Phoenix, AZ -- (SBWIRE) -- 03/14/2013 -- Credit-yogi.com has done some research on this topic and would like to share what it found out, such as:
- When to Refinance
- Where to Refinance
- Interest Rates
- Credit Repair
The Right Time to Refinance
There are many situations that indicate the right time to refinance a used car loan. One of them is to lower the monthly payment, which can be accomplished by lowering the interest rate. If the original rate was 12% and it is now 7%, refinancing is a smart move, as it can save hundreds of dollars a month. Another good time to refinance is when one wishes to pay off the vehicle faster.
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To find used auto loan refinance, begin by applying with the original lender. Most banks offer refinancing, so starting with them is smart. If one cannot get approved at the bank, check out online lenders. There is a plethora of these financers, but be careful not to be scammed. If a lender requires one’s identifying information prior to signing paperwork, look for a different one. Any lender who asks for “processing fees” up-front is trying to trick a consumer out of his money, so avoid them.
Compare Interest Rates
The smartest thing to do when looking into used auto refinance rates is to compare them. Online lenders tend to offer the lowest rates; however, not everyone will qualify for them. Sub-prime lenders’ rates are a bit higher than others’ are because they deal almost exclusively with people who have poor credit. Credit unions and banks generally have similar rates, but an individual can negotiate a better one if his credit has improved or if he wants to pay off the loan faster.
Fixing Poor Credit
Obtaining a used auto loan refinance from any lender that can provide a lower interest rate and can be helpful. The less interest one has to pay, the more money he saves, so if a small financial bump happens, it’s not the terrible thing it might otherwise be. As one makes his lowered monthly payments on time and in full, his credit improves. This is why refinancing is an effective credit-rebuilding device.
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