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Auto Loan Refinance 101
Basic Definition of Auto Loan Refinancing
Essentially, auto loan refinancing is taking out a new loan to pay off your existing car loan. Depending on individual financial situations, applicants could qualify for a lower interest rate through refinancing—which could mean lower monthly payments and saving money in the long run.
Info You’ll Need to Apply for an Auto Loan Refinance
When an individual applies to refinance with a new lender, there is typically a credit check of some kind. Each lender reviews specific borrower criteria, which varies from lender to lender, and influences the rate and terms an applicant may qualify for. For an auto loan refinance application, lenders typically require information that tells them the value of the car, the amount of the current loan and the applicant’s financial picture.
Tips for When You’re Shopping Rates
Pay close attention to loan terms, which can vary greatly, depending on the lender. The longer the loan term, the lower the monthly payments will be, but that means more interest will be paid over the life of the loan. Conversely, a shorter loan term may mean higher monthly payments, but then less is paid in interest over the life of the loan.
Reasons Refinancing Could Be a Good Idea
If your financial situation has improved since taking out your auto loan, you could qualify for a better rate. Improving a credit score, landing a better job, or paying off some other debts may cause a lender to consider an applicant as less of a risk than when they financed a car originally. Qualifying for a more favorable rate now could mean saving money over the life of the loan.