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Refinancing a Car Loan Moncks Corner SC

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.

American Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
 
All American
(843) 761-5890
301 N Highway 52
Moncks Corner, SC
 
Lakeside Animal Hospital & Boarding Kennel
(843) 761-4920
615 Main Street Ext
Moncks Corner, SC
 
Automoney Title Loans of Moncks Corner
(843) 899-7003
N Highway # 52
Moncks Corner, SC
 
Security Finance Co
(843) 761-8217
312 E Main St
Moncks Corner, SC
 
AutoLoansInSouthCarolina.com
(803) 369-8110
Columbia, SC
 
First Priority Mortgage & Finance
(843) 761-4790
3511 S Live Oak Dr
Moncks Corner, SC
 
Approved Cash Advance
(843) 761-5011
1013 Old Highway 52
Moncks Corner, SC
 
National Finance Company
(843) 761-6662
100 Fairground Rd Ste B
Moncks Corner, SC
 
Southern Finance
(843) 899-6655
209 Carolina Ave
Moncks Corner, SC
 

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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