Auto loan refinancing can be extremely beneficial, but it might not be for everyone. Everyone's financial situation is different, and no two car loans are exactly alike. Get a better idea if an auto refi is right for you by reading our frequently asked questions.
Much like a mortgage refinance, an auto refinance loan replaces your existing car loan altogether. Once the refi loan is complete, your old car loan will have been paid in full.
While an auto refinance is not a beneficial choice for every person or every situation, it can be very helpful to some. The main reasons people refinance their car loans are to lower their monthly payments, get a lower interest rate, and have the opportunity to skip an entire car payment.
The best way to know if you can be helped by an auto refinance is to fill out our online refinance form and speak with one of our auto refinance specialists. If you're not yet ready to speak with someone, visit our refinance calculators section and crunch some numbers for yourself. Although it is difficult to know for sure without talking to a specialist, refinancing often proves most beneficial to customers who have at least two more years to pay on their existing car loan, and their vehicle is under 5 yeras old with less than 70,000 miles on it.
Apply online with our secure form. Our online form is the fastest and most hassle-free way to apply for this type of financing. We use 128-bit SSL encryption to transfer your personal information. This is the highest level of protection available for online communications, so you can be sure that your information is kept private.
Aside from shelling out money from your personal savings, there are other options available, but not necessarily as accessible. For instance, if you own a home you may be able to get a home equity loan or refinance your mortgage. This can allow you to get cash out of you rhome which you can use to pay off your auto loan. Typically, a home equity loan comes with lower interest rates and lower monthly payments, but the payments are generally stretched over 15 or 30 years, which means the total amount of interest you pay in the end can be considerably higher.
You don't have to wait at all. As soon as you close on an auto loan, you can pay it off any time. This includes refinancing, because as far as your current auto lender is concerned, you are simply paying off your loan in full. If refinancing will be beneficial to you, it is usually best to refinance as soon as you can.
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Find out how you can save money on your car payment by refinancing your automobile loan. Get the opportunity to lower your interest rate and even skip a payment.