How to Refinance a Car Loan

If you want to get lower monthly car payments and try to lower your interest rates, then refinancing a car loan might be the best option for you. But, how do you refinance a car loan? Learn the basics of car loan refinancing with the finance department at Shottenkirk Chrysler Dodge Jeep Ram to see how you can save money on your monthly payments.
 

Best Ways to Refinance a Car Loan

Woodstock drivers are refinancing their loans to lower their interest rates and overall monthly payments. To do this, you need to know what you’re already paying, which can be found on statements and other documents. Once you know how much you’re paying right now, you’ll want to do the following:

• Know Your Credit Score: If you have paid all of our monthly payments and bills on time, then your credit score has likely improved.
• Start the Application Process: Send out applications to more than one Roswell auto refinance companies so you can compare deals. To avoid your credit score being affected, submit all of your applications within 14 days.
• Compare Offers: Carve out some time to compare all of the offers you receive, so you know which deal will be the most beneficial. You can use our payment calculator at Shottenkirk Chrysler Dodge Jeep Ram to easily calculate your monthly payments.
• Determine Loan Term Length: A shorter loan term will mean larger monthly payments with less interest, and a longer term will mean smaller monthly payments with more interest.

The best way to refinance an auto loan is to determine what payment options will work best for your unique circumstances.

Other Things to Consider

Here are some other things to know when refinancing your car:

• Hidden Fees: Check with your original car loan provider to see if there are any fees or penalties for paying off your loans early as it may be cost effective if there are penalty fees.
• Debt to Value Ratio: It can be harder to get approved for financing if you owe more than what your vehicle is currently worth.
• Vehicle Age: Some Cumming lenders may not refinance an older vehicle due to the significant amount of depreciation that has occurred.

For more tips about auto loans like paying off a loan early and more, visit Shottenkirk Chrysler Dodge Jeep Ram.

Refinance with Shottenkirk Chrysler Dodge Jeep Ram

Now that you know how to refinance a car loan, it’s time to visit Shottenkirk Chrysler Dodge Jeep Ram to explore all of your financing options. Contact us to go over a payment plan and apply for financing online.