Car loan & auto refinance experts for people with bad credit
When is it a good time to Refinance My Auto Loan?
There are several situations in which a person might think “maybe I should Refinance My Auto Loan.” If you currently have a high interest rate auto loan because your credit was bad when your purchased your vehicle, if interest rates have taken a significant drop since you purchased your vehicle or if you are struggling to pay off a short-term auto loan, these are all good reasons to consider refinancing.
How do I know how much money I could save if I Refinance My Auto Loan?
Using an online auto loan calculator is a great way to see how much refinancing your auto loan could potentially save you. By trying out different interest rates and loan terms, you will be able to see instantly how much your loan payment could decrease.
How does the interest rate affect my savings if I Refinance My Auto Loan?
In general, the lower the interest rate, the lower the monthly payment will be even if the loan term and the loan amount remain the same. When you are refinancing an auto loan, it is a good practice to wait until the new interest rate is at least one full percentage point less than your original interest rate. For any change less than 1%, the difference in your monthly payment may not be significant.
When I Refinance My Auto Loan, does the loan term make a difference?
You can refinance your auto loan with a longer loan term (the length of the loan in months) if you want to lower your payment even more. Keep in mind that even though your monthly payment will be less if you stretch the length of the loan to a longer term, you will end up paying more for the vehicle in the long run.
Where do I go to Refinance My Auto Loan?
There are many refinancing sources, but one of the easiest ways is find a direct lender online. The process is easy, you can do it from the comfort of your own home and many will refinance your auto loan even if your credit is less than perfect. One well-respected name in auto refinancing is RoadLoans. You can find them at RoadLoans.com.
What is the process to Refinancing My Auto Loan?
When you apply for auto refinancing online, the process is very easy. You fill out a simple online application and you receive your results within seconds. Generally, there are no application fees, no refinancing fees, no appraisals and no inspections.
If approved and you choose to accept the offer, your new loan is used to pay off your old high interest rate loan. The title to your vehicle is transferred to the new lender, and that’s whom your payments go to from then on. It’s that simple.
Don’t just keep thinking “I wonder if I should Refinance My Auto Loan.” Refinance today and start saving tomorrow.