Auto Refinance? Carloans-forall.com puts money back in your pocket!
A quick way to put some money back in your pocket is to consider car loan refinance. Like the well known mortgage refinance options which homeowners have used to reduce their mortgage payments, car refinancing is an option for car owners. Auto refinancing is available to people who meet the following conditions:
- Car is less than 5 years old
- Not in default with current lender
- Owe less on the car than it is worth
Refinance a Car Now!
How to Refinance a car?
If you meet all the conditions, an auto refinance is a pretty quick process. The auto refinancing rates you will receive are based upon your credit score. Essentially, you are exchanging one loan contract for another one. The new lender pays off the old one and you begin paying on the new contract. A hidden benefit can often be a month without any car payment. With the auto refinance loan, you can benefit from a reduced loan rate or an extension of the term on the contract. If you purchased your vehicle as little as two years ago, loan rates have fallen and you may gain from these reductions. Perhaps your credit has improved and you now qualify for a better rate than at the time you purchased the vehicle. An extension of the term, which may result in increased interest charges, can lower the payment by extending the pay back period.
Can you refinance a car if....?
If you have had some late payments, but are current again, the answer is probably yes. If you are currently in default, then the answer is no. Don't expect a lender to take a risk on someone who has proven unable to keep up with their obligations. If you have experienced adverse effects to your credit because of a job loss or other financial setback, don't despair, car refinancing is available to people who fall into the bad credit category. Car refinance rates may be somewhat higher but the benefits of contract extensions can still help you save!
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Not sure what your car is worth?
There are a number of internet sites which can provide you with an estimate of your car's value. Accessing one of these sites and providing the make, model, year, mileage and condition will give you an estimate of your car's current worth. Compare this to the pay-off figure from your current lender and you can determine if you are "upside down." If you do owe more than your car is worth, it is unlikely that lender will consider re-finance because in the event of a default they will be unable to recover their money. The car is the security for the car refinance loan.
I owe more than my car is worth, is there anything I can do?
One option may be to make an extra payment or two, if possible. This can make your request for a car refinance loan more attractive to lenders. In some instances, a person with an "upside down" loan and good to excellent credit may be able to negotiate an "upside down" car refinance and correct their problem.
We have the secure website, the lending professionals and we never ask for more than we need to know! Car refinancing rates vary but you can be sure ours are some of the lowest car refinance rates around. We are your source for every auto refinancing need! We work hard every day to live up to our name, Car Loans- For All!
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