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    Auto Refinance

    We are looking for a way to bring down our monthly payments and to save on interest so the husband thought of refinancing our car loan. Is it true that refinancing a vehicle is much simpler, quicker process than that of a house? The decision to refinance our auto loan, is it suitable for us?

    #2
    Originally posted by Jellymint View Post
    We are looking for a way to bring down our monthly payments and to save on interest so the husband thought of refinancing our car loan. Is it true that refinancing a vehicle is much simpler, quicker process than that of a house? The decision to refinance our auto loan, is it suitable for us?
    I've never refinanced a car so I'm not sure how the process works, but I would think it should be easier than a house since there is much less involved.

    Tell us about the car loan you're dealing with. How much do you owe and for how much longer? What is the current resale value of the car? And what is the interest rate?
    Steve

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      #3
      Yes. It is much easier. It probably would only take a couple weeks from start to finish.

      But, we need more info about your situation.
      Brian

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        #4
        Check out credit unions

        Hey everyone,

        When looking for auto-refinancing I would call up local credit unions. Credit unions often offer the most competitive auto and home loan rates. I bought my used car using pentagon federal and was able to secure a 1.49% APR. Although I've never re-financed a car, I know that pentagon federal does have the option available to its members. Hope that helps.

        Raphael
        Check out the go-to blog for personal and professional development
        thestrongprofessional.com

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          #5
          I second credit unions

          Usually getting a membership means opening a savings account (for as little as $5). Then apply for an auto loan. I have previously refinanced for as low as 2.99% APR and did the loan in under a day.

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            #6
            Originally posted by mikenelson View Post
            Usually getting a membership means opening a savings account (for as little as $5). Then apply for an auto loan. I have previously refinanced for as low as 2.99% APR and did the loan in under a day.
            Same for me

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              #7
              Originally posted by Jellymint View Post
              We are looking for a way to bring down our monthly payments and to save on interest so the husband thought of refinancing our car loan. Is it true that refinancing a vehicle is much simpler, quicker process than that of a house? The decision to refinance our auto loan, is it suitable for us?
              I've done thousands of car refi's for members at my credit union and it is FAR easier/simpler than a mortgage refi. If you apply and are approved, the financial institution will do most of the work for you.
              Youtube Channel: https://www.youtube.com/channel/UCbV...5W56pRkf4EM6XA

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