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Refinancing Your Auto Loan

Aug 16, 2008
Many people want to refinance auto loans and wonder if it's possible to lower payments or even
qualify for a new loan. One benefit is the consumer might be able to lower payments. It takes a few steps but the process can be pretty easy to accomplish. Lenders want to get new business so they will do everything they can to help you out.

The first step would be to gather all of your bills and see what you can afford. If you have no problem affording a new loan the next step would be to gather a credit report. If you can't afford more than you are paying or need to pay less you may be able to accomplish this. You might be able to consolidate some bills to reduce your overall debt.

Check to see how much your car is worth. The internet is a good place to search to see what you might expect the dealership to give you for your car. If you put a lot of money down on your initial loan you maybe able to borrow more when you refinance to pay off another debt. In contrast if you owe more on your car than its worth you might have to put some money down in order to finance. There is always an option of finding someone to co-sign for you.

Next if you want to see what your payments will be you can get an auto quote. You can go to your local bank and apply for a loan. Usually the bank will have terms visible to all customers. Check the special rates online as well as in person. Also, check online for an auto loan quote. Many times you will be able to get a few different quotes by submitting one form. Be sure not to get too many quotes as each time your credit is pulled it will count against your credit score.

You may be able to get a new loan with the same payment and have some extra money to pay off some other debts. This could help reduce your payment and get a better interest rate on other debts. Be sure to check the length of the term to make sure you are comfortable with it. If you are able to pay off some credit cards or other loans with a new refinance it can improve your credit rating overall.
About the Author
Tony has extensive knowledge on auto refinancing loans
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