Car Refinancing: How Does It Work? Advice for Your Franklin Car Loan
Refinancing your car means replacing your existing auto loan with a new loan. The overall process of refinancing will feel familiar because it's similar to the process you underwent to acquire your vehicle. You submit loan applications, choose the rate and term you prefer, and then pay a certain amount toward the loan each month. So, what's the difference here? Refinancing your loan through myAutoloan comes with far less stress than having to shop for your car! With straightforward tools to compare loans, you can experience the best way to refinance an auto loan from anywhere in Franklin— no negotiating or test drives required.
What Are the Benefits of Refinancing a Car Loan?
Not sure if you should refinance your vehicle? Refinancing your car in Franklin, NC can save you money on the amount of interest paid over the loan term as well as the monthly payment amount. You certainly don't want to waste your money. But if you still have a high-APR car loan, it's almost like you're throwing away hundred dollar bills left and right! Refinancing has the power to substantially decrease the total interest you'll have to shell out over the life of your loan. And, if you choose to refinance with a lower APR rate 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!
Is It a Good Idea to Refinance Your Car Loan?
Maybe you've been thinking about refinancing your current car loan, but you're uncertain if now is the right time… particularly with the APR rates you've seen in North Carolina lately. Perhaps you're skeptical that it's even possible to find the perfect time to refinance. Multiple factors can play into your choices, but here are a handful of main ones to keep in mind.
First things first, has your credit score improved since you initially bought your vehicle? If it has, there's a high likelihood you could qualify for a better APR now than you did before. A better APR can reduce your interest paid in the long term, and it could also lower your monthly car payment.
Second, have you seen a drop in interest rates since you acquired your existing car financing? Much the same as a better credit score, lower APRs in the loan market have the potential to help you save some cash over the full term of your auto loan. Try a refinance car calculator that can show you whether refinancing will be beneficial for your situation. You might be pleasantly surprised!
And, one more consideration: are you sick of always brushed aside by your current car loan provider? If customer service snafus have you frustrated with your current loan company, it could be time to move on to a new one. If your current loan has pesky prepayment penalties, you may still be able to save money with a lower APR. Additional reasons to refinance your car loan include wanting to change the loan term, having positive equity (your car is worth more than you owe on it), or needing decreased monthly car payments to adjust for a significant shift in your cash flow or overall income.
Whatever your reason, myAutoloan makes it easy to shop around and get the best car loan rates possible. When it's time to refinance your auto loan in Franklin, NC, we can quickly show you several possible lenders so you can confidently make the right choice for your needs and situation.
How to Refinance a Car Loan in Franklin, NC
Before you take the plunge and refinance your car in Franklin, get your facts straight. First things first, pull your up-to-date credit score. With this information, you can get a more accurate idea of the refinance 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 owe on your current loan and whether it has prepayment penalty fees.
The application process will require documentation and financial info, such as proof of residency and employment history or status. You will need to pull together important documents (to name a few, previous pay stubs or bills mailed to you at your address). After you've gathered everything you'll need, now you can shop around for the best car refinance rate in Franklin, NC. Are you uncertain of where to start your journey? Turn to myAutoloan's car refinance rate comparison tools for guidance!
What's the Best Way to Refinance Your NC Auto Loan?
You don't have to spend precious time reaching out to multiple companies to refinance an auto loan in Franklin. And you shouldn't have to interpret car refinance rates across an overwhelming spread of websites at once. With help from myAutoloan, refinancing your auto loan is a breeze. Just complete a simple online form, and we can show you up to four options for loans within minutes. Weigh all the opportunities with car loan rates tailored to you, your credit history, and your situation. Think you can't refinance a car loan with bad credit? Think again! At myAutoloan, we want to help every car owner find affordable car refinancing in Franklin, NC. Apply now to see today's lowest car refinance rate!