When should you refinance an auto loan?ĭeciding to refinance your auto loan comes down to saving you money on interest, reducing your monthly payment or both. Many banks and lenders will look for a clean vehicle title, history of payments and the value and age of the vehicle. Calculate Your Payments Loan Rates Budget Recent Auto Loan Rates We publish an auto lender review guide to help buyers see current rates from top nationwide lenders. It is also important to consider that lenders do hold specific requirements when it comes to refinancing. To avoid this, stay away from long repayment terms - which can feel enticing when refinancing. By extending the lifetime of your loan you are more likely to become upside-down on your vehicle loan. The choice to refinance does not come without risk. CUTX offers an Auto Protection Program 2 including GAP, VSC, CVP and Payment Protection options. Easily manage your account online and with our mobile app. Fast, easy, secure application that gives you an immediate decision. Your existing loan will be replaced with one from a new lender, but it is always wise to calculate potential savings if you stayed with your current bank or lender. Competitive, low rates for new and used or refinanced vehicles (as low as 2.39 APR) 1. Buyers Tip: When making the decision to purchase a new vehicle, keep in mind that your monthly expenses may be greater than just the payment on your loan. This new loan will hold better rates and terms and thus save you money each month. Refinancing allows you to replace your current loan with a new one. What to do when you lose your 401(k) match Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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