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Refinancing a Car Loan Richland 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.

AutoLoansInWashington.com
(360) 489-6000
Olympia, WA
 
Jack's Auto Sales
(509) 882-1922
402 E. Wine Country Rd
Grandview, WA
 
Temple Distributing Inc
(509) 773-4511
802 S. Columbus
Goldendale, WA
 
Honda of Seattle
(206) 382-8800
1015 Olive Way
Seattle, WA
 
Toyota of Seattle
(206) 382-4300
2121 8th Ave.
Seattle, WA
 
Satch Works Inc
(360) 379-0706
670 Nesses Corner
Port Hadlock, WA
 
South Tacoma Honda
(253) 472-2300
7802 S Tacoma Way
Tacoma, WA
 
Valley Auto Parts, Inc.
(509) 882-1074
233 Division
Grandview, WA
 
Red-Head Steering Gears, Inc.
(206) 364-3333
900 N. 127th
Seattle, WA
 
Midas - Silence Inc.
(425) 424-0726
17311 135th Ave. NE, #A450
Woodinville, 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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