Making Sense of Auto Loan Refinancing?

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2011-03-01 16:21:40

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When people think of refinancing, most people think of refinancing a mortgage. This is certainly an option, but it is not the only one available. Refinancing can make sense in the case of your vehicle as well. Auto loan refinancing is useful in several situations, each different from the other.

Some auto loans have an introductory rate that is lower than the later rate. In this case, the monthly payments could shoot up higher than you can afford. In this case, you will need to refinance to reduce your monthly payments. If your financial situation changes for the worse, you will need to refinance your auto loan for the same reason.

If you find a better job or get a promotion, it may also make sense to refinance. You can refinance in order to increase your interest rates, pay off your car sooner, and pay less in overall interest.

Finally, you can refinance by taking out a secured loan. Using your car as collateral in a new loan is considered a form of refinancing, and it offers loans with better interest rates than unsecured loans.

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2011-03-01 16:21:40
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Q: Making Sense of Auto Loan Refinancing?
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Related questions

Where can one get information on refinancing an auto loan?

Many local banks can be a source of information on refinancing a car loan. Edmunds and Bankrate also offer guides to auto loan refinancing on their respective websites.

Where can one apply for auto refinancing loan?

One can apply for an auto refinancing loan at a bank or financial lending institution. One can also apply for auto refinancing loans at most car dealerships.

What companies offer auto loan refinancing?

There are several companies that offer Auto Loan Refinancing. Some online companies include my auto loan and credit provider, however you can also go to your bank or another bank like Citibank and Wells Fargo bank to get a refinancing loan.

Where could one get help with auto loan refinancing?

One could get help with auto loan refinancing from Wells Fargo. Other options include Capital One, Edmunds, Chase Auto Refinance, and Bank of America.

Where can one learn more about refinancing a car loan?

One is able to learn more about refinancing a car loan at several different online locations such as the following websites: Auto Trader, Federal Auto Loan, Capital Auto Loans, and Lending Tree.

How does auto loan refinancing work?

You get a loan from a bank to pay off the current loan on your vehicle. You would do this to lower your interest rate. Make sure to consider the closing costs when refinancing.

Refinancing An Auto Loan?

Refinancing an auto loan comes with many benefits. Below are four of the main benefits of doing so: 1) Refinancing usually means the loan obtains a lower interest rate which decreases monthly payments. However, many people decide to extend the length of their loan which even further reduces their monthly payments. Extending an auto loan is not always a wise choice but is for those people who cannot afford their loan without decreasing their payments. 2)Refinancing also helps improve a person's credit score. Refinancing helps a person avoid defaulting on their loan which protects their credit score. Most people who refinance find they can better manage their monthly payments. 3)Refinancing at a lower interest rate without extending the loan term length helps a person reduce their overall debt owed. 4)After a refinanced has been completed and the loan has been paid off the debt turns into an asset. No matter what reasons a person has behind refinancing their auto loan, refinancing has many benefits.

Where can a person get a capital one auto loan?

Apply for new car loans, used car loans, and auto loan refinancing at the official site of Capital One, and use the auto loan calculator to estimate your payments.

Is it possible to refinance an auto loan?

It is possible to refinance an auto loan. Refinancing offers the opportunity to lower your interest rate and save money over the term of your loan, which lowers your monthly payment.

Where is it possible to get a loan for auto refinancing?

Loans for auto refinancing are available at banks and credit unions, depending upon an individual's credit rating, automobile that is being re-financed, and credit history.

What are some companies that will help with refinancing a car loan?

There are many popular companies that will help in refinancing car loan like Up2Drive, Capital One Auto Finance, Blue Harbor and BankRate. Up2Drive and Capital One Auto Finance are direct lenders.

Where can you go for online loan refinancing?

There are lots of online resources for loan refinancing. The most famous are e-Loan and Lending Tree. Just google for 'online loan refinancing'.

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