What is auto refinancing?
An auto refinance is a loan that
pays of your existing auto loan. This new
loan is issued by a new lender. This new
lender is the owner of your title and the
one you now make payments to.
What are the advantage of refinancing an
existing car loan?
The object of refinancing is to save
money with lower interest rates.
When is the greatest time to refinance my
It depends on what you are trying to
accomplish. If you are want to reduce the
total interest you are going to pay, you
should consider an auto refinance loan with
the same or reduced term as your existing
loan. If are looking for smaller payments,
you want to refinance with a term that is
longer than your current loan. Take note
that if you increase the term of your loan,
you are going to end up paying more in
interest over the life of the loan.
Auto loan interest rates are very low right
now. Now is a perfect time to
refinance an auto loan.
What are the fees
of refinancing an auto loan?
Normally, standard transfer of lien
holder fees and state re-registration fees
are the lone fees connected with refinancing
a car loan. The transfer fee is usually
$5-$10 and the state fee is usually $5-$75.
How much money can I save if I refinance?
Several variables will determine what
your overall savings will be. These
variables include the remaining balance of
your existing new or used car loan, the difference between
your old interest rate and the new interest
rate, the term of your new loan, etc.
refinancing always a good idea?
There are instances when
is not a wise decision.
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