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Auto Loan Refinancing: When Should you Choose it?

The simplest answer is that auto loan refinance is a new auto loan that is meant for replacing the existing auto loan. This necessitates your making repayments to your new lender.

Auto loan Refinance – what factors influence this decision?

1. Dealer financed car – You might not have the best auto loan deal from the dealer while purchasing the car, and you want to take advantage of the current auto loan offers that are more attractive.

2. Replacing your upside-down loan – If your current price of your car is less than that of the loan it is worthwhile going in for auto loan financing.

3. High rate of interest on your current loan – This could have happened because your dealer could have charged higher interest or the interest rates have dipped in recent times. Auto loan refinancing will help under these circumstances.

4. High monthly installment payments – If you find that you are unable to meet your commitments for monthly repayment, there is a need for having a re-look at your auto loan repayment schedules. Auto loan refinance will help in revising the repayment schedule as well as getting the lower interest rates for the auto loan refinance. However, you should make sure that you do not stretch it for the full term of the loan which might end you up in an upside-down loan situation.

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