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Refinancing pros and cons your vehicle: Is it the right decision for you? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. This allows you to conduct your own research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies that pay us. This compensation may impact how and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offerings that could be available to you. Westend61/Getty Images
4 minutes read Read Published March 02, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert in navigating the ins and outs of securely borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-studied and well-researched data that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, so you can trust that our content is honest and reliable. Our award-winning editors and journalists create honest and accurate information to assist you in making the best financial decisions. Our content produced by our editorial team is objective, factual, and not influenced through our sponsors. We're honest about how we are capable of bringing high-quality content, competitive rates, and helpful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain links posted on our website. Therefore, this compensation may affect the way, location and when the products are listed within categories, with the exception of those it is prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether or not a product is available within your area or at your self-selected credit score range could also affect how and where products appear on this site. We strive to offer an array of offers, Bankrate does not include details about every credit or financial product or service. It is expensive to keep your vehicle on the road every month is a challenge for many. Car payments have increased dramatically with an average monthly installment of $526 for used cars and $716 when you purchase new . A lot of people think about either replacing or refinancing their current loan by getting a new loan -- in order to make these expenses more manageable. Refinancing can reduce your monthly payment in the event that your situation has changed or the market has changed since you obtained the current loan. However, refinancing does not come without risk and can be more costly in some instances. It is therefore important to look at the pros and cons of refinancing and assess your financial situation to determine if it's the right move. Pros of refinancing your car The current car loan focus on saving you money. You might also be able to refinance for more than what you owe in case you require cash. Take these into consideration when deciding whether refinancing is the right option for you. Lower interest rates Your interest rate is a significant factor in your each month's car loan payment. The amount you pay is determined by your score on credit, among other things. If you've been since taking out your loan, which could be the case if your have made punctual loan payments and have handled your others debts, then it might be a great time to consider refinancing your options. It is likely that you will receive higher rates and terms that are more appealing. Lower monthly payments If you are struggling to make the monthly bills refinancing could make your monthly payment more affordable and let you free up money within your budget. You can opt for lower rates and a longer duration or both. While the signing off of a loan means you can save money every month, it also means a higher total cost as you'll be paying more interest over the course that of the loan. Pay off your loan earlier Refinancing could result in the repayment of your loan earlier. If your income has increased since taking out your auto loan then it could be an ideal time to switch to a shorter-term. If you settle your loan in advance and pay off interest, you'll save in the event that the lender's fees don't exceed the savings. But if you'd prefer not to refinance, you could pay more in monthly installments to reduce the balance faster. The same goals will be achieved and could save money by avoiding the origination fees that may accompany refinancing. Get cash fast Certain lenders provide this service the option of a cash advance, which is beneficial if you need fast cash. It works the same as traditional refinancing, but in addition to a new loan that replaces your current one, you'll also get an unrestricted cash payment based on the equity you have in your vehicle. You could also get more favorable loan terms or a lower monthly installment This type of refinancing comes with the risk. If you take equity you've built up in cash, you run the risk that you'll become upside-down in your loan and owe more than it's worth. This can make it harder to make a profit should the time comes to dispose of. Additionally, you'll incur additional debt since your current auto loan balance will be greater. Pros and cons of refinancing your automobile Refinancing your car by refinancing is not without risk. Take note of these drawbacks. The high interest rate of refinancing is a risk because it comes with more expensive interest rates. If your credit has dipped or rates have increased there is a chance that you'll discover interest rates that are higher than the current rate. In the current economic climate, steep interest rates are not uncommon. Recent events have driven interest rates up to record levels. So, it's in your best interest to explore different options to do your best to avoid sky-high interest rates, or simply wait until market conditions improve. Additional charges If you're struggling financially be aware that refinancing a loan is not without cost. The costs could include application and prepayment, title transfer and origination fees. Since these fees are likely to add up, you should calculate how much the refinance will cost you , and also how the rate and duration compare to the current loan. The loan could become upside down if you refinance and extend your loan's duration in any way, you're likely to end up having to pay more than the vehicle's worth. This is commonly referred to as being on the other side of your loan. What are the best ways to determine if refinancing your car is an excellent idea? The main factor to determining whether it is an appropriate choice comes down to the amount you could save. Consider the pros and cons before making use of the benefits . Here are some scenarios where it might make sense to refinance your credit: Your credit has improved. When your score is better, you might receive more favorable rates and terms through refinancing. You received dealer financing. Typically, the terms provided through dealers are not the best available. Look into other lending options in case you are currently . There is no way to pay . Missing payments can result in penalties, credit damage or worse, taking possession of your vehicle. If you cannot make payments then refinancing could result in a lower monthly payment. You qualify for a better interest rate. If the market rate is better than they were when you first made an application, you might be eligible for an interest rate that is lower. However, this likely isn't the case because the market rate isn't declining because of recent Fed rate increases. If you decide to refinance your auto loan, start by shopping around with multiple lenders to determine the most competitive rate. A lot of them have pre-qualification tools available on their websites, which allow you to view potential loan offers, which include estimates of loan conditions as well as interest rates and monthly payments, without impacting the credit rating. You should consider getting pre-approved by more than three banks, so you can formally apply with confidence. Next steps Before looking for , weigh the advantages and disadvantages and how they can help you make an informed decision. In the ideal scenario, you would like to save money rather than simply stretching out the loan time. If you are struggling financially, it may be sensible to to get an easier monthly auto loan payment. Ask the lender to trade your car or selling it privately to obtain the financial relief you require. If refinancing is the best option for you, for the most reliable auto lender.
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.
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