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Discuss Refinancing auto loan in the Finance and Insurance forum at Car Dealer Forums; Refinancing used auto loans works very much the same way as refinancing regular auto loans. ...
  1. #1
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    Default Refinancing auto loan

    Refinancing used auto loans works very much the same way as refinancing regular auto loans. No appraisal is necessary to avail oneself of refinancing services for used auto loans. The value will still be based on how much more money is needed to pay off the existing used car loan.
    As with regular auto loans, those who did not get 0 percent to 2 percent APR used car loans are advised to avail themselves of auto refinancing. Using auto refinance calculators, used auto loan owners can have an idea of how much they can save from refinancing.
    There are some tips on how to get refinancing applications for used auto loans. First, the refinance applications should be filed using the same name used in the used auto loan. This is one way of ensuring credibility. If the refinancing company did not find matching names, the application will more likely be rejected.
    Second, while the used car need not be appraised, the value of money needed to pay off the used car loan should be still be at least $7,000. Refinance companies usually do not entertain any amount lesser than that as it could only mean a waste of time.
    The used auto loan owner should also gather all the necessary information regarding the vehicle. This would include the accurate year and model number of the car. The vehicle identification number should also be prepared, as this would be needed by the refinancing company to authenticate the refinancing application.
    Most importantly, used auto loan owners should bear in mind that the refinance loan should not be higher than the value of the car. Though a formal appraisal is not necessary, it may still help to know the current price of the car. No refinancing company lends an applicant more than the current value of his or her car, be it new or used.


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  2. #2
    Senior Member RatiRut's Avatar
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    Refinancing an auto loan can be beneficial, if done correctly, particularly in difficult economical times. Ironically, a large percentage of consumers don't even realize it's possible to refinance an auto loan.The process of refinancing an auto loan is similar to refinancing a mortgage. The borrower seeks out a loan with better terms or a lower interest rate and the new lender becomes the official owner of the vehicle until the loan is paid in full.

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    Saving money is the goal of many people today. You may be doing several small things that add up to big savings every month. Another thing to add to your list is the possibility of qualifying for a refinance auto loan. You may be able to secure a lower interest rate to decrease your monthly payments simply by refinancing the loan you currently have out on your car. Keep in mind that the only way refinancing will be an option for you is if you are willing to change lenders altogether. There are many benefits to refinancing a loan in addition to the main benefit of obtaining a lower interest rate.


    The first additional benefit is that you can change your term length or the conditions specified within the term. The reason you might want to do this is, again, to save money. You can choose to shorten your term length, which may slightly increase your monthly payments, even with a lower interest rate, but you will be entitled to pay off the loan much faster, saving you money in the long run. On the other hand, you may choose to keep the same term length or even extend the term to make your monthly payments more manageable. With the lower interest rate of a refinance auto loan, you can afford to extend the term.

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    Refinancing auto loans for people with a bad credit history is also available and a great choice. Out of all the people who decide to refinance, you stand to realize the lowest interest rate reductions and auto loan payments. If a year or so ago you acquired a sub-prime car loan with a high interest rate because of a poor credit history but have gained stability in employment and this is reflected by on time car payments, you may now be qualified for a substantially lower interest rate. It makes the most sense for you to make certain that you are not paying more than you have to by refinancing your auto loan or at least researching it.When you choose to refinance your current auto loan you can keep the same or reduced terms (length of time) as your current loan, but at a lower interest rate, this will allow you to pay off your car faster. But you can also choose to have lower payments by extending the terms that remain on your current loan. Doing this can result in you paying more interest over the life of the car loan, even with a lowered interest rate.

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    Auto refinancing is one of the best kept secrets around for saving you money, but most people never thought of refinancing their car. Car refinance is the same as home refinance. When refinancing car loans, you pay off your current car loan with a refinancing car loan from a different lender that has a lower. This is good one because refinancing auto loans makes your monthly car loan payments lower, and your interest rate drops, which can allow you to pay off the balance of your car loan even quicker.

  6. #6
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    In refinancing the rates offered by company should be comparatively low, so as to gather lots of benefits in form of savings.

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