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How to Refinance a Car Loan

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If you’ve been pondering lowering your monthly car payments and saving on interest, you’re in the right place. Learn how to refinance a car loan here with Apostolakis Honda. We cover the benefits of refinancing and the best way to refinance a car loan, so you have all the pertinent information. If you have questions, contact us, we serve the greater Cortland area and are your local auto finance experts.

How Do You Refinance a Car Loan?

The main benefit of refinancing a car loan is a lower interest rate, which typically results in a lower monthly payment. First, find out the details on your current auto loan. Review your contract or contact your lender to get your current interest rate and to find out if there is a prepayment penalty. When you have all your information, do the following:

  • Check Your Credit Score: If you have been paying your bills on time since you purchased your vehicle, your credit score has likely improved, and you may benefit from refinancing. 
  • Start Applying: Apply to several refinance lenders to obtain the best interest rate. Try to submit all applications within 14 days to minimize any negative impact on your credit score.
  • Evaluate Offers: Take time to evaluate your options and run the numbers to confirm that any new offers will get you the monthly payment you want. You can use our online payment calculator to estimate your monthly payment and compare offers. 
  • Decide Loan Term: Decide whether a more prolonged or shorter-term loan best fits your situation. A shorter auto loan will require larger monthly payments, but you’ll save in interest in the long run. 

The best way to refinance an auto loan is to evaluate all your options by talking with the auto finance specialists at Apostolakis Honda near Warren. 

What to Know When Refinancing Your Car

Are you wondering what to know when refinancing your car around Boardman? Here are a few other things to consider when deciding whether or not to refinance your vehicle:

  • Fees: Always check your original car loan to ensure there aren’t any fees required when paying it off early. If there are, do the math to see if it is still cost-effective. 
  • Underwater Finances: If you owe more than your vehicle’s current value, it may be harder to get approval for refinancing your car loan. 
  • Older Vehicles: Some lenders won’t refinance an older car that has already depreciated substantially.

If you’re in any of these situations, contact the Apostolakis Honda finance center to talk with our experts and get advice on your options. We are conveniently located near Youngstown.

Apostolakis Honda is Your best resource For Auto Loans

Now that you know the answer to the question, “How Do You Refinance a Car Loan?” if you have more questions, connect with our team. We are always happy to help. From new cars to our extensive pre-owned inventory, to parts and service, we’re here for you!

 

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Call Us now! (800) 900-4600

Apostolakis Honda 41.303193, -80.746609.