How to Refinance a Car | Portland, ME
Refinancing your car means replacing your current car loan with a different one. The refinancing process is similar to getting a loan to acquire your car in the first place. You apply for loans, select a rate and term (usually noted in months) that suits your needs, and then make the monthly payments. But, the most significant difference? Refinancing your loan using myAutoloan entails less stress and hassle than having to shop for your car! With straightforward tools to compare loans, you can find the best way to refinance your car loan from anywhere in Portland— no bargaining skills or test drives needed.
Car Loan Refinancing: How Does It Help?
Not sure if you should refinance a car loan? Refinancing your car in Portland, ME can save you money on the total interest you'll pay over time and your monthly payment amount. No one wants to waste money. But when you have a car loan with a too-high interest rate, you might as well be burning hundred dollar bills left and right! In many cases, refinancing can substantially decrease the amount of interest you'll have to shell out over the entire loan term. Not to mention, when 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 bit of extra margin for your budget is a great perk!
Is Now the Time to Refinance Your Car Loan in Portland?
Perhaps you're considering refinancing your car loan in Portland, but you're unsure if this is a good time… particularly with the APR rates you've seen around Maine. Perhaps you're not sure if it's even possible to find a good time to do it. A few different things may influence your decision, but let's focus on some main points to take into account.
First, has your credit score increased since you initially bought your vehicle? If it has, there's a solid possibility that you could qualify for a lower interest rate than your existing car loan offers you. A lower APR can save you money on interest in the long term, and it could also reduce the amount of your monthly loan payment.
Second, have interest rates dropped since you signed on for your present car loan? Just like an increase in your credit score, lower APRs across the market can help you save some money over the life of your car loan. Use a simple refinance car calculator to determine whether refinancing will be beneficial in your particular circumstances. It doesn't hurt to check!
Third, are you discouraged because you're constantly experiencing problems your existing auto loan company? If poor service is all too common with your current loan company, it could be time to move on to a new one. If your current loan has penalties for prepayment, you may still be able to benefit from a new loan at a lower rate. Other reasons to refinance your auto loan 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 needing decreased monthly car payments to accommodate a change in your income.
No matter your reason, myAutoloan makes it easy to shop around and get the best auto loan rate in Portland today. When you'd like to refinance your car in Portland, ME, we can quickly show you multiple options for lenders so you can feel confident in your decision for refinancing.
How to Refinance Your Car | Portland, ME
Before you refinance a car loan in Portland, do your research. As a first step, check to see what your credit score is today. When you know your score, you can get an accurate representation of the interest rates you qualify for when you use online car loan calculators. You'll also want to know the value of your vehicle (use a trusted source, such as Kelley Blue Book, for this) as well as how much you currently owe on your car and whether or not you'll be penalized for prepayment.
The application process will require documentation for, amongst other things, proof of residency and employment status. You'll want to go ahead and locate the necessary documents (like previous pay stubs or utility bills that have been mailed to your current address). As soon as you've collected all the things you need, you're ready to look for the best auto refinancing rate in Portland, ME. Are you uncertain of where to begin? Turn to myAutoloan's car refinance rate comparison tools for guidance!
Refinance Your Car the Easy Way in Portland, ME
Gone are the days of reaching out to several different lenders to refinance a car loan in Portland. And there's no need to try and analyze car refinance rates using far too many sources and sites. With help from myAutoloan, refinancing a car loan is a breeze. Just complete a quick form online, and we'll show you up to four loan offers almost instantly. The power is in your hands with auto loan rates that are a match for you, your credit, and your needs. Think it's not feasible to refinance your car with bad credit? We bet you'll be surprised! myAutoloan is ready to help every car owner find affordable options for car refinancing in Portland, ME. Apply now to see today's lowest car refinance rate!