If you have owned your car for a while, earn a little more money, or improved your credit recently then you should look into saving money by refinancing your car loan today.
There is no minimum amount of time to wait before refinancing your car loan. If you meet all the requirements for the new loan then you will benefit from a refinance. You could potentially save $100/month on your payment or more. Be careful that you actually end up with a better deal and that refinancing doesn’t cause you to pay more for your vehicle in the end.
Items necessary to refinance a car
You should have the following available to speed up the refinancing process:
- Make sure you have a better term or interest rate than your existing auto loan.
- Current information about your car loan including the payment amount, interest rate, and bank that issued the loan.
- To apply you will need to share the type of car, year, make, model, and extras, plus the mileage and the VIN# (Vehicle Identification Number).
- Once you have submitted the above information then you should provide your current employment situation and the paperwork necessary to get a new loan. Pay Stubs or Tax Returns are standard ways for the banks to evaluate what terms they are willing to offer.
If you want to get started on the process and begin saving money hit the Get Started Button
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