How to Refinance a Car | Ft Lauderdale, FL
What does it mean to refinance a car? Simply put, you're replacing your current loan with another one. The process of refinancing a car in Ft Lauderdale will feel familiar because it's similar to the process you underwent to buy your vehicle. You fill out loan applications, choose the rate and term that works for you, and then pay a certain amount toward the loan each month. So, what's the difference here? The refinancing process with myAutoloan comes with far less stress than having to shop for your car! With our loan comparison tools, you can enjoy the easiest way to refinance an auto loan from anywhere in Ft Lauderdale— no haggling or test drives necessary.
Car Loan Refinancing: How Does It Help?
So, why should you refinance your auto loan? Refinancing your auto loan in Ft Lauderdale can help you save money by lowering the amount of interest paid over time as well as the monthly payment amount. You don't want to waste money—no one does! But if you still have a car loan with a too-high interest rate, you might as well be burning wads of cash! When done right, refinancing can significantly reduce the amount of interest you pay over the entire loan term. And, when you refinance with a lower APR rate or a different term for your loan, car payment savings can give your monthly cash flow a boost. A little extra breathing room in your budget sounds nice, right?
Should You Refinance Your Car Loan?
Maybe you've been thinking about refinancing your car loan in Ft Lauderdale, but you're unsure if this is a good time… especially when you consider the interest rates you're seeing all around Florida. Perhaps you're unsure if any time will ever be the perfect time to refinance. Multiple factors may influence your decision, but here are a handful of standout ones to keep in mind.
First things first, have you seen an improvement in your credit score since you initially bought your vehicle? If the answer is yes, there's a high likelihood you could score a better interest rate than your existing car loan offers you. A lower APR can save you money on interest over the course of your loan, and it can also reduce the amount you pay each month.
Second, have interest rates dropped since you signed on for your current car loan? Similar to a better credit score, decreased interest rates throughout the market for loans could help you save some money over the full term of your car loan. Use our refinance car calculator that can show you whether refinancing is worth it in your particular circumstances. It doesn't hurt to check!
And, one more consideration: are you sick of constantly experiencing problems your present car loan provider? If bad communication and customer service are the norm with your current lender, it's time to find another one. Even if your existing loan has penalties for prepayment, you may still be able to save money with a new loan at a lower rate. Additional reasons to refinance your car loan can include wanting to change the loan term, having positive equity (your car is worth more than you owe on it), or a need for lower monthly payments to adjust for a significant shift in your income.
Whatever the reason may be, myAutoloan is here to help you shop around and get the best auto loan rate in Ft Lauderdale today. When it's time to refinance your car in Ft Lauderdale, FL, we'll show you several possible lenders so you can feel confident in your choice for refinancing.
How to Refinance Your Car | Ft Lauderdale, FL
Before you take the plunge and refinance your car in Ft Lauderdale, do your research. First things first, check to see what your credit score is today. When you know your score, it's easier to get a more accurate idea of the refinance rates you're qualified for when you use online car loan calculators. It's also important to find out the estimated value of your car (use a resource like Kelley Blue Book to get this information), as well as the amount you still owe on your car and whether it has any prepayment penalty costs.
Potential lenders will call for documentation for things like proof of residency and employment status. You'll want easy access to important documents (like past W-2s or utility bills mailed to your current home address). Once you've collected the items you'll have to reference or provide, it's time to shop around for the best auto refinancing rate in Ft Lauderdale, FL. Are you uncertain of where to start? Check out myAutoloan's simple car refinance rate comparison tools today!
What's the Best Way to Refinance Your FL Auto Loan?
You don't have to spend precious time contacting multiple potential lenders to refinance your car in Ft Lauderdale. And there's no need to compare car refinance rates across an overwhelming spread of websites at once. With myAutoloan, refinancing a car loan is a breeze. Fill out a brief form on our website, and we'll show you up to four options for loans right away. The power is in your hands with auto loan rates that are tailored to you, your credit history, and your priorities. Think it's not feasible to refinance your auto loan with bad credit? We beg to differ! myAutoloan is ready to help every car owner find the best affordable car refinancing in Ft Lauderdale, FL. Start your application to see today's best car refinancing rates!