How Do I Compare Rates To Refinance My Car Loan?
Refinancing your car using a loan with better terms than your current loan can lower your monthly payments. For Americans pinching their pennies, this is a smart way to trim expenses. According to the Wall Street Journal, personal income has experienced a decline as of 2009. However, before agreeing to refinance your vehicle, it’s important to compare rates and determine what you need in an auto loan. Check your credit. Lenders base auto loan rates on credit scores. The higher the score, the lower your interest rate. Order a free credit report online (see Resources). Having your credit score in hand will make comparing auto loan rates easier. Use online comparison tools. Online comparison tools, such as Bank Rate (see Resources), allow borrowers to view auto loan rates across the country. Borrowers can input variables, such as credit standing and loan terms, to get a list of available auto loan rates. Evaluate lender fees. Ask lenders about fees, such as application fees and prepayment
