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Refinancing a Car Loan Mound MN

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.

AutoLoansInMinnesota.Com
St. Paul, MN
 
American National Bank of Minnesota
(218) 824-7900
1920 S 6th St
Brainerd, MN
 
Bridge Lending Group
(952) 897-8091
2855 Southdale Ctr
Minneapolis, MN
 
Amity Mortgage Llc
(320) 384-6803
108 Main St E
Hinckley, MN
 
Heritage Financial Services Inc
(218) 741-9335
51 Midway Dr
Virginia, MN
 
McCarthy Auto World
(916) 420-9923
3350 129th Ave NW
Coon Rapids, MN
 
Prairieland Economic Development Corp
(507) 836-6656
1 Prairie Dr
Slayton, MN
 
Magellan Mortgage Corp
(952) 277-1776
15500 Wayzata Blvd
Wayzata, MN
 
Brookfield Home Loans
(952) 831-3665
7760 France Ave S Ste 420
Minneapolis, MN
 
Trust Mortgage
(218) 237-5626
315 Park Ave S
Pelican Rapids, MN
 

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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