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How to Refinance a Car Loan

2022 Jeep Compass Driving on Street

 

If you’re interested in lowering your monthly car payments and saving on interest, your best bet is to refinance your car loan. Not sure what the best way to refinance a car loan is? Don’t even know how to refinance a car loan in the first place? Don’t worry, the experts at Patriot Chrysler Dodge Jeep Ram of McAlester have details and information on what to know when refinancing your car. Find out more about how to refinance a car loan in McAlester below!

 

 

How Do You Refinance a Car Loan?

So, how do you refinance a car loan? Since the purpose of refinancing is to reduce your monthly interest rate, you’ll want to begin by determining how much you’re currently paying. Contact your lender or review past financial documents to confirm your current monthly payments and interest rate. Once you’ve gathered all the relevant information, follow the steps outlined below: 

  • Check Your Credit Score – If you have been paying all your bills on time, there is a good chance your credit score has improved and you could benefit from refinancing. 
  • Start Applying – Apply to several automotive refinance companies to ensure you get the best rate. Make sure you submit all applications within a 14 day period to minimize the negative impact on your credit score.
  • Evaluate Offers – Take time to run the numbers to make sure any new offers coming back will get you the monthly payment you are looking for. Use our online monthly payment calculator to help you compare offers. 
  • Decide Loan Term – Decide if a longer or shorter-term loan best fits your situation. A shorter-term loan will require larger monthly payments, but you will pay less interest in total. With a longer-term loan, your monthly payments will be smaller, but you will pay more in interest in the end. 

What to Know When Refinancing Your Car

A few other key pieces of information to keep in mind when refinancing your car: 

  • Older Vehicles: Many lenders won’t refinance an older car that has already experienced major depreciation. 
  • Underwater Finances: If you owe much more than what your vehicle is currently worth, it can be harder to get approved for refinancing. 
  • Fees: You will want to check your original car loan to make sure there aren’t any fees associated with paying it off early. If there are, refinancing may not be cost-effective.

Have additional questions about the vehicle refinancing process? Reach out to the finance departmentat Patriot Chrysler Dodge Jeep Ram of McAlester for educated finance and insurance information

Explore Your Financing Options in McAlester at Patriot Chrysler Dodge Jeep Ram of McAlester

When it comes to financing consultations and figuring out what to know when refinancing your car, there’s no better resource than Patriot Chrysler Dodge Jeep Ram of McAlester. If you are considering refinancing a car, feel free to contact us online today! Our staff members are eager and willing to help you out.

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