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Auto Refinancing

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 automobile loan?
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.

Is refinancing always a good idea?
There are instances when refinancing is not a wise decision.

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