How to Refinance a Car | Raleigh, NC
When you refinance, you're simply replacing your current car loan with a different one. The refinancing process isn't all that different from when you secured a loan to acquire your vehicle. You fill out loan applications, select a rate and term that works for you, and then pay a certain amount toward the loan each month. But, the most significant difference? Refinancing with myAutoloan entails less stress and hassle than having to shop for your car! With our tools to quickly compare auto loans, you can experience the easiest way to refinance a car from the comfort of your Raleigh home— no negotiating or dealership visits needed.
Car Loan Refinancing: How Does It Help?
What difference does it make when you refinance a car loan? Refinancing your car in Raleigh, NC can save you money on the interest you pay over time 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, you might as well be destroying wads of cash! In many cases, refinancing can substantially decrease the amount of interest you'll have to pay throughout the term of your auto loan. Not to mention, when you refinance with a better APR or a different loan term, car payment savings can change your monthly cash flow for the better. A bit of extra margin in your budget sounds nice, right?
Should You Refinance Your Car Loan?
Perhaps you've been thinking about refinancing your auto loan, but you're uncertain if now is the right time… particularly with the APR rates you've seen in North Carolina lately. Or maybe, you're unsure if any time will ever be a beneficial time for refinancing. Several factors can inform your decision, but here are some standout points to take into account.
First of all, has your credit score improved since purchasing 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 better APR can reduce your interest paid over the long haul, and it can help pare down your monthly car payment.
Second, have interest rates dropped since you acquired your existing auto loan? Much the same as an increase in your credit score, lower APRs in the loan market could help you save some money over the life of your loan. Try our refinance car calculator to get a better idea of whether refinancing at current rates is worth it for you right now. It doesn't hurt to check!
And lastly, are you sick of constantly experiencing problems your current auto lender? If customer service snafus have you frustrated with your auto loan provider, it's time to find another one. Even with pesky prepayment penalties, it's still totally possible to benefit from a lower APR. Additional reasons to refinance your car loan may include needing to change your loan term, having positive equity (your car is worth more than you owe on it), or a need for a lower monthly payment amount to adjust for a shift in your income.
No matter your reason, myAutoloan is here to help you shop smarter and get the best auto loan rates. When you'd like to refinance your auto loan in Raleigh, NC, we can quickly show you several top lending companies so you can feel confident in your choice for refinancing.
How to Refinance Your Car | Raleigh, NC
Once you've decided to refinance your auto loan in Raleigh, take time for research. As a first step, check your credit score. Why? Because you can get a clear picture of the interest rates you qualify for when you use online car loan calculators. It's also important to check out the value of your vehicle (you can find this info using Kelley Blue Book or another respected source), plus how much you owe on your current loan and whether you'll be penalized for prepayment.
Auto lenders will require various documentation for, amongst other things, proof of residency and current employment. You will need easy access to important documents (to name a few, pay stubs or utility bills mailed to your current home address). As soon as you've collected the items you'll need, now you can look for the best auto refinancing rate in Raleigh, NC. Unsure where to start? Turn to myAutoloan's car refinance rate comparison tools for guidance!
What's the Best Way to Refinance Your NC Auto Loan?
Gone are the days of contacting multiple companies to refinance an auto loan in Raleigh. And there's no need to interpret car refinance rates across an overwhelming spread of internet browser tabs, either. With help from myAutoloan, refinancing a car loan couldn't be easier. Fill out a simple online form, and we'll show you up to four loan offers almost instantly. Weigh all the opportunities with auto loan rates that are tailored to you, your credit history, and your priorities. Think you can't refinance your auto loan with bad credit? We bet you'll be surprised! At myAutoloan, we want to help every car owner find affordable options for car refinancing in Raleigh, NC. Start your application to see today's best car refinancing rates!