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Refinancing a Car Loan Oldsmar FL

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.

Nicholas Financial
(727) 726-0763
2454 McMullen Booth Road - Bldg C
Clearwater, FL
 
PLATINUM AUTO FINANCE
(727) 726-0895
24639 US HIGHWAY 19 N #A
CLEARWATER, FL
 
Absolute Auto Finance
(813) 908-3887
5008 W Linebaugh Ave
Tampa, FL
 
Vero Lending
(813) 305-2856
8875 Hidden River Pkwy
Tampa , FL
 
Equity Auto Finance
(800) 683-1095
2718 W. Oakland Park Bulevard
Fort Lauderdale, FL
 
Mid-Atlantic Finance
(800) 793-9661
15500 Lightwave Drive Suite 201
Clearwater, FL
 
THRIFTY CAR SALES
(727) 726-6112
24639 US HIGHWAY 19 N
CLEARWATER, FL
 
CONSUMER FINANCIAL SERVICES E-Z LOAN$
(727) 862-2944
10431 U.S. HWY. 19
Port Richey, FL
 
Auto Credit of Florida
(904) 387-9800
4545-3 Shirley Ave
Jacksonville, FL
 
AFS Acceptance LLC
(877) 223-3254
101 NE 3rd Avenue Suite 2000
Fort Lauderdale, FL
 

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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