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Refinancing a Car Loan Las Cruces NM

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.

AutoLoansInNewMexico.Com
Santa Fe, NM
 
Citifinancial
(505) 522-0058
400 N Telshor Blvd Ste B
Las Cruces, NM
 
New Mexico Title Loans
(505) 541-4070
1590 E Lohman Ave
Las Cruces, NM
 
Bank of the Rio Grande N.A.
(505) 525-8900
421 N Water St
Las Cruces, NM
 
Noble Finance Corp
(505) 524-2900
1247 El Paseo Rd
Las Cruces, NM
 
USA Title Loans
(505) 524-7900
1512 E Lohman Ave
Las Cruces, NM
 
Bank of the West
(505) 532-1889
795 S Telshor Blvd
Las Cruces, NM
 
Speedy Loan
(505) 527-0399
742 E Lohman Ave
Las Cruces, NM
 
Advance America Cash Advance
(505) 524-5829
2132 N Main St
Las Cruces, NM
 
Production Credit Assn of Southern New Mexico
(505) 528-7100
Las Cruces, NM
 

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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