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Refinancing a Car Loan Lincoln NE

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.

AutoLoansInNebraska.com
(402) 318-7244
Lincoln, NE
 
1st United Mortgage Banc
(402) 466-1401
770 N Cotner Blvd Ste 307
Lincoln, NE
 
Check N Go
(402) 477-9900
4640 Champlain Dr
Lincoln, NE
 
Farmers Bank
(402) 786-2462
5500 N 148th St
Lincoln, NE
 
Qc Financial
(402) 477-0055
2111 W O St
Lincoln, NE
 
Mid-City Auto Loans
(402) 341-5466
515 S 15th St
Omaha, NE
 
Security Federal
(402) 474-4444
1330 N St
Lincoln, NE
 
First Security Mortgage
(402) 420-2328
Lincoln, NE
 
National Student Loan Program
(402) 475-8686
1300 O St
Lincoln, NE
 
Tierone Bank
(402) 473-6338
1235 N St
Lincoln, NE
 

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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