Auto Refinancing Loans - 3 Tips for Getting A Better Loan Deal
Auto refinancing is one of those money-saving ideas that most of us come across by accident
. After all, it is not very common to see ads on TV, online or in the newspaper offering to refinance your car.However, most of us these days find ourselves doing whatever we can to save a dime here or there in our household budgets. In fact, finding ways to cut down on our monthly expenses is almost becoming a national pastime for many folks. You may have learned about how auto refinancing loans can save you money through a friend or co-worker, or maybe you just had the idea and decided to see if it were possible.
The good news is: auto refinancing is no more difficult to qualify for than is qualifying for a regular car loan. The important thing for you to do first is to figure out whether it makes sense for you to even apply for a car refinancing loan.
Generally, the best time to apply is when one or more of the following is true:
* average auto loan interest rates are on the decline
* you have a better credit score than you used to
* you are interested in taking out a new loan and spreading it out over more months than your current loan (for lower interest payments)
* you want to cash out some of equity in your car in order to pay off higher interest debts like credit cards
Looking for auto refinancing loans? Try these 3 tips for getting funded faster:
1. Decide if you have a better credit score than you had at the time of the closing of your current auto loan:
Run your credit report with one or more of the big three credit monitoring agencies and find out if your score has gotten any better since it was at the time you took out your current auto loan.
2. Determine whether you want to spread the repayment of your new loan out over more time:
If you took on a very aggressive loan repayment schedule with your existing auto loan of say 2 or 3 years, you may want to ease up on your monthly payments by taking out a loan and spreading it out over more time.
3. Try applying with your current lender first, then apply to at least 3 more lenders:
To find the lender with the lowest-possible interest rates for you, it is always wise to ask your current lender if they can give you a better auto refinance loan rate than they gave you the first time around. Either way, be sure to do yourself a favor and apply to at least 2-3 additional refinance lenders as well. You never know where your best deal will come from.
Try these 3 tips for getting a better loan deal on your auto loan through refinancing.
Auto Refinancing Loans - 3 Tips for Getting A Better Loan Deal
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