In the tools section at myAutoloan.com you can assess the current value of you car. This is important because lenders will not lend you more money than what your vehicle is worth. You should also contact your existing lender to see if there are any penalty fees for an early loan pay out. If there are, you need to factor these costs into your calculations. Although registration and lien holder costs are minimal, and vary from state to state, they are a refinancing cost you should research.
Another matter to consider before refinancing is your credit rating. Again, myAutoloan.com provides a tool that generates a free credit report provided by TransUnion. If you discover errors that may have an affect on your ability to obtain a refinance loan or the interest rate offered to you, clear up the errors before making an application.
Something else to bear in mind is, although your credit score may be high, if you have a lot of credit accounts this may raise a red flag. Close out any accounts you no longer use before submitting your refinance loan application. After you have calculated early pay out and transfer fees, the value of the vehicle and your credit rating, it is time to find a new lender.
People refinance for two reasons, one is to save money and the other is to lessen monthly payments. There are times, albeit infrequently, when it is possible to do both with a new lender. However, generally, if your purpose is to save money with a new interest rate, it is a good idea to keep your monthly payments with your new lender the same as what you were paying with your old lender. Better yet, if you can do it, increase your monthly payment. Lowering a monthly payment means not only that your loan takes longer to pay off, but it also means you will pay more interest. Furthermore, the annualized percentage rate (APR) initially offered may be higher.
For seven years, myAutoloan.com has been in the business of providing comprehensive up to date information to those seeking vehicle loans, including auto refinance loans. Servicing 48 states, unfortunately Alaska and Hawaii are excluded, the website has helped over 1.5 million customers to date. A member of the Better Business Bureau since 2004, the company has consistently received an A+ rating.
A myAutoloan.com application takes from three to five minutes to complete, and is secured by DigiCert SSL encryption. Usually applicants receive lender offers within seconds. Up to four lender offers will be provided, which means you will have the ability to choose the option that is most right for you. Online auto refinance loans are a competitive business; this works to your advantage. Surely, you want to find the lender that offers the lowest interest rate.