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How to Refinance a Car Loan

car finance paperwork with calculator and glasses

If you’re looking for a way to lower your monthly car payment and save on interest, then you may want to consider refinancing your car loan. Refinancing a car loan is a relatively easy process, but it will take time to get started and find the best rates for your vehicle. Learn more about refinancing your car loan with Valdosta Toyota below, or contact our finance team if you have any questions about the refinancing process.

How Do You Refinance a Car Loan?

When you refinance a car loan, the goal is to lower the interest rate you’re being charged each month. To begin, you’ll need to first find out how much you’re currently paying in interest. Review your car loan documents to confirm your current interest rate and monthly payments. With that information you can take the following steps:

  • Check Your Credit Score: If you have been paying all your bills on time since your vehicle was purchased, there is a good chance your credit score has improved and you could benefit from refinancing.
  • Start Applying: Apply to several automotive refinance companies in the Albany area to ensure you get the best rate. Make sure you submit all applications within a 14-day period to minimize the negative impact on your credit score.
  • Evaluate Offers: Take time to run the numbers to make sure any new offers coming back will get you the monthly payment you are looking for. Use our online monthly payment calculator to help you compare offers.
  • Decide Loan Term: Decide if a longer or shorter term loan that best fits your situation. A shorter term loan will require larger monthly payments, but you will pay less interest in total. With a longer-term loan, your monthly payments will be smaller, but you will pay more in interest in the end.

Having your car loan refinanced is a great way to improve your finances, but your opportunities will depend on your circumstances. Make sure you choose a Tallahassee area lender that works for your financial situation.

Car Refinancing Tips

There are a few things you should keep in mind when you are debating if you should refinance your car loan or not. Read our tips below before you contact a car financing lender in Thomasville.

  • Fees: You will want to check your original car loan to make sure there aren’t any fees associated with paying it off early. If there are, refinancing may not be cost-effective.
  • Underwater Finances: If you owe much more than your vehicle’s currently worth, it can be harder to get approved for refinancing.
  • Older Vehicles: Many lenders won’t refinance an older car that has already experienced major depreciation.

If you’re experiencing any of the situations above, contact our team at Valdosta Toyota. Our expert finance staff will help you better understand your circumstances and help guide you towards options that will work for your financial situation.

Explore Your Financing Options at Valdosta Toyota

If you’re looking for the best way to refinance your car loan, talk to the team at Valdosta Toyota to go over your financing options and to find the right lender for your refinancing goals. While you’re here you can browse our other car buying tips for information on buying vs. leasing and what’s considered good mileage on a used car. Contact us today. We look forward to helping you!

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