Can I refinace an auto loan ?

I have made 19 payments on my 60 month loan

Can I refinace an auto loan ?

Yes you can.

Can I refinace an auto loan ?

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Can I refinace an auto loan ?

Why would you want to? In general, interest rates are higher now than when you got the loan almost 2 years ago. You would be much better off if you made an additional monthly payment, if you can afford to.. That way, you will pay off the loan faster.

If you are having trouble paying your monthly minimums, you may be better off selling the car that you cannot afford to keep.

Can I refinace an auto loan ?

Question is why do you want to when you have such a %26quot;short%26quot; time left? Are you trying to lower your current monthly payment?

There are pros and cons for doing this but it varies between people and the company you choose to refinance with; the following is a Q%26amp;A for Auto Refinance.

What is an auto refinance loan?

An auto refinance is a loan that pays off your existing auto loan, similar to a mortgage refinance, but with a much simpler and faster process.

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How does it work?

Your new lender pays off your old loan and the title to your vehicle is transferred to your new lender.

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Why should I refinance my existing auto loan?

Typically, consumers refinance to get a lower interest rate in order to reduce their interest costs, or to lower their monthly payments. Auto loan rates are at very low historical levels, so consumers are increasingly taking advantage of this by refinancing.

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When should I refinance my existing auto loan?

As with any personal finance decision, it really depends on your individual goals. If your goal is to reduce the amount you are paying in interest, you may want to consider an auto refinance loan with the same or reduced term as your existing loan. If your goal is a smaller payment, you may want to consider extending the term remaining on your existing loan, although this may increase the total interest paid over the life of your loans.

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Are there any fees associated with an auto refinance loan?

Typically, the only fees associated with an auto refinance loan are fairly standard transfer of lien holder fees (usually $5-$10) and state re-registration fees (usually $5-$75). These estimated fees may vary by lender, state of residence, etc. Also, be sure to check if your existing lender has any pre-payment fees. This could factor in to your decision to refinance.

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How much will I save by refinancing my existing auto loan?

How much you save depends on things such as the remaining balance of your existing loan, the difference between your old interest rate and the new interest rate, the term of your new loan, etc. Please click here to link to our loan calculator to get the most accurate estimates of your potential savings.