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Refinancing a Car Loan Oklahoma City 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
 
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
Federal Cash Advance
(405) 949-9662
3600 NW 23rd St
Oklahoma City, OK
 
Moneyworld I
(405) 636-0770
1036 W I 240 Service Rd
Oklahoma City, OK
 
Check Into Cash
(405) 378-3999
1620 SW 89th St
Oklahoma City, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Advance America Cash Advance
(405) 737-8300
232 S Air Depot Blvd
Oklahoma City, OK
 
Ace Cash Express
(405) 528-3300
2216 NW 23rd St
Oklahoma City, OK
 
Citifinancial
(405) 755-7103
2524 W Memorial Rd
Oklahoma City, OK
 
Bank of America
(405) 230-3407
3480 S Blvd
Oklahoma City, 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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