How to Refinance a Car | Prescott, WI
What does it mean to refinance a car? Simply put, you're replacing your current loan with a new loan. The refinancing process isn't all that different from when you secured a loan to buy your car from the previous seller. You apply for loans, determine the APR rate and term (usually noted in months) you prefer, and then make the monthly payments. The biggest difference? Refinancing with myAutoloan comes with far less stress than having to shop for your car! With our tools to compare loans, you can experience the best way to refinance a car from the comfort of your Prescott home— no haggling or dealership visits required.
Car Loan Refinancing: How Does It Help?
So, why should you refinance your auto loan? Refinancing your auto loan in Prescott can help you save money by lowering the total interest you'll pay over time as well as the monthly payment amount. You don't want to waste money—no one does! But if you're stuck in a high-APR car loan, it's almost like you're destroying your hard-earned cash! In many cases, refinancing can substantially decrease the interest amount you'll have to shell out over the entire loan term. And, if you refinance with a better rate or a new loan term, a lower car payment 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 Prescott?
Maybe you're considering refinancing your car loan in Prescott, but you aren't sure if it's a smart time to do so… especially with the interest rates you've seen around Wisconsin. Perhaps you're unsure if it's even possible to find a good time to do it. Several things can inform your decision, but here are a few standout ones to consider.
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 secure a better APR than your existing car loan offers you. A lower car loan rate can reduce your interest paid over the course of your loan, and it could also pare down your monthly car payment.
Secondly, have you seen a drop in interest rates since you established your existing car financing? Much the same as a better credit score, decreased interest rates throughout the market for loans can help you save some cash over the life of your loan. Try using our refinance car calculator that can show you whether refinancing at current rates will be beneficial for you right now. You wouldn't want to leave money on the table!
And lastly, are you tired of always brushed aside by your current auto lender? If customer service snafus have you frustrated with your auto loan provider, it's time to seek out another one. Even with pesky prepayment penalties, it is definitely still feasible to save money with a better loan rate. Other reasons to refinance your auto loan may include needing to change your loan term, positive equity (which means your car is worth more than your remaining loan amount), or needing a lower monthly payment amount to adjust for a significant shift in income level.
Whatever the reason may be, myAutoloan makes it easy to shop around and get the best car loan rates possible. When you'd like to refinance your car in Prescott, WI, we can quickly show you several top lending companies so you can feel confident in your choice for your needs and situation.
How to Refinance a Car Loan in Prescott, WI
Before you take the plunge and refinance a car loan in Prescott, take time for research. First things first, check your credit score. Why? Because you can get a clear picture of the rates you qualify for using 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), as well as the amount you still owe on your current loan and whether it has any prepayment penalty costs.
The application process will require documentation for things like proof of residency and employment history or status. You'll need to pull together the necessary documents (to name a few, pay stubs or utility bills that have been mailed to your current address). As soon as you've compiled all the things you need, now you can search for the best car refinance rate in Prescott, WI. Unsure where to start? Check out myAutoloan's simple car refinance rate comparison tools today!
What's the Best Way to Refinance Your WI Auto Loan?
You no longer have to waste time reaching out to multiple potential lenders to refinance a car loan in Prescott. And you shouldn't have to interpret car refinance rates using far too many sources and sites. With help from myAutoloan, refinancing your car is painless and easy. Submit a quick form online, and we can show you up to four different loan options almost instantly. The power is in your hands with auto loan rates that are a match for you, your credit history, and your needs. Think you can't refinance a car loan with bad credit? We bet you'll be surprised! At myAutoloan, we want to help every car owner find the best affordable car refinancing in Prescott, WI. Submit your application now to see today's lowest rate for a car refinance!