How to Refinance a Car Loan

When Scottsdale drivers are looking to lower their monthly car loan payment, they need to know how to refinance a car loan. The finance center at Land Rover North Scottsdale can help you understand the best way to refinance an auto loan.

What to Know When Refinancing Your Car

If you’re wondering what to know when refinancing your car, it can be difficult to know where to start. First things first: you need to know exactly what you’re currently paying. Double-check the financing papers you originally signed, contact your lender, and look at your recent payment receipts. When you have this information at hand, you’re ready to take the next steps:

• Check Your Credit Score: Your credit score can improve if you’ve made payments on time since you purchased your car, so make sure you know your current credit score.
• Start Applying: Submit applications to several refinancing companies within a 14-day period so you can compare rates.
• Evaluate Offers: Compare all refinancing offers with what you’re currently paying.
• Decide Loan Term: Do you want a shorter loan term with larger monthly payments but less interest in the long run, or a longer term loan where you pay less monthly in exchange for more interest payments?

Take the time to decide which offer is best for keeping you on Phoenix streets with a monthly payment that works for you.

What to Know When Refinancing Your Car

There are some circumstances that make it difficult or impossible to refinance a car loan in Arrowhead:

• Fees: Double check your original car loan to see if you will be penalized for paying off the car loan early. Early pay-off fees might not make refinancing worthwhile.
• Underwater Finances: You might not get approved for refinancing if you owe more on your car than its value.
• Older Vehicles might not be approved for refinancing.

If you have trouble getting approved, working with local in-house financing car lots may be your best chance to move forward.

Learn About Refinancing at Land Rover North Scottsdale

If you have more questions or want to start the auto loan refinancing process, contact the Land Rover North Scottsdale finance center. Interested in trading up instead of refinancing? Value your trade-in at our dealership today.