Save Money by Refinancing Your Car Loan
People go to great lengths in order to save even a little money. We clip coupons. We drive halfway across town to buy things on sale. We look for deals online. We buy in bulk. There are many different ways to save money, and comparison shopping is a great place to start. If you compare prices before buying, you're more likely to find a lower price for whatever it is you need. The same principle applies to car loans. If I wanted to save a lot of money, I could refinance my car loan and get a much lower interest rate.
Contents
Steps
- Go online and research for a lender that offers an online application so you can apply for car refinancing and get a decision back immediately.
- Determine if the offer presented by the lender is a lower interest rate than you are currently paying. You should also determine what options you have for shortening or stretching out your term to maximize savings.
- If those terms are suitable to you, complete your paperwork online and return any necessarily documents needed to the online lender.
- The online lender will payoff your existing loan and you will have a new, lower interest and lower payment loan with the new lender.
Tips
- Make sure you have your vehicle information handy when applying (current mileage, existing lien holder name and equipment on the vehicle you are refinancing)
- Be sure to state your gross monthly income on the application (the amount you make before taxes are taken out)
Warnings
- Be sure you are actually dealing with a lender online and not just an online aggregator that collects data and passes it to others.
Related Articles
- Refinance an Auto Loan
- Reduce Your Car Payments Without Getting a Refinancing Loan
- Refinance a Car
- Get Car Loans After Bankruptcy
