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Refinancing a Car Loan Muskogee OK

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.

SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Covington Credit
(918) 684-1078
346 Eastside Blvd
Muskogee, OK
 
Master Finance
(918) 683-5544
1326 N York St
Muskogee, OK
 
Production Credit Assn
(918) 682-7826
3003 Azalea Park Dr
Muskogee, OK
 
Advance America Cash Advance
(918) 682-9777
227 N 32nd St
Muskogee, OK
 
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
City Finance Company of Muskogee Inc
(918) 682-2274
619 W Broadway St
Muskogee, OK
 
Bank of America
(918) 686-8491
333 N 3rd
Muskogee, OK
 
Advance America Cash Advance
(918) 682-8033
528 N Main St
Muskogee, OK
 
Payday Money Store of Muskogee
(918) 684-6147
1111 N York St
Muskogee, OK
 

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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