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Refinancing a Car Loan La Follette TN

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.

AutoLoansInTennessee.com
(423) 954-0066
Chattanooga, TN
 
Auto Credit of Nashville
(615) 865-1300
162 Cude Ln
Madison, TN
 
Tennessee Auto Finance
(615) 953-9595
424 Church Street
Nashville, TN
 
Beacon Finance Corp
(423) 566-4634
171 N Tennessee Ave
La Follette, TN
 
World Finance Corp
(423) 566-6657
240 W Central Ave
La Follette, TN
 
Community Choice Financial
(615) 370-5401
5200 Maryland Way Suite 310
Brentwood, TN
 
Financial Solutions (Bulk Purchase)
(615) 414-6708
2446 Durham Manor Dr
Franklin, TN
 
Covington Credit
(423) 566-9821
1907 Old Jacksboro Hwy
La Follette, TN
 
Service Loan Company
(423) 562-1600
102 N Massachusetts Ave
La Follette, TN
 
Younce Kent
(423) 562-5650
175 N Tennessee Ave
La Follette, TN
 

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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