How to Refinance a Car | Paramus, NJ
Refinancing your car means 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 in the first place. You apply for loans, choose the rate and loan term you prefer, and then pay a certain amount toward the loan each month. So, what's the difference here? Refinancing using myAutoloan is much less stressful than having to shop for your car! With our tools to quickly compare auto loans, you can find the best way to refinance your car loan in Paramus from anywhere, at any time— no haggling or endless test driving required.
Car Loan Refinancing: How Does It Help?
So, why should you refinance a car loan? Refinancing your auto loan in Paramus can save you money on the total interest you'll pay over the loan term and your monthly payment amount. You don't want to waste money—no one does! But if you're stuck in a car loan with a too-high interest rate, you might as well be burning hundred dollar bills left and right! When done right, refinancing can cut down the amount of interest you'll have to shell out throughout the term of your auto loan. And, if you refinance with a better APR or a new loan term, a lower car payment can give your monthly cash flow a boost. More wiggle room in your budget never hurts!
Should You Refinance Your Car Loan?
Perhaps you've considered refinancing your car loan in Paramus, but you're unsure if this is a good time… particularly with the APR rates you've seen around New Jersey. Or maybe, you're unsure if there will ever be the perfect time to refinance. A few different elements can play into your decision, but here are a few standout aspects to take into account.
First, have you seen an improvement in your credit score since you initially bought your vehicle? If so, there's a high likelihood you could qualify for a better APR than your existing auto loan has. A lower car loan rate can reduce your interest paid in the long term, and it can help reduce the amount of your monthly loan payment.
Second, have interest rates dropped since you signed on for your current car loan? Just like an increase in your credit score, decreased interest rates across the market can help you save money over the course of your car loan. Try a refinance car calculator that can show you whether refinancing at current rates will be valuable for you right now. You might be pleasantly surprised!
Third, are you tired of always brushed aside by your current auto lender? If customer service snafus have you frustrated with your current lender, now is the time to move on to another one. Even if your existing loan has penalties for prepayment, it is definitely still feasible to decrease your big-picture costs with a new loan at a lower rate. Other reasons to refinance your auto loan 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 a desire for lower monthly payments to adjust for a shift in your income.
Whatever your reason, myAutoloan is here to help you shop comparatively and get the best car loan rates possible. When it's time to refinance your auto loan in Paramus, NJ, we can quickly show you several possible lenders so you can make the smart decision for refinancing.
How to Refinance Your Car | Paramus, NJ
Once you've decided to refinance your auto loan in Paramus, do your research. Before anything else, pull your up-to-date credit score. With this information, it's easier to get a clear picture of the interest rates you're qualified for using online car loan calculators. It's also important to find out the 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 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 want easy access to the necessary documents (such as pay stubs or bills mailed to you at your address). As soon as you've collected everything you'll have to reference or provide, now you can shop around for the best auto loan refinance rate in Paramus. Unsure where to start your journey? Turn to myAutoloan's car refinance rate comparison tools for guidance!
What's the Best Way to Refinance Your NJ Auto Loan?
Gone are the days of contacting multiple potential lenders to refinance a car loan in Paramus. And you shouldn't have to compare car refinancing rates using far too many websites at once. With myAutoloan, refinancing a car loan is painless and easy. Fill out a quick form online, and you'll see up to four options for loans right away. Weigh all the opportunities with APRs that are tailored to you, your credit history, and your priorities. Think it's not feasible to refinance a car loan with bad credit? We beg to differ! myAutoloan is ready to help every car owner find affordable car refinancing in Paramus, NJ. Apply now to see today's lowest car refinance rate!