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Refinancing a Car Loan Yakima 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
 
Thoroughbred Collision Centers
(253) 473-2888
4112 S Washington St
Tacoma, WA
 
Midas - Silence Inc.
(425) 424-0726
17311 135th Ave. NE, #A450
Woodinville, WA
 
Burns Auto Body Collision Center
(253) 474-7656
6454B McKinley Ave.
Seattle, WA
 
Bucky's Muffler, Radiator & Brakes
(253) 922-3232
4600 Pacific Hwy E
Tacoma, WA
 
LaMar Inc
(509) 773-3420
1590 Highway 97
Goldendale, WA
 
Budget Car & Truck Sales
(509) 882-4800
101 Stover Road
Grandview, WA
 
Circle and Square Auto Care
(360) 385-2070
10953 Rhody Drive
Port Hadlock, WA
 
Carquest Auto Parts
(509) 773-3793
614 S Columbus
Goldendale, WA
 
Phil Smart, Inc.
(206) 324-5959
600 E Pike St.
Seattle, 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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