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How to Refinance a Car Loan

Posted on February 25, 2015

Cars are expensive, there are just no two ways about it. Between insurance costs, licensing fees, the cost to keep the car fueled up and the monthly auto payment, owning a vehicle can be a real drain on a person's finances. If you are still making monthly payments on your auto loan, it might be a good idea to consider refinancing. You could qualify for a better interest rate, reduce your monthly payments, and maybe even improve your credit. And best of all, refinancing a vehicle loan is usually quick and painless. Here are a few things to consider when refinancing a car loan.

 Is Refinancing Your Car Loan The Right Decision?

While the promise of lower interest and monthly payments is certainly alluring, refinancing isn't the best choice for all car owners. So how can you tell if you're a good candidate for refinancing? If interest rates have dropped since the time of your original loan—or if you qualify for a better rate —now might be a good time to revisit the terms of your car loan.

 Getting the Ball Rolling

Whether you're refinancing because you'd like a lower interest rate, because you're facing financial hardship, because you'd like to buy your vehicle at the end of a lease, or for one of a myriad of other reasons, there is some information you should have on-hand when you sit down to apply for a refinance. At the very least, you'll need your personal information, including your date of birth and Social Security Number, your current contact information, employment and income information, and your vehicle year, make and model

If you are Interested in Refinancing
If you are interested in refinancing, contact us today about the options available to you. You could save hundreds or even thousands of dollars over the life of the loan if you refinance wisely. Refinancing your car loan is a great option for anyone hoping to qualify for a lower interest rate, lower their monthly payments, pay off their loan earlier, or improve their monthly cash flow.

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