Refinancing


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Refinancing

Don't wait to save big!


Interested in saving money on your auto loan? Refinancing may be just the solution you need. But, what is it really?


If you've ever pondered this question, you are in luck. Today, we offer our comprehensive, but concise, guide to help you figure out if refinancing your car or truck is the right money-saving solution for you.





Benefits of Refinancing Your Car Loan

Auto loan refinancing is a pretty simple concept. It is the process where your existing car loan is paid in full with a new loan, often with a different lender and new terms.  One of the reasons you may choose to refinance your auto loan is to decrease your interest rate, change your loan term, reduce your monthly payment, or add and/or remove a co-signer.

Refinancing makes this possible because you are creating a new loan with different terms than the one you are paying off.  But, the biggest benefit to refinancing your auto loan is to save money. This can take form in a variety of ways:


A better interest rate:

Refinancing your auto loan may give you the ability to negotiate a lower interest rate, reducing the total amount of interest you will have to pay over time.

Changing the term of your loan:

Oftentimes extending the duration of your loan reduces your monthly payment. You can also take the opposite option and get a shorter term loan that reduces the overall amount of interest you would have to pay.

Lowering your payment:

This is often achieved by reducing the interest rate or increasing the duration of the loan. It's also possible to combine the two.





Get Schooled on

Finance Language!

Getting a car loan is one thing, understanding the language of the finance world is an entirely other thing. We have put together several resources to help you get a good feel for financing terms and language:


Automobile Finance and Insurance
Car Loan Legal Terms
Credit Related






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