back to articles | December 31, 2018 | Dale Peterson

Categories: Refinance To Save

Car Refinancing

Car Refinancing Can Lead the Way to Lower Payments

All vehicle owners, whether owners of a new or used car or truck, should look into car refinancing. Whether you currently have a low APR, or a high interest rate loan, it would just take a few minutes to find out if you can lower your monthly payments by refinancing your vehicle. The savings can amount to $100 or more a month with an improved credit score.

Regardless of your current loan rate, a car refinance loan could save you money. A car refinance loan can pay off your current loan while simultaneously offering you a lower payment or lower total payoff amount. The amount of money you can save by looking into and obtaining a car refinance loan can actually amount to thousands of dollars. Check it out by using an auto loan amount calculator to check out possible savings.

Does Car Refinancing Require an Appraisal?

Car refinancing rates are based on the amount of money you owe on your current loan, and the book value of your car based on make, model, year and total miles on your car. So, unlike home refinance loans, a car refinancing loan does not require an appraisal. Lenders utilize current book to value estimates to determine if they want to consider providing funding for a car refinancing loan. All you need to do is simply fill out a quick and easy online refinance loan application.

What is Car Refinancing?

Car refinancing programs are one of the best kept secrets in the auto industry. You probably never thought of refinancing your car, but it could save you thousands of dollars. Car refinancing works in a very similar way to home refinancing. When you refinance your current car loan you pay off that loan with a car refinance loan from a different lender that has a lower APR. Car refinancing loans can lower your monthly payment by reducing your interest rate but it also can save you $1,000's of dollars in the total costs of your loan.

Don't Settle for High Interest Rate Car Finance

Just because you may have had a blip in your credit in the past, you shouldn't settle for extremely high vehicle finance rates over the term of your car loan. Maybe you had to take that high interest rate automobile loan when you purchased your car but what if your circumstances are different now? What if you have been paying your credit card and you car loan on time and in doing so, improved your credit score? You have a great opportunity to lower both your monthly payment but the APR by doing a car refinancing loan. You owe it to yourself to find out for sure if you can lower your payments and you can do so without any cost or obligation to inquire. It takes just a few minutes to fill out our online car refinancing application, and it could save you big money whether you have good credit or are rebuilding your credit.

Car Refinancing: Be Informed

To make sure you have all the best information about how a car refinancing loan might help you, gather offers from several lending sources and see what the market can do for you. If you compare rates, you might be able to save more than if you only inquired with one lending source. Why not save as much as you can by rate shopping? Don't be afraid to shop around for the best car refinance deal. Shop online for the best refinance rates to save the most money and get the lowest rates possible. One way to shop quickly is to use an on line lender that works with multiple lenders where you can get and compare multiple car refinancing offers direct from lenders, offering the lowest APR. Utilizing a nationwide network of well known and respected national lenders saves you from having to fill out one application after another for each lender. Using a multi-lender platform allows lenders to work with you directly to earn your business by providing competitive rates for car refinancing. You get to choose which offer is best for you. Give it a try and see if you too can put a little extra money back into your pocket.