Refinancing Your Car Loan is a Great Financial Decision - OpenRoad Lending

Refinancing Your Car Loan is a Great Financial Decision

With interest rates at all time lows, refinancing a loan is not only a great financial decision but an easy one as well. Regardless of your credit you can refinance now and save money on your existing car payments. Many lenders now offer easy online refinancing options with competitive programs at discounted rates to help you save. Following are three steps to refinance your existing car loan and start saving money.

1. Finding the Right Lender: The internet makes it easy to find the right lender for your new auto refinance. Do some research to see which ones offer online refinancing for your car – not all lenders have this option. There are many advantages to finding the right lender but one of the main considerations is the flexibility you will have when working through the many aspects of refinancing a car loan. Do you want to extend the term to maximize the monthly savings or is the primary goal to lower the amount of interest you are paying? Either way, OpenRoad Lending is a leader in online auto refinance and would be happy to assist you in finding the loan that is right for you.

2. Decide on and choosing the Terms: The terms of your refinance loan are dependent on a few factors. These factors include things like the rate of your new loan. The term or number of months your loan is financed for as well as the vehicle itself. Things like vehicle year, make, model and mileage can impact the final terms. Does your vehicle have “high” mileage or is at an older model? Most lenders offering a refinance product will allow you to refinance a vehicle that is between seven to ten years old or newer with less than 100,000 miles. As you visit with the lender, be sure to ask what their particular vehicle limitations are.

3. Refinance Now and Start Saving Money: Whether your goal is to lower your interest rate, lower your monthly payment or even both, refinancing your car loan can help you achieve that goal. In many cases, consumers save $20 or even more than $100 per month by refinancing their existing car loan.

With OpenRoad Lending you can apply online in just minutes from the privacy and convenience of your own home or just about anywhere using your mobile device, get a quick loan decision and be on your way to saving. You can find out more about refinancing a car loan and online refinancing at

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