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Auto Refinance

What is an auto refinance loan?

An auto refinance is a type of loan that pays off your existing auto loan. It is very similar to a mortgage refinance, but it is a much simpler and faster process.

How does auto refinancing work?

The new lender will pay off the current auto loan and the title to the vehicle will be transferred to the new lender.

What are the benefits of refinancing
my existing auto loan?

Typically, the benefits are reduced interest costs gained by having a lower interest rate. In addition, the new loan may provide lower monthly payments, thus providing the borrower with some relief in meeting their financial obligations. Auto loans rates are at an historic low making auto refinancing an attractive option,

When is it best to refinance
an existing auto loan?

It really depends on the terms and conditions of the existing loan, the terms and conditions of the new loan, and the objectives of the consumer. If the consumer's goal is to reduce the amount he or she is paying in interest, he or she might want to consider an auto refinance loan with the same or reduced term as the existing loan. If the consumer's goal is a smaller monthly payment, he or she may want to consider extending the term that remains on the existing loan. Note, however, that the latter may increase the total interest paid over the life of the loan.

What are the fees associated
with an auto refinance loan?

Typically, the fees associated with an auto refinance loan are the transfer of lien holder fees and state re-registration fees. These fees a generally very low, usually $5-$10 and $5-$75 respectively. The actual fees vary by lender and state of residency. Consumers should also check their existing loan for any prepayment penalties.

How much will I save by refinancing
my existing auto loan?

It all depends on the difference in the terms and conditions of the existing loan and terms and conditions of the new loan. If you are considering an auto refinance you should calculate what these differences are to ensure that you are making the right decision.


Auto Financing Articles

What Happens When You Apply For Auto Financing

Take control of the financing before you take control of the wheel

Before Visiting An Auto Dealership

Vehicle Repossession

 


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