How to Refinance a Car Loan

Refinance

 

We often get the question “how do you refinance a car loan?” from our Glendale drivers, and for good reason. The process can be confusing, however, what’s the best way to refinance your auto loan? In this situation you are aiming to accomplish two goals: first, you will want to lower your monthly payment, and second you want to lower your interest rates. That’s where the team at Bell Road Mitsubishi comes into play. Not only do we have a selection of car buying tips that can help you find the right option, but with our expert staff the process of refinancing can be easy. 

When and How Do You Refinance a Car Loan?

The process of refinancing your car loan is similar to your car financing experience. You’ll want to start by doing some research to formulate the best plan of action. Here are some basic tips for refinancing your car loan:

  • Check Your Credit Score: You have very likely improved your credit score since you started making the payment on your loan. Check your credit score, and with the improvements it will likely be easier to refinance. 
  • Apply as Quickly as Possible: It’s crucial to apply within 14 days to minimize the negative impact on your credit score, and you can apply to several companies to see which gives you the best possible options. 
  • Evaluate the Offers: You can use our monthly payment calculator to be sure you are getting an improved deal on your financing. Take your time and evaluate your offers as best as possible. 
  • Choose Your Loan Term: You will likely have higher monthly payments and lower interest rates if you opt for a shorter loan term. A longer loan term will likely have lower monthly payments and higher interest rates. Our finance team at Bell Road Mitsubishi outside of Peoria can help you determine the best refinancing plan. 

What to Know When Refinancing your Car

It’s important to determine whether refinancing is a good option for you or not. The factors you should consider include the fees, any underwater finances, and the age of your vehicle. Here are the details: 

  • You should determine if there are fees associated with paying off your loan early. It may not be wise to refinance if this is the case.
  • If you owe a lot more money than your car is worth, and you’re underwater, you might struggle to get approval to refinance.
  • An older vehicle has had a significant amount of depreciation, which can create a challenge when you are trying to get approved for refinancing.

Come to Bell Road Mitsubishi for Help with Refinancing Near Mesa

Now that you’re ready to get your refinancing handled by our automotive experts, you can trust that Bell Road Mitsubishi will get you back on the road in no time with a smile on your face. Our team knows the best way to refinance an auto loan without any hassle, so that you can enjoy your vehicle at a new rate. Find out more such as the difference between a used and certified pre-owned vehicle, as well as the benefits of buying from a dealership vs a private seller today.

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