Refinance My Car

Refinance My Car - If you took advantage of the drop in the prime lending rate and refinanced your home, you may be wondering if you can extend the savings to your car loan.

In short, the answer is yes, providing you meet these auto refinancing requirements:

  • Your car has less than 75,000 miles

  • Your auto is not a commercial vehicle, and is not used for business

  • Your current loan balance is more than $7,500

  • Your vehicle meets the lender loan-to-value requirements

  • Your FICO score is above 540

As with all loans, auto refinance loans are driven by FICO scores. If your credit score is above 680 and you meet the above requirements, your chances of getting a competitive APR are quite good; if your score falls below 680, you can expect to pay a significantly higher rate.

When researching options for an auto loan refinance, contact multiple lending institutions and inquire about rates, fees, terms, and restrictions. Before calling, it's visit or to get an estimate of your vehicle's value. After contacting lenders, input the data you receive into an online auto refinance calculator to determine which lender can provide the best terms.

Though auto refinancing is often overlooked, it can be a powerful money-saving strategy. Refinancing at even a 1% interest rate reduction can yield significant savings over time, and if you apply what you save to the principal of your loan, you'll pay off your car even sooner. To get the most "bang for your buck", start the refinancing process as soon as possible to start saving hard-earned money.

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