How To Lower Your Car Payments - OpenRoad Lending

How To Lower Your Car Payments

If you are like most consumers today, we are all looking for a way to spend less each month. Clipping coupons and eating out less can only get you so far. Many today are looking for bigger savings and finding it in the means of are finance car loan. A refinance car loan will allow you to refinance your existing car loan and lower your monthly payments. In some cases, you are even able to skip a payment. Refinancing your home has been available for some time but a refinance car loan ifs relatively new on the market. Here are a list of some frequently asked questions that will help you decide if a refinance car loan is right for you.

What are the basic requirements for a refinance car loan? Basic requirements to qualify for a refinance car loan include a minimum gross monthly income of $1,800 per month, the vehicle you are attempting to refinance must be a 2005 or new model with less than 70,000 miles on it currently and you must have a balance remaining on your loan of $7,500 or more.

Is there an application fee? When you apply for a refinance car loan online, most lenders do not charge an application or documentation fee. There will be a state fee related to transferring the title from your existing lender to the new one but that typically runs around $15. This is one of the great things about a car refinance loan is that you can apply, see how much you will save and then decide whether or not you want to complete the new loan. There is no obligation to take the loan once you apply.

How soon after applying will I know my loan terms? Most lenders operating online today will provide you an answer in as little as 15 minutes and all within 24 hours. The internet makes applying for and completing an auto loan much easier than the traditional off line methods.

What happens after I am approved? With many online lenders, you will be able to download your refinance auto loan package. Your loan package will include specific instructions to complete the refinancing process. Requirements will vary by customer, but generally you will need to sign a Loan and Security agreement, give information about the current loan you are refinancing and provide proof of your current income.

Do your homework and find a lender that specializes in car refinancing. To find more information about refinancing your car, go online to OpenRoad Lending. There you will find useful tools that will assist you in determining if a car refinance is right for you. You will find a useful car payment calculator to help determine what your new monthly payments will be as well as a more intensive FAQ section to answer all of your questions.