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Refinancing a Car Loan Palmer AK

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.

AutoLoansInAlaska.Com
Juneau, AK
 
Keybank
(907) 581-1300
487 Salmon Way # 101
Dutch Harbor, AK
 
First Bank
(907) 225-7090
Ketchikan, AK
 
Homestate Mortgage Co Llc
(907) 689-6462
16635 Centerfield Dr
Eagle River, AK
 
Northrim Bank
(907) 694-8998
12812 Old Glenn Hwy
Eagle River, AK
 
Alaska Rural Rehabilitation Corp
(907) 745-3390
248 E Dahlia Ave
Palmer, AK
 
Alaska USA Federal Credit Union
(907) 523-7501
Juneau, AK
 
Alaska USA Federal Credit Union
(907) 374-5401
1292 Sadler Way
Fairbanks, AK
 
Wells Fargo Home Mortgage
(907) 486-8800
202 W Marine Way
Kodiak, AK
 
First Bank
(907) 228-4235
2530 Tongass Ave
Ketchikan, AK
 

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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