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Refinancing a Car Loan Poulsbo WA

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.

Red-Head Steering Gears, Inc.
(206) 364-3333
900 N. 127th
Seattle, WA
 
Dollar Rent A Car
(206) 381-1323
1900 Boren Ave.
Seattle, WA
 
Toyota of Seattle
(206) 382-4300
2121 8th Ave.
Seattle, WA
 
Phil Smart, Inc.
(206) 324-5959
600 E Pike St.
Seattle, WA
 
AutoLoansInWashington.com
(360) 489-6000
Olympia, WA
 
Lynnwood Body Shop
(425) 776-0221
19230 Hwy. 99, Ste. 110
Lynnwood, WA
 
Honda of Seattle
(206) 382-8800
1015 Olive Way
Seattle, WA
 
Budget Rent-A-Car
(206) 682-8989
801 4th Ave.
Seattle, WA
 
RapidCarLoans.net
(206) 000-0000
17th Street
Seattle, WA
 
Satch Works Inc
(360) 379-0706
670 Nesses Corner
Port Hadlock, WA
 

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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