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Refinancing a Car Loan Williston ND

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.

First International Bank & Trust
(701) 774-8321
19 4th St E
Williston, ND
 
Wells Fargo Home Mortgage
(701) 577-9555
119 E Broadway
Williston, ND
 
Unison Bank
(701) 253-5600
401 1st Ave S
Jamestown, ND
 
Gate City Bank
(701) 792-4370
3205 S Washington St
Grand Forks, ND
 
Allied Home Mortgage Capital Corp.
(701) 476-2930
2594 Main Ave
Fargo, ND
 
Dakota Quick Cash
(701) 572-2274
1412 2nd Ave E
Williston, ND
 
Ramsey Bank
(701) 776-5766
319 S Main Ave
Rugby, ND
 
Fast Cash
(701) 852-8700
2415 N Broadway
Minot, ND
 
First Community Credit Union
(701) 355-4581
3201 Weiss Ave
Bismarck, ND
 
Dakota Community Bank Bismarck
(701) 255-6500
Bismarck, ND
 

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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