How to Refinance a Car | Fort Lauderdale, FL
When you refinance, you're simply replacing your current loan with a different one. The overall process of refinancing is similar to getting a loan to acquire your vehicle. You submit loan applications, select a rate and term (usually noted in months) you prefer, and then make the monthly payments. The biggest difference? Refinancing your loan using myAutoloan is much less stressful than your initial car shopping! With straightforward tools to compare loans, you can find the best way to refinance a car from anywhere in Fort Lauderdale— no negotiating or dealership visits needed.
What Are the Benefits of Refinancing a Car Loan?
Not sure if you should refinance your vehicle? Refinancing your auto loan in Fort Lauderdale can save you money on the amount of interest paid over time and the amount you pay each month. You don't want to waste money—no one does! But if you still have a high-APR car loan, you might as well be destroying wads of cash! In many cases, refinancing can substantially decrease the interest amount you pay over the entire loan term. Plus, when you refinance with a better APR or a different loan term, a lower car payment can change your monthly cash flow for the better. More wiggle room in your budget never hurts!
Is It a Good Idea to Refinance Your Car Loan?
Maybe you've considered refinancing your auto loan, but you aren't sure if this is a good time… especially when you consider the interest rates you've seen in Florida lately. Or maybe, you're skeptical that there will ever be a beneficial time for refinancing. Several factors can play into your timing, but let's focus on a handful of main ones to take into account.
First things first, has your credit score increased since purchasing your vehicle? If the answer is yes, there's a solid possibility that you could score a better interest rate now than you did before. A better APR can reduce your interest paid over the long haul, and it can help lower the amount of your monthly loan payment.
A second thing to consider is this: have interest rates, in general, decreased since you established your current car loan? Just like an increase in your credit score, decreased interest rates across the market can help you save some cash over the life of your loan. Try a refinance car calculator to determine whether a car loan refinance will be valuable in your particular circumstances. It doesn't hurt to check!
And, one more consideration: are you discouraged because you're always brushed aside by your current car loan provider? If customer service snafus have you frustrated with your current lender, now is the time to move on to a better arrangement. Even if your existing loan has penalties for prepayment, you may still be able to benefit from a lower APR. Other reasons to refinance your auto loan may include needing to change your loan term, having positive equity in your vehicle (in other words, it's worth more than you owe on the loan), or a need for decreased monthly car payments to adapt to a significant shift in your cash flow or overall income.
Whatever your reason, myAutoloan is here to help you shop smarter and get the best auto loan rates. When you'd like to refinance your auto loan in Fort Lauderdale, FL, we'll show you several top lending companies so you can make the smart choice for refinancing.
How Do I Refinance My Car Loan? | Fort Lauderdale, FL
Before you take the plunge and refinance your auto loan in Fort Lauderdale, take time for research. Before anything else, pull your up-to-date credit score. When you know your score, it's easier to get a clear picture of the rates you qualify for when using a car loan calculator. It's also important to know the value of your car (use a resource like Kelley Blue Book to get this information), plus the amount you still owe on your existing loan whether you'll be penalized for prepayment.
Auto lenders will require documentation and financial info, such as proof of residency and employment history or status. You'll want to go ahead and locate the necessary documents (such as pay stubs or utility bills mailed to your current home address). As soon as you've compiled all the things you'll have to reference or provide, now you can shop around for the best car refinance rate in Fort Lauderdale, FL. Not sure where to start? myAutoloan's easy car refinance rate comparison tools can help!
Refinance Your Car the Easy Way in Fort Lauderdale, FL
You no longer have to waste time reaching out to multiple companies to refinance your car in Fort Lauderdale. And you shouldn't have to interpret car refinancing rates across an overwhelming spread of websites at once. When you choose myAutoloan, refinancing your car couldn't be easier. Just complete a brief form on our website, and you'll see up to four options for loans almost instantly. Choose how you refinance with auto loan rates that are a match for you, your credit score, and your situation. Think it's not feasible to refinance your auto loan with bad credit? We beg to differ! At myAutoloan, we want to help every car owner find affordable car refinancing in Fort Lauderdale, FL. Submit your application now to see today's lowest rate for a car refinance!