How To: Refinance Your Car Loan

By Avery Mills | Oct 24, 2017 8:34:50 AM

How To: Refinance Your Car LoanYou've decided you'd like to learn more about how to refinance your car loan. While there may be several pros involved with refinancing, you'll also want to make sure to you time it so it's most beneficial for you.

WHAT HAPPENS WHEN YOU REFINANCE YOUR VEHICLE?

When refinancing, you will first need to complete some research and select a lender. Then, you will sit down with your selected lender and come up with a refinancing plan. Once the terms are agreed to, this information will be sent to your old lender as well as any other parties that are involved. Your existing loan is then paid off using a check from your new lender. Your new loan may feature a lower interest rate or a lower monthly payment because the term has been changed.  Be aware that there may be some transaction fees associated with this process for which you are responsible.

 

 

Why Should you Refinance?

> Lower your monthly payment.
> Reduce interest rate.
> Change the term of your loan.

When Should you Refinance?

> Higher credit score.
> Interest rates are lower.
> Want to buy your lease.

Have you checked lately to see if Cyprus can save you money? We’ll take a look at your financial situation to see where we can help you save. Stop by one of our branches or call our contact center at (801) 260-7600.

Topics: auto, auto loans, refinancing, Blog, car loan, refinancing your car

Author: Avery Mills