When most people hear the word “refinance”, they associate it with their home mortgage, a lot of paperwork and expensive fees. What consumers don’t really know is that by refinancing their car loan, they can save money on the interest they are paying and can actually improve their credit in the process.
- VIN number
- current mileage
- current lien holder
- current loan information – requested amount to be refinanced, monthly payment, date of first payment
- vehicle make, model and style
Overall, at whatever level your credit score is at and whatever interest rate you are currently paying on your car loan, refinancing can save you anywhere from several hundred to several thousand dollars over the life of the loan. Check online and your local credit union or bank to see what they offer and to see if you qualify to refinance.
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