Can You Refinance a Car Loan Immediately?

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What Is Auto Loan Refinancing?
You can’t afford your payments. If you’ve lost your job, or otherwise find yourself strapped for cash, your monthly payment or interest rate may become too expensive for you. Refinancing could help make your monthly payments more manageable. Your credit score has improved. If your credit score received a boost since you took out your original loan, banks may be willing to offer you a cheaper loan than you’d previously qualified for. You found a better deal. If interest rates drop, or a lender is offering a promotional deal, you may want to refinance simply to save a little bit of money you can then use toward other financial goals.
When Should You Refinance Your Car?
When Is It Better to Refinance Early?
What Are the Pros and Cons of Refinancing an Auto Loan?
When Shouldn’t You Refinance Your Auto Loan?
How Difficult Is It to Refinance?
How Long Does It Take to Refinance a Car?
What Are the Procedures in the Refinancing Process?
1. Supply Necessary Documents
Information about your existing loan, including recent statements The make, model, year and VIN for your vehicle Proof of income Proof of insurance Your legal name and address
2. Prequalify for Auto Loan Refinance
3. Apply For Auto Loan Refinancing
4. Pay Off Existing Car Loan Debt
The Takeaway
Frequently Asked Questions
About the Author
Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.
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