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How to Refinance a Car Loan

2019 Volkswagen Jetta
 

If you’re like many Bayside drivers that want to lower their monthly car payments and interest rates, then you might consider refinancing your car loan. How do you refinance a car loan? Learn how to refinance a car loan the right way with the finance center at Platinum Volkswagen, so you can get the best rates possible and save more money.


Best Ways to Refinance an Auto Loan

How do you refinance a car loan? In order to effectively refinance your car loan and lower your payments and interest rates, you’ll first need to know what you’re currently paying. This information can be found by reviewing your statements and other documents or by contacting your current lender. Once you know what you’re currently paying, follow these steps: 

  1. Check Your Credit: Check your credit score to see if it’s improved. If you have a good payment history for your bills, then the chances are high that your credit score has increased. 
  2. Apply: Apply to several different Huntington refinancing and lending companies to get multiple offers which you can compare. To avoid any negative impacts on your credit score, try to submit your applications within a 14-day period. 
  3. Compare Offers: Compare the different offers you get to see which offer is the best one for you. Once you’ve found an offer you like, you can also use our payment calculator at Platinum Volkswagen to see what you’ll end up paying each month. 
  4. Decide: Choose your loan term. Remember, a longer term means lower monthly payments and higher interest while a shorter term means larger monthly payments and lower interest. 

One of the best ways to refinance an auto loan is to choose the method and offer that works best for your current situation and only choose what you can realistically afford. 

Other Refinancing Tips

To effectively refinance, you’ll need to know everything about your current financial situation. Here’s what to know when refinancing your car: 

  • Check with your Hempstead lender to see if there are any penalty fees for paying off your car loan early. 
  • If what you still owe on the vehicle is more than the vehicle’s current value, then it could be significantly harder to get approved for refinancing. 
  • If your car is older, then it could be harder to get approved for financing due to the amount of depreciation on your vehicle. 

That’s just some of what to know when refinancing your car. For even more help, consultation, and advice when it comes to all things car-buying, reach out to our finance team at Platinum Volkswagen. You can also apply for financing online to save time at the dealership or if you can’t make the drive to Hicksville. 

Get Financing at Platinum Volkswagen

Now that you know how to refinance a car loan, you can take the necessary steps to get the financing you need and lower your monthly payments. Contact us for more car-buying information and financial consultation.

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