How does refinancing an existing car loan work?
Refinancing involves getting a new “replacement” loan on your current auto. By filling out our North Carolina application we will attempt to find up to four lenders that will give you refinance loan terms on your current vehicle. Refinancing an existing car loan may help reduce your monthly out-of-pocket cash flow, but refinancing might not always make sense. The biggest factors affecting the feasibility of refiancing your current car include the age and type of car, the payoff amount you owe on the car, and the actual value of the car. How do I know if auto refinancing is right for me? If you bought your car from a dealer and are paying a high interest rate (15-25%), then refinancing may be right for you. Auto refinance is very similar to refiancing a home loan. It works like this: 1) you apply for a refinance loan with my auto loan (or any other lender), 2) if your new loan payment is lower (with a lower APR) than your current payment/loan (and that is consistent with your financial
