How to Refinance a Car | Phoenix, AZ
What does it mean to refinance a car? Simply put, you're replacing your current car loan with a different one. The refinancing process isn't all that different from when you secured a loan to purchase your car from the previous seller. You submit loan applications, determine the APR rate and loan term that suits your needs, and then pay a certain amount toward the loan each month. So, what's the difference here? Refinancing your loan using myAutoloan entails less stress and hassle than your initial car shopping! With easy tools to compare loans, you can find the easiest way to refinance an auto loan from the comfort of your Phoenix home— no bargaining skills or endless test driving required.
The Benefits of Refinancing a Car Loan in Phoenix
So, why should you refinance your vehicle? Car refinancing in Phoenix could decrease the financial toll of a car loan, both in the total interest you'll pay over time as well as the monthly payment amount. You don't want to waste money—no one does! But if you're stuck in an auto loan with a high APR, you might as well be throwing away your hard-earned cash! Refinancing has the power to significantly reduce the total interest you'll have to shell out throughout the term of your auto loan. And, if you refinance with a lower APR rate or a different loan term, savings on your regular car payments can improve your monthly cash flow. A little extra breathing room in your budget sounds nice, right?
Is It a Good Idea to Refinance Your Car Loan?
Maybe you've been thinking about refinancing your car loan in Phoenix, but you're unsure if this is a good time… particularly with the APR rates you've seen around Arizona. Maybe you're skeptical that there will ever be a good time to do it. Several factors can play into your choices, but let's focus on a handful of significant aspects to keep in mind.
First, has your credit score increased since purchasing your vehicle? If it has, there's a good chance you could qualify for a better APR now than you did before. A lower APR can save you money on interest over the course of your loan, and it could also reduce your monthly car payment.
Second, have interest rates, in general, decreased since you acquired your current car financing? Just like a better credit score, lower APRs in the loan market have the potential to help you save some cash over the course of your loan. Try a refinance car calculator to get a better idea of whether refinancing is worth it for your situation. You wouldn't want to leave money on the table!
And lastly, are you discouraged because you're constantly experiencing problems your present auto lender? If poor service is all too common with your current loan company, it's time to move on to a new one. If your current loan has pesky prepayment penalties, you may still be able to benefit from a new loan at a lower rate. Other reasons to refinance your auto loan may include wanting to change the loan term, having positive equity in your vehicle (in other words, it's worth more than you owe on the loan), or a desire for lower monthly payments to adjust for a shift in income level.
No matter your reason, myAutoloan gives you the tools to shop smarter and get the best auto loan rates. When you'd like to refinance your car in Phoenix, AZ, we'll show you several top lending companies so you can make the smart decision for your financial future.
How to Refinance a Car Loan in Phoenix, AZ
Before you refinance a car loan in Phoenix, do your research. As a first step, pull your up-to-date credit score. With this information, you can get an accurate representation of the refinance rates you qualify for when using a car loan calculator. It's a good idea to check out the current value of your car (use a trusted source, such as Kelley Blue Book, for this) plus the amount you still owe on your car and whether you'll be penalized for prepayment.
Auto lenders will require various documentation and financial info, such as proof of residency and current employment. You'll need to go ahead and locate important documents (to name a few, past W-2s or utility bills mailed to your current home address). After you've collected everything you'll have to reference or provide, it's time to search for the best auto loan refinance rate in Phoenix. Unsure where to start? Turn to myAutoloan's car refinance rate comparison tools for guidance!
What's the Best Way to Refinance Your AZ Auto Loan?
You no longer have to waste time contacting multiple companies to refinance a car loan in Phoenix. And you shouldn't have to try and analyze car loan and refinance rates using far too many internet browser tabs, either. With myAutoloan, refinancing your car is painless and easy. Submit a brief form on our website, and we can show you up to four loan offers within minutes. Weigh all the opportunities with APRs that are tailored to you, your credit, and your priorities. Think it's not feasible to refinance a car loan with bad credit? We beg to differ! At myAutoloan, we want to help any vehicle owner find affordable car refinancing in Phoenix, AZ. Start your application to see today's best car refinancing rates!