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Refinancing a Car Loan Rock Springs WY

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.

Ez Cash
(307) 362-2011
2400 Foothill Blvd Unit A
Rock Springs, WY
 
North Side State Bank
(307) 362-5601
601 N Front St
Rock Springs, WY
 
Wells Fargo Financial
(307) 382-6335
2441 Foothill Blvd Ste 1243
Rock Springs, WY
 
Big Horn Federal
(307) 864-2156
643 Broadway St
Thermopolis, WY
 
Cowboy State Bank
(307) 655-2291
515 Dayton St
Ranchester, WY
 
Beneficial Wyoming Inc
(307) 362-4048
1363 Dewar Dr
Rock Springs, WY
 
Citifinancial
(307) 362-5650
2400 Foothill Blvd
Rock Springs, WY
 
USA Cash Services
(307) 362-1777
1459 Dewar Dr
Rock Springs, WY
 
Advance America Cash Advance
(307) 875-6767
300 Uinta Dr
Green River, WY
 
Advance America Cash Advance
(307) 237-9495
235 S Montana Ave
Casper, WY
 

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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