How to Refinance a Car Loan | John Eagle Acura

How to Refinance a Car Loan

Signing a car financing agreement
Katy customers interested in lowering their monthly car payments and saving more on interest should strongly consider refinancing their car loan, however, this option is not for everyone. So, let’s take a look at how refinancing your car works, what you can expect, and how you can benefit!

How Do You Refinance a Car Loan?

In order for customers to achieve the ultimate goal of a lower interest rate each month on their car lease, they must know what they are currently paying. If you are unsure of this, go back and review your documents to you’ll be fully prepared. You can also contact your lender to reconfirm your current interest rate and monthly payments. Once Spring drivers have this information, they can do the following:

  • Check Your Credit Score: If you have been paying all your bills on time since your vehicle was purchased, there is a good chance your credit score has improved and you could benefit from refinancing.
  • Start Applying: Apply to several automotive refinance companies to ensure you get the best rate. Make sure you submit all applications within a 14 day period to minimize the negative impact on your credit score.
  • Evaluate Offers: Take time to run the numbers to make sure any new offers coming back will get you the monthly payment you are looking for. Use our online monthly payment calculator to help you compare offers.
  • Decide Loan Term: Decide if a longer or shorter term loan fits best fits your situation. A shorter term loan will require larger monthly payments, but you will pay less interest in total. With a longer-term loan, your monthly payments will be smaller, but you will pay more in interest in the end.

The best way to refinance an auto loan depends on your circumstances, so make sure that any offer or term you choose works for your situation.

What to Know When Refinancing Your Car

Sugarland customers should consider these important factors when making the decision on whether or not to refinance their car:

  • Fees: You will want to check your original car loan to make sure there aren’t any fees associated with paying it off early. If there are, refinancing may not be cost effective.
  • Underwater Finances: If you owe much more than your vehicle’s currently worth, it can be harder to get approved for refinancing.
  • Older Vehicles: Many lenders won’t refinance an older car that has already experienced major depreciation.

No matter your situation, our dedicated finance experts are available to offer the advice you need as well as options that can better fit your circumstances.

Car Key and Money

Learn About Your Financing Options at John Eagle Acura

We understand this is a big decision and there are many moving factors when deciding to refinance your car. That’s why our finance experts are waiting to assist you. You can even find more helpful features like how to calculate interest on a car loan or how car financing works. If you have additional questions, contact us to speak with someone today!

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