Car Refinancing: How Does It Work? Advice for Your Portland Car Loan
Refinancing your car means replacing your current loan with another one. The refinancing process is similar to getting a loan to buy your car in the first place. You fill out loan applications, determine the APR rate and term (usually noted in months) that suits your needs, and then make the monthly payments. The biggest difference? Refinancing your loan with myAutoloan comes with far less stress than your car shopping endeavors did! With our tools to compare loans, you can enjoy the easiest way to refinance a car from the comfort of your Portland home— no haggling or dealership visits needed.
The Benefits of Refinancing a Car Loan in Portland
So, why should you refinance a car loan? Refinancing your auto loan in Portland could decrease the financial toll of a car loan, both in the total interest you'll pay over the loan term and the amount you pay each month. No one wants to waste money. But if you still have a high-APR car loan, you might as well be throwing away your hard-earned cash! Refinancing has the power to substantially decrease the amount of interest you pay over the life of your loan. Not to mention, if you refinance with a better APR or a different loan term, savings on your regular car payments can give your monthly cash flow a boost. A little extra breathing room for your budget is a great perk!
Is Now the Time to Refinance Your Car Loan in Portland?
Perhaps you've been thinking about refinancing your current car loan, but you're uncertain if this is a good time… especially with the interest rates you've seen around Oregon. Perhaps you're skeptical that there will ever be a beneficial time for refinancing. A few different factors may influence your decision, but below you'll find some significant ones to keep in mind.
First, have you seen an improvement in your credit score since you initially bought your vehicle? If the answer is yes, there's a high likelihood you could score a better APR than your existing auto loan has. A better APR can save you money on interest over the long haul, and it can help lower the amount of your monthly loan payment.
A second thing to consider is this: have you seen a drop in interest rates since you acquired your present auto loan? Just like a boosted credit score, lower APRs in the loan market could help you save some cash over the full term of your car loan. Use our refinance car calculator that can show you whether refinancing will be valuable for you right now. You wouldn't want to leave money on the table!
And lastly, are you sick of always brushed aside by your existing auto lender? If poor service is all too common with your current loan company, it could be time to find another one. If your current loan has penalties for prepayment, it is definitely still feasible to decrease your big-picture costs with a better loan rate. Other reasons to refinance a car loan include wanting to change the 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 accommodate a shift in your income.
No matter your reason, myAutoloan is here to help you shop comparatively and get the best auto loan rates. When you're ready to refinance your car in Portland, OR, we can quickly show you several top lending companies so you can confidently make the right move for your needs and situation.
How to Refinance Your Car | Portland, OR
Before you take the plunge and refinance your auto loan in Portland, get your facts straight. As a first step, pull your up-to-date credit score. When you know your score, it's easier to get an accurate representation of the interest rates you realistically qualify for when you use online car loan calculators. You'll also want to check out the current value of your vehicle (you can find this info using Kelley Blue Book or another respected source), plus the amount you still owe on your current loan and whether 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 bills mailed to you at your address). As soon as you've collected the items you need, now you can shop around for the best auto refinancing rate in Portland, OR. Unsure where to start? myAutoloan's easy car refinance rate comparison tools can help!
Refinance Your Car the Easy Way in Portland, OR
You no longer have to waste time reaching out to multiple companies to refinance an auto loan in Portland. And you shouldn't have to interpret car refinancing rates using far too many websites at once. When you choose myAutoloan, refinancing your auto loan is painless and easy. Just complete a brief form on our website, and we can show you up to four loan offers right away. The power is in your hands with car loan rates specifically for you, your credit score, and your situation. Think it's not feasible to refinance your auto loan with bad credit? We beg to differ! myAutoloan is ready to help every car owner find the best affordable car refinancing in Portland, OR. Start your application to see today's best car refinancing rates!