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Refinancing a Car Loan West Des Moines 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
 
Integrus Financial Lc
(515) 221-3522
2100 Westown Pkwy Ste 110
West Des Moines, IA
 
Wells Fargo Financial
(515) 223-0054
4150 Westown Pkwy Ste 101
West Des Moines, IA
 
First Bank
(515) 440-7190
1630 22nd St
West Des Moines, IA
 
Iowa Mortgage Professionals Inc
(515) 225-3100
1200 35th St
West Des Moines, IA
 
AutoLoansInIowa.Com
Des Moines, IA
 
Advance America Cash Advance
(515) 327-1155
1960 Grand Ave Ste 15
West Des Moines, IA
 
First Class Credit Union
(515) 224-4300
2051 Westown Pkwy Ste A
West Des Moines, IA
 
State Savings Bank
(515) 457-9533
4800 Mills Civic Pkwy Ste 100
West Des Moines, IA
 
Bank of America
(515) 224-0615
3400 Westown Pkwy
West Des Moines, 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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