If you’re a Dallas driver who wants to lower your monthly payments and save on interest, you can do so by refinancing your car loan. However, you might be asking, “how do you refinance a car loan?” Essence Maserati is here to give you the skinny on what to know when refinancing your car and the best way to refinance an auto loan. Read up here on how to refinance a car loan and take a peek at our finance page for further information on how to get your car financed with us.
When you refinance in Fort Worth, your goal is to lower the interest rate you pay each month. This means you need to be aware of your current monthly payment. Review your documents or get in touch with your lender to confirm your current interest rate and monthly payments. After you have that information handy, do these steps:
Check your credit score. If your bills are paid on time, you’ve got a good chance of an improved credit score and you might benefit from refinancing.
Start applying. Apply to several auto finance companies to make sure you get the best rate. Make sure you have your applications submitted in a 14 day period to minimize the negative impact on your credit score.
Evaluate offers. Take the time to run the numbers so you can figure out which monthly payment is best. We have a great monthly payment calculator that is a boon to Plano drivers looking for the best rate.
Decide your loan term. Figure out if a longer or shorter term is best for you. A longer term means you’ll be paying less per month but more in interest overall. A shorter term means more per month, but less interest paid.
What to Know When Refinancing Your Car
Keep these things in mind as well when you refinance your car in Plano.
Fees: Check your car loan to see if there are any fees involved in paying it off early. If there are, you might not want to refinance.
Underwater: If you owe a lot more than your vehicle’s current value, it’ll be harder to get approved for a refinance.
Older vehicles: Many lenders will shy away from refinancing older cars with lots of depreciation on them.
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