Are you looking into refinancing your auto loan with a Hannibal area lender – wondering if it’s the right fit for you? Perhaps you’re turning your attention to the possibility of lowering your monthly car payments and saving on interest rates? If those concepts attract you and could benefit your financial situation, then refinancing may be just the thing to look into! Keep reading this guide from the finance team at Shottenkirk Chevrolet to discover what to know when refinancing your car. Be sure to contact us via our online portal if you have any questions!
Like we mentioned earlier, the main purpose of refinancing is to lower the monthly interest rate you’re being charged. Of course, if your credit has improved significantly since signing the initial loan, your monthly payments may be reduced as well – we’ll talk more about that below.
When researching how to refinance a car loan near Keokuk, it’s important to start with some information about yourself – (i.e.) your credit score and payment history. It’s good to also have a healthy knowledge of how your current loan works, such as knowing your monthly payment amount, interest rate, and loan term length. How do you refinance a car loan? Start by following these steps:
REMEMBER: Refinancing isn’t a one-size-fits-all kind of thing. It’s difficult to say that there’s any one best way to refinance an auto loan. The best refinancing strategy for you may very well be not refinancing at all! The more shopping around you do, the more offers you’ll have to consider – so use this variety to your advantage!
Aside from the general process, there’s some specifics to keep in mind when you are making the decision of whether or not to refinance your auto loan. Take these for example:
If you find yourself in any of these situations, contact the finance center at Shottenkirk Chevrolet. Our experts can give you advice and guide you to options that better fit your circumstances.
How do you refinance a car loan? Now you know! Now that you know more about how to refinance a car loan and what to know when refinancing your car, it’s time to hit the pavement, so to speak. Like we said before, our door is open to anyone with questions about auto-finance – we’re here to help!
Visit our Quincy showroom, just a short trip from Quincy. You can also visit us online or call us to get started!
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