Consumers are flocking to the internet to look for ways of refinancing car loans. Refinancing your existing car loan is a great to save money and takes very little tome to complete. Most of us have financed our current vehicle through the dealership where we purchased it. While that is very convenient, it is usually not the most cost efficient way to finance a car and that is why refinance car loans have become so popular. Refinancing your existing loan can save you a lot of money over the life of the loan and put more money in your pocket each and every month. Here are a few simple steps to help you through the process:
Do some research: It is important that you get organized and do the research necessary to make sure you are getting the best deal possible. Pull out your existing loan documents and identify the term, current interest rate and all the information related to the car you are currently driving and wanting to refinance (things like year, make, model, and VIN). This will come in handy when comparing to new refinance offers and most likely whatever lender you find online will need this information before they can provide you with a loan decision.
Get your loan balance: It will be helpful to the new lender if you can provide some idea of what you owe on your existing car loan. You should reach out to your current lender and get a payoff on your account. Most lenders will provide you with a ten day payoff which should be ample time to get the new loan established with another lender.
Find a refinance car loan: The web offers many options for consumers looking to refinance their existing car loan regardless of their credit. Most lenders offering refinance will allow you to apply with an online car loan application and get a loan decision in a matter of minutes. From there, to complete the refinance process only takes a few days. In just a few mouse clicks you could be on your way to lowering your monthly payments.
Start Saving: If you complete the above, you will be saving money in no time. In some cases, consumers save upwards of $100 per month off of their existing loan payments but the average savings is around $45 per month. That doesn’t sound like much but on a 60 month loan that is a $2,700 savings over the life of the loan!
Do not be afraid to find a refinance car loan. It is really an easy process that takes very little time to complete.