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Refinancing a Car Loan Oskaloosa IA

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.

AutoLoansInIowa.Com
Des Moines, IA
 
Instant Cash Advance Inc
(641) 672-1110
122 N 1st St
Oskaloosa, IA
 
Alcoa Employees & Community Credit Union
(563) 355-0152
Davenport, IA
 
Countrywide Home Loans
(563) 355-3130
3008 E 53rd St
Davenport, IA
 
Wells Federal Loan Office
(641) 424-6691
4700 4th St SW
Mason City, IA
 
Check 'n Go
(641) 673-6466
209 Cornerstone Dr
Oskaloosa, IA
 
Oskaloosa Home Loan & Savings Association
(641) 673-8328
Oskaloosa, IA
 
Advance America Cash Advance
(712) 323-5800
2015 W Broadway
Council Bluffs, IA
 
Barb's Pawn & Loan
(515) 244-1897
1212 Euclid Ave
Des Moines, IA
 
Check 'n Go #2706
(515) 233-7195
1310 S Duff Ave
Ames, IA
 

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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