Refinance Car - Do You Qualify For A New Loan?

Do you drive a car that is less than seven years old with less than 75

,000 miles on it? Is it a vehicle used for personal use only, and not for commercial purposes? Do you currently owe at least $7,500 on your current car loan? If you can answer yes to all of the above questions, you may qualify for a refinance car loan. There are many reasons to go through the process of refinancing your car, and discovering that you qualify can be an exciting find, especially if you are currently having a hard time making all your monthly payments.

If you are unsure about how the process works, consider what you know about mortgage refinancing. The concept is the same, but to obtain a refinance car loan is a much simpler, less time-consuming process because the total amount of money being dealt with is far less and the term lengths are lower than mortgages as well. Basically, the process works by acquiring a new loan with a different lender who will pay off your current loan in full, transferring your title to the new lender. This new lender offers you a lower interest rate and different terms and conditions that are designed to better suit your needs.

If you are not sure you want to deal with the process of obtaining a refinance car loan, even if you qualify, consider your current situation, including the rate you are paying and the standing of your credit. The people that benefit the most from refinancing their car loans purchased their car and took out the original loan with bad or at least not ideal credit. If you have been paying your car loan diligently each month, along with other bills you currently have, your credit will surely have improved and you may qualify for a better rate. Why would you choose to not save hundreds, even thousands of dollars over the length of the loan term?

The only fees you may be required to pay for your refinance car loan include minimal, if any, application fees and re-registration fees. These amounts are generally far below $100, so the savings you can obtain from the process clearly pay for the process itself in no time. There is nothing to lose in at least looking to see what new interest rate you may be eligible for. If it is not worth it to you to switch, then at least you know.

by: Chris A Goodman

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