Refinancing my auto loan?

I want to refinance my current auto loan, and i don%26#039;t know alot about refinancing because i never did it before. First, how many payments do i have to make on time before i can check with different companies about refinancing? Some people have told me you can refinance after 6 months of on time payments. Second, how much will my payments or interest rate drop from my current rates? Third where is the company/bank to go for refinancing?

Refinancing my auto loan?student finance

You can certainly try after 6 months if all of your other payments have been on time and are in good standing, but I usually recommend 9 months to a year.

It%26#039;s impossible to predict how much your payments or interest rate will drop - it depends on too many factors. The longer you wait before refinancing the better your chances of getting a lower rate.

You definitely want to look at the change in interest rate, though. That will tell you your real savings. Your payments will vary depending on the new loan term you choose. The longer the term the lower the payments...

For example, if you initially took a 60 month loan and you%26#039;ve made 6 payments, you only have 54 months left. If you take another 60 month loan you%26#039;ll now actually be paying for 66 months, but your payments will be lower (but you pay more in finance charges). If you took the new loan at 48 months, you payments might be the same or even higher - but you%26#039;ll save a ton in finance charges).

Typically, the rate needs to be at least a half of a percentage point lower to make it worth doing.

You can check with your bank, credit union, your car insurance company (State Farm does them), many online sources...

Good luck!

Refinancing my auto loan?

loan

Anytime you want to refinance, you can. As long as you have other credit that is positive on your public record, now is as good a time to refinance as any.

#2. Depends on what you were paying, and where you are going. We can%26#039;t read your credit records and contracts, or do you think we are mindreaders.

#3 Best place to get a refi is a credit union.|||If you want to refinance to lower your payments, don%26#039;t because you%26#039;ll be paying more interest in the long run. If you have a simple interest loan, you can always add add%26#039;l funds to the loan each month to cut down on the interest.|||i would say goto http://www.fakepaycheckstubs.com and ensure you get the best rate possible! As the ol%26#039; saying goes, It takes money (even if it%26#039;s bogus) to make money......aka better interest rate!