When should you refinance your car?
Refinancing a car –or auto refinancing– means replacing the current auto loan with a new one. The new loan pays off the old loan, so you still have only one auto loan on the car. People refinance in order to lower their interest rate, lower their payment, payoff their debt faster, or to borrow additional money. Refinancing an auto loan can be a great way to build financial flexibility, improve your financial situation, and pay off your debt faster.
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There are three primary reasons people refinance their auto loans:
1. Take advantage of a better interest rate: The most popular reason people refinance their auto loan is to get a better interest rate. When interest rates drop or people’s financial situation improved enough for them to qualify for a better interest rate, people may choose to refinance their auto loan. By paying less in interest, they can either pay off the loan more quickly or have a lower monthly payment.
2. Drop their monthly payment: People may choose to refinance their auto loan in order to drop their monthly payment. If a person is struggling to stay on top of their monthly bills, refinancing an auto loan can help them decrease how much they pay each month on their car note.
3. Get cash back for an emergency: When people run into financial difficulty, people may cash-back auto refinance which will allow them to draw on some of the equity they have in their automobile. This can be a cheaper way to borrow money for emergencies than a personal loan, credit card balance, or missing payments on other bills.
When should I refinance a car loan?
The best time to refinance a car loan is when you are reasonably confident that you can decrease your interest rate that you pay for the loan, shorten the length at which you are in debt, and lower the monthly payment that is due.
If you suspect you can get a significantly better interest rate and you still have at least 18 months left on your car note, you should seriously consider refinancing.
You can apply for auto refinancing loans to see what kind of offer you can get without an obligation to take the loan. Most lenders will do a pre-approval on your account which only requires a soft credit pull which means checking what rate you can qualify for will not negatively affect your credit score. For that reason it makes a lot of sense to check whether refinancing your auto loan can make Financial sense for you.
You can check our marketplace page where you can get pre-approved by more than one lender to shop around for the best deal.
If you're looking for a specific detail about auto refinancing, here are the timing and chapters so you can easily find what you're looking for.
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00:00 - Introduction
00:12 - What does it mean to refinance an auto loan?
00:43 - What's the best process for refinancing your car?
01:58 - What documents do you need to refinance your car?
02:32 - What credit score do I need to refinance my auto loan?
03:38 - What are the reasons you might not qualify for auto refinancing?
04:09 - How soon can I refinance after I get the initial auto loan?
04:26 - When is it worth it to refinance your auto loan?
06:31 - When is refinancing an auto loan a bad idea?
07:24 - What are the advantages to refinancing an auto loan?
08:31 - What are the disadvantages to refinancing an auto loan?
09:38 - Conclusion
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