr
Jackson, MS
 
All-American Check Exchange Inc
(601) 372-0564
2815 Suncrest Dr
Jackson, MS
 
Ms Title Loans Llc
(601) 352-5310
1898 Highway 80 W
Jackson, MS
 
AutoLoansInMississippi.Com
Jackson, MS
 
Cimarron Mortgage Company
(601) 899-1500
6311 Ridgewood Rd
Jackson, MS
 
Minority Capital Fund of Mississippi Inc
(601) 713-3322
2530 Bailey Ave
Jackson, MS
 
Pinnacle Mortgage Company
(601) 992-2900
156 Grants Ferry Rd
Jackson, MS
 
Kidwell & Company
(601) 961-2200
125 S Congress St
Jackson, MS
 

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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