It is not uncommon for car owners to find themselves in a situation where their car loan payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income.
But rather than risk having your car repossessed, or missing a few car loan payments and ruining your credit rating, consider refinancing your auto loan at a lower interest rate.
When you refinance, you will get a new lender for an existing car loan, often for a better rate. You can also extend the payment term, skip a few payments, add or remove a co-applicant and add products (such as GAP insurance and extended warranties) to a loan.
Car loan refinancing works very much like home refinancing with one big difference, with the exception of a title transfer fee required by law, there are no costs for the consumer.
According to Advance Car Loans, with a mortgage refinance, you pay a lot of fees. There's a loan origination fee, closing costs, points, inspection costs. Those fees can really add up and eat into the financial benefits of refinancing.
It takes a few minutes to apply for auto refinancing with Advance Car Loans. A loan adviser then compares offers from the Advance Car Loans' network of lenders to find the ideal deal for your individual situation. Advance Car Loans has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.
In some cases, the company is able to arrange loans that allow up to 90 days with no payments. The savings consumers will see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with Advance Car Loans at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.
Whether you are buying a new car or want to save on your existing vehicle, Advance Car Loans can help you.
Applying for a Car Loan with Advance Car Loans is easy. Advance Car Loans can assist with selection of the right product for your requirements, prepare all the paperwork and submit it to the appropriate lender. As a finance broker (Advance Car Loans is a member of FBAA) it is not limited to any particluar finance company. Advance Car Loans can hunt around for low interest rate, help you avoid hidden fees and charges and prepare the paperwork with the minimum of fuss and maximum of professionalism. Advance Car Loans can even have you in your new vehicle within 24 hours.