How Does Refinancing Work? Get the Answers You Need in Philadelphia, PA
What does it mean to refinance a car? Simply put, you're replacing your current loan with a new loan. The refinancing process is similar to getting a loan to acquire your car in the first place. You fill out loan applications, 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 through myAutoloan is much less stressful than your initial car shopping! With straightforward tools to compare loans, you can enjoy the easiest way to refinance a car from the comfort of your Philadelphia home— no bargaining skills or endless test driving required.
Car Loan Refinancing: How Does It Help?
Not sure if you should refinance your vehicle? Refinancing your auto loan in Philadelphia can help you save money by lowering the interest you pay over the loan term and the amount you pay each month. 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 hundred dollar bills left and right! When done right, refinancing can cut down the interest amount you'll have to pay throughout the term of your auto loan. Not to mention, when you refinance with a better APR or a new loan term, savings on your regular car payments can give your monthly cash flow a boost. A bit of extra margin in your budget never hurts!
Is Now the Time to Refinance Your Car Loan in Philadelphia?
Maybe you've been thinking about refinancing your auto loan, but you aren't sure if now is the right time… especially when you consider the interest rates you're seeing all around Pennsylvania. Or maybe, you're unsure if there will ever be a good time to do it. A few different things can inform your timing, but let's focus on a few main points to keep in mind.
First, have you seen an improvement in your credit score since purchasing your vehicle? If it has, there's a solid possibility that you could secure a better APR than your existing car loan offers you. A lower car loan rate can save you money on interest in the long term, and it could also pare down the amount of your monthly loan payment.
Second, have interest rates, in general, decreased since you signed on for your current car financing? Much the same as a better credit score, decreased interest rates in the loan market have the potential to help you save some cash over the full term of your auto loan. Try using a simple refinance car calculator that can show you whether a car loan refinance will be beneficial in your particular circumstances. You might be pleasantly surprised!
Third, are you tired of always brushed aside by your present auto loan company? If poor service is all too common with your auto loan provider, it could be time to move on to a new one. Even with prepayment penalty fees, it's still totally possible to save money with a better loan rate. Additional reasons to refinance your car loan include extending or shortening 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 adapt to a significant shift in your income.
No matter your reason, myAutoloan gives you the tools to shop comparatively and get the best auto loan rate in Philadelphia today. When you're ready to refinance your auto loan in Philadelphia, PA, we'll pull in data from several top lending companies so you can confidently make the right move for refinancing.
How to Refinance a Car Loan in Philadelphia, PA
Before you take the plunge and refinance a car loan in Philadelphia, take time for research. First things first, check to see what your credit score is today. Why? Because you can get an accurate representation of the rates you're qualified for when using a car loan calculator. It's also important to find out the estimated value of your car (you can find this info using Kelley Blue Book or another respected source), and the amount you still owe on your car and whether it has any prepayment penalty costs.
Auto lenders will require documentation and financial info, such as proof of residency and employment history or status. You'll want to go ahead and locate relevant documents (like past W-2s or utility bills mailed to your current home address). Once you've compiled all the things you need, now you can look for the best car refinance rate in Philadelphia, PA. Not sure where to start? Check out myAutoloan's simple car refinance rate comparison tools today!
Refinance Your Car the Easy Way in Philadelphia, PA
You no longer have to waste time reaching out to several different lenders to refinance a car loan in Philadelphia. And there's no need to interpret car refinance rates using far too many sources and sites. With myAutoloan, refinancing a car loan is a breeze. Fill out a quick form online, and you'll see up to four loan offers within minutes. The power is in your hands with car loan rates tailored to you, your credit history, and your priorities. Think it's not feasible to refinance your auto loan with bad credit? We bet you'll be surprised! myAutoloan is ready to assist any car owner in finding affordable options for car refinancing in Philadelphia, PA. Apply now to see today's lowest car refinance rate!