Refinancing your auto loan can be overwhelming, especially if you don’t know where to start. There are quite a few factors to consider before refinancing your loan, including the possibility that you may save money by keeping your old loan instead of refinancing it. In this guide, we’ll take you through everything you need to know to make an informed decision about whether or not it makes sense to refinance your auto loan, so keep reading!
Check your credit score
When you are a car buyer, it is important to know your credit score. A car loan lender will want to see that you have a good history of paying off your loans. This is so they can charge you the best interest rate possible and be sure that you will be able to pay them back. It is important that when looking for a new auto loan, you check your credit score first and know what it’s at before getting the loan. If needed, it may be worth refinancing your current auto loan with XPress Auto Loan to get a lower interest rate on your payments. They offer low rates and can do this without hassle or hassle-free! Get in touch with them today!
Research interest rates
Refinancing your auto loan can be a good option if you’re looking for better interest rates and lower monthly payments. However, you’ll need excellent credit since refinancing a car loan is tougher than most other types of loans. Interest rates on refinances tend to be much higher than those on new loans, but the trade-off is that you pay off your car faster and save thousands of dollars in interest over the life of the loan.
Get quotes from different lenders
I’m in the market for a new car and would like to refinance my auto loan. However, I don’t know how much I can afford monthly or what interest rates are available. That’s where Auto Loan comes in. Just one quick phone call, and they’ll get me a quote from multiple lenders and let me know what type of interest rates I qualify for. They’re a great resource for anyone looking to finance their next car or just wants advice on saving money with their current auto loan.
Consider the fees
For someone with a good credit score, it’s possible to refinance your auto loan with XPress Auto Loan. This can help you save money and avoid additional fees associated with a new car purchase. With XPress, you’ll enjoy low rates on fixed-rate loans from prime lenders, so you can rest assured that your interest rate won’t change over the life of the loan. They also offer unique features like biweekly payments, allowing you to repay your loan sooner.
Read the fine print
According to the Bureau of Labor Statistics, the average cost of a new car in 2016 was $33,000. That being said, even if you bought your car used for $20,000 or less and are still making payments on it, you could be missing out on interest rates that are currently at an all-time low. If you’re ready to refinance your auto loan and get more cashback in your pocket while also locking in a low rate now, then let an Auto Loan help. We’ve been helping people like you refinance their auto loans for over 25 years.
Does refinancing hurt your credit card?
Refinancing your auto loan can be a great way to save money and get lower interest rates. It’s important to know that refinancing will hurt your credit score. When you refinance, the lender will look at your current balance and new loan terms and report this information on your credit history. The higher the balance and the lower the interest rate, the more it will affect your credit score.
Can I refinance my car loan whenever I want?
It depends on your credit score and the type of loan you have. If you have an auto loan with a bank, they might not give you another one until your current one is paid off. If you have an installment loan (i.e., auto loans that allow borrowers to pay monthly), you might be able to refinance without paying it off first.
Final Thoughts
When it comes to your car, many people are generally on the fence about whether they want to pay off their loan early or not. The benefits of refinancing can be huge in terms of lowering monthly payments and getting more financial flexibility, but you’ll also have more interest to pay over the long term. It’s always a good idea to research before making decisions and comparing different car loans.