If you refinance an auto loan, you can reduce your monthly car payment. Consumers refinance for a variety of reasons. The refinance of an auto loan can be a great way to either reduce your monthly car payment or accelerate the repayment period.
Auto Loan Refinance Process
The refinance process is generally the same process used in obtaining the original auto loan. The consumer may wish to start by contacting the current auto loan lender and finding out what the current used car refinance rates are. Your current lender may have reduced refinance rates since the original auto loan was taken out and have a better loan rate they can offer you. If not, you can check with a variety of sources to compare auto loan refinance rates. Most local newspapers have a local rate monitor? in the business section of the paper that is published once a week or so.