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Refinancing a Car Loan Lucedale 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
 
Lucedale Title Loans
(601) 947-9949
879 Mill St
Lucedale, MS
 
Tower Loan of Laurel
(601) 649-2943
2305 Highway 15 N
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Central Bank
(228) 826-9906
11621 Highway 57
Vancleave, MS
 
Cash Inc
(601) 798-2002
301 Telly Rd
Picayune, MS
 
Vincent's Jewelry Pawn & Guns
(601) 947-9822
5170 Main St
Lucedale, MS
 
Acceptance Loan Company
(601) 766-3474
168 Cowart St
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Cash N Titles
(601) 638-9300
Vicksburg, MS
 
Fidelity National Loans
(662) 256-5085
130 Main St N
Amory, MS
 
First South Farm Credit
(601) 428-5464
728 Sawmill Rd
Laurel, 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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