What is the meaning of refinancing your car?
By refinancing a car it means to replace the existing loan on your vehicle with a new loan that has more beneficial terms based on your financial situation. If your personal financial situation has improved and your credit score has gone up you might be able to refinance your auto loan and lower your interest rate to get lower monthly payments. This may also lower the total amount paid for the car in the long run. Credit Unions offer some great rates to their members but you don’t have to be a member to refinance.

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