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Bad Credit Car Refinance Guide FavStocks (blog)

29.04.10

The basic idea behind this process is simple. You are going to get a new loan for your car. You are going to take the money from the new loan and use it to pay off your existing loan. The title for the car will then be transferred to the new lender, and you will start making payments to them.

Lower Interest

One of the major reasons that people choose to refinance their auto loan is to take advantage of a lower interest. Many times, the market interest rate is going to be lower than what you have with your current auto loan. If you can refinance the loan, you will be able to lower your interest rate, which will also lower your monthly payment. This can allow you to save money on your car payment regardless of how far along you are with the loan.

Extended Term

Another reason that many people choose to pursue a car refinance is to extend the amount of time that it takes to pay off the loan. For example, let’s say that you purchase a car for $10,000, using a five-year loan. Then after three years, you have paid down the balance to $5000. If you choose to refinance, you will be able to start a new five-year loan from that point. Then you will be paying $5000 over the course of the next five years, which will significantly lower your payment. This process will usually work only if you have been paying on your existing auto loan for a number of years. It does not necessarily require you to get a lower interest rate than what you already have in order to save money.

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refi car loan - News

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