Car refinancing?


Can someone please tell me what to look for when we go to refinance an auto loan? I am wanting to know, for instance, only to refi if the new interest rate is x less than the old, etc. Are there typically any fees to do this? Any other info is appreciated! Thanks!

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One Comment

  1. thorno74 says:

    The only thing you have to worry about is the vehicles current value vs what you are trying to borrow. If these numbers are in line you wont have any trouble. The interest rate will be based on the current loan market and your credit rating. Find out what they can offer you and see how it compares to what you are paying now. If the rate doesn’t drop that much, your payment will not go down very much. Figure out how much it is going to cost you in finance charges to stay with your current payment plan and see how much money you will be spending on the new plan. If there isn’t much advantage, don’t commit yourself to an additional year or so of payments if you don’t have to.
    Other than that, the re-fi process is really quite straight forward.

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