How to Refinance a Car | Lexington, KY
When you refinance, you're simply replacing your existing auto loan with a different one. The overall process of refinancing isn't all that different from when you secured a loan to acquire your car from the previous seller. You apply for loans, determine the APR rate and term (usually noted in months) that suits your needs, and then pay a monthly amount. The biggest difference? Refinancing your loan through myAutoloan is much less stressful than your initial car shopping! With straightforward tools to compare loans, you can experience the easiest way to refinance a car from anywhere in Lexington— no negotiating or test drives necessary.
The Benefits of Refinancing a Car Loan in Lexington
What difference does it make when you refinance a car loan? Car refinancing in Lexington can save you money on the amount of interest paid over the loan term 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 destroying your hard-earned cash! Refinancing has the power to significantly reduce the interest amount you pay over the life of your loan. Not to mention, when you refinance with a lower APR rate or a different term for your loan, savings on your regular car payments can give your monthly cash flow a boost. More wiggle room for your budget is a great perk!
Is It a Good Idea to Refinance Your Car Loan?
Perhaps you've considered refinancing your auto loan, but you aren't sure if this is a good time… particularly with the APR rates you've seen in Kentucky lately. Or maybe, you're not sure if any time will ever be a beneficial time for refinancing. Several factors can inform your timing, but here are a handful of significant ones to take into account.
First, have you seen an improvement in your credit score since you initially bought your vehicle? If the answer is yes, there's a good chance you could secure a lower interest rate than your existing auto loan has. A better APR can reduce your interest paid in the long term, and it could also reduce your monthly car payment.
Secondly, have interest rates, in general, decreased since you acquired your existing car loan? Similar to an increase in your credit score, lower interest rates in the loan market have the potential to help you save some money over the course of your auto loan. Use our refinance car calculator to get a better idea of whether refinancing will be valuable for your situation. You wouldn't want to leave money on the table!
And lastly, are you tired of always brushed aside by your current auto lender? If bad communication and customer service are the norm with your current lender, it's time to find a new one. Even if your existing loan has prepayment penalty fees, it is definitely still feasible to save money with a lower APR. Other reasons to refinance a car loan may include extending or shortening the loan term, having positive equity in your vehicle (in other words, it's worth more than you owe on the loan), or needing decreased monthly car payments to adapt to a significant shift in your cash flow or overall income.
Whatever your reason, myAutoloan gives you the tools to shop smarter and get the best auto loan rate in Lexington today. When you'd like to refinance your auto loan in Lexington, KY, we'll show you several top lending companies so you can make the smart move for your needs and situation.
How to Refinance Your Car | Lexington, KY
Once you've decided to refinance your auto loan in Lexington, do your research. Before anything else, check to see what your credit score is today. With this information, you can get a more accurate idea of the rates you realistically qualify for when using a car loan calculator. It's also important to know the estimated value of your car (use a trusted source, such as Kelley Blue Book, for this) as well as how much you currently owe on your current loan and whether it has any prepayment penalty costs.
Potential lenders will require various documentation for, amongst other things, proof of residency and employment history or status. You'll want to pull together important documents (such as previous pay stubs or utility bills that have been mailed to your current address). After you've gathered the items you'll have to reference or provide, it's time to shop around for the best auto refinancing rate in Lexington, KY. Unsure where to start your journey? Check out myAutoloan's simple car refinance rate comparison tools today!
What's the Best Way to Refinance Your KY Auto Loan?
Gone are the days of calling multiple companies to refinance an auto loan in Lexington. And there's no need to try and analyze car refinance rates using far too many websites at once. With myAutoloan, refinancing a car loan couldn't be easier. Fill out a brief form on our website, and we can show you up to four options for loans almost instantly. Choose how you refinance with auto loan rates that are a match for you, your credit, and your situation. Think it's impossible to refinance your car with bad credit? We bet you'll be surprised! myAutoloan is ready to help every car owner find the best affordable car refinancing in Lexington, KY. Apply now to see today's lowest car refinance rate!