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Refinancing a Car Loan Minot ND

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.

Check 'n Go
(701) 838-3052
1524 S Broadway
Minot, ND
 
Check Into Cash
(701) 837-8243
1364 20th Ave SW
Minot, ND
 
Valley Auto Credit
(701) 857-1609
600 N Broadway Ste B
Minot, ND
 
Farm Credit Services
(701) 852-1265
3100 SE 10th Ave
Minot, ND
 
Farm Credit Services
(701) 787-6627
Grand Forks, ND
 
Westlie Motor Co
(701) 857-1609
600 N Broadway
Minot, ND
 
Fast Cash
(701) 852-8700
2415 N Broadway
Minot, ND
 
Gate City Bank
(701) 857-8444
924 31st Ave SW
Minot, ND
 
Gate City Bank
(701) 857-8444
924 31st Ave SW
Minot, ND
 
Town & Country Credit Union
(701) 356-1750
720 4th
Fargo, ND
 

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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