Refinancing Your Auto Loan

Refinancing your loan is one of the best kept secrets around for saving you money, but most people never think of it. Whether refinancing your home or car the process is the same. When refinancing car loans, you pay off your current car loan with a refinancing car loan from a different lender that has a lower APR. The beauty of this is that by refinancing your auto loan you lower your monthly car loan payments significantly, and your interest rate drops, which can allow you to pay off the balance of your car loan even quicker. You can save thousands by refinancing you auto loans.

If you have bad credit it is crucial that you refinance your auto loan to lower your APR. Even with bad credit it is possible for you to refinance. Many people do not even bother trying to refinance because they erroneously believe that they are stuck at a 21-25% APR.

Whether you are paying a high APR or even a decent one, it is possible for you to refinance your auto loan. The refinancing racket is growing in popularity among lenders. They pay off your current car loan, and you pay them back at your new lower APR rate. Your loan can usually be completely refinanced within 2 days after you apply.

Contrary to popular belief you don't need an appraisal to refinance your auto loan. Unlike your home, which does require an appraisal because it is based on your equity in the home, auto refinancing is based on how much you need to pay off your current car loan, not on the actual value of the car.

If you did not receive a 0% to 3% APR car loan from your lender you should consider a car loan refinance. After you buy your car, keep an eye on the auto refinancing interest rates and look for refinancing auto loan rates at least 1% less than your current car loan interest rate. It is amazing how much even 1% can save you on your loan payments. You can then put that money towards paying off the bulk of your loan sooner.

Here are some tips to refinancing your auto loan quickly:

Auto refinance loan applications need to be in the same names (with exact spelling) as the names on your current auto loan. This is how your current auto loan is identified and found so triple check to make sure everything is correct and exactly the same.

Have your car loan account number ready.

Vehicle information must be accurate so that lenders can price out the car to make sure it meets Loan to Value guidelines. You will need the year, model and VIN (Vehicle Identification Number), found on your dashboard or registration.

Your auto refinance loan amount should not be higher than the value of the car. Just like home refinancing, where the bank won't lend you more than the value of the house. You should check your values first to make sure your car has retained a reasonable amount of value relative to the amount you still owe on it.

If you follow these easy steps, refinancing your auto loan should be quick and easy. The money that you will save will be like found money.

Martin Lukac, represents, #1 Loans USA(http://www.1LoansUSA.com), a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: info@1LoansUSA.com


Free Quran in All Languages

Free Tafsir Books

A Heavenly Wedding - Courtesy Wedding Loans

You always dreamt of walking down the aisle in style.... Read More

Getting the Best Auto Loan Rates

Getting a good auto loan rate is not luck, but... Read More

Should You Get A Pay Day Loan?

Whether you have good credit, bad credit or no credit,... Read More

Why Bank Overdrafts May Be a Bad Deal For You

Many banks actively encourage their clients with low balances to... Read More

Taking the Time to Find a Homeowner Loan UK

Trying to find a good homeowner loan UK can end... Read More

A Guide to Common Loan Terms

Many people may wonder about common loan terms? words and... Read More

No Credit Car Loans - Even With No Credit History, You Can Still Get Approved

Even it you have no credit history, you can still... Read More

What is a Business Loan?

A business loan is designed for a wide range of... Read More

Car Loans for People With Bad Credit

Car loans for people with bad credit are readily available... Read More

Fast Cash Loans - When You Should Borrow and When You Should Wait

A fast cash loan should be an option used as... Read More

Bridge Loans: Everything You Wanted To Know

As the name implies, bridge loans fulfill a vital need... Read More

A Look at Getting a Bad Credit Personal Loan

Trying to get a bad credit personal loan can be... Read More

What is a Cash Advance Loan?

A cash advance loan is a short-term loan secured by... Read More

The Truth In Lending Act

With a stated objective to help consumers, Congress deemed it... Read More

A Guide to Finding Home Owner Loans

If you're in the process of trying to find home... Read More

Easy Cash Advance - Payday Loans Online are Quick

Cash advances have become quicker to process with online payday... Read More

Fast Cash Payday Loans

If you need cash now there are several options available... Read More

Shopping for a Payday Loan

You wouldn't consider buying a new pair of shoes, a... Read More

What is a Tenant Loan?

Ever wondered what is a Tenant Loan? A tenant loan... Read More

Law Practice Finance

How do you finance a growing practice? It is impossible... Read More

Payday Loans ? The Legal Loan Sharking Industry

Laws have been created to protect people against "Loan Shark"... Read More

Steps You Can Take To Protect Your Financial Information and Personal Identity From Fraud

Financial fraud and identity fraud are one of the fasted... Read More

A Beginners Guide to Bad Credit Secured Loans

Here is a useful beginner's guide to bad credit secured... Read More

Online Payday Loans Offer Quick or Instant Approval For a Fast Cash Loan

Online payday loans companies offer quick approval with their online... Read More

Benefits of a Bad Credit Personal Loan

Outlined here are some of the many benefits of a... Read More