How to Refinance a Car Loan

If you’re like many other Mullica Hill drivers who are trying to lower their monthly car payments and interest rates, then you should consider refinancing. How do you refinance a car loan? The finance center at Spirit Auto Center has put together some tips and tricks to help you get the best rates and lower your payments with refinancing. Learn how to refinance a car loan with Spirit Auto Center. 

Things to Consider When Refinancing

When you’re trying to get the best rates and payments through refinancing, here’s what to know when refinancing your car:

• Vehicle Age: If a car is older and has experienced a significant amount of depreciation, then it could be harder to get approved for refinancing.
• Early Payment Penalties: You’ll want to check with your lender to see if there are any fees associated with paying off your loan early, which could make refinancing not very financially beneficial.
• Current Debt: If what you still owe on your vehicle is more than what the vehicle is currently worth, then it will be harder to get approved for refinancing. 

Our finance team at Spirit Auto Center near Penns Grove can help you figure out how to refinance a car loan in a way that works for you. 

Best Ways to Refinance an Auto Loan

Refinancing is done with the intention of lowering your interest rates and monthly payments. To do this successfully, you’ll need to figure out how much you’re currently paying, which can be found through your statements and other documents. One you know what you’re currently paying, follow these steps: 

• Know Your Credit: Check your credit score before applying. If you’ve been paying your bills on time, then there is a good chance that your credit score has improved. 
• Apply: Apply for refinancing at several different financing companies. To avoid a negative impact on your credit score, try to apply within a 14-day period. 
• Compare Offers: Compare the offers you get from different financing institutions to see which offer is the best. 
• Choose the Term Length: If you decide with a longer loan term, then this means you’ll have lower monthly payments but higher interest. A shorter loan term will mean larger monthly payments with lower interest.

One of the best ways to refinance an auto loan is to choose the offer that is the most affordable for you. Apply for financing at Spirit Auto Center to save time at the dealership, and visit us near Sewell to talk with a team member and discuss your options. 

Refinance with Spirit Auto Center

Now that you know how to refinance a car loan, visit Spirit Auto Center in Swedesboro, NJ or visit us online to explore your financing options. Contact us to speak to a team member, and use our payment calculator to know what you’ll pay every month.