cjstudent2006 asked:


I just brought a 2001 Mazda Millenia and it had 64,000 miles on it. I have fair credit but it needs some improvement. The finance manger told me to clean up my credit and come back next year to refinance and get a newer car. Should I do that? I asked one of my co-workers about that and she told me she wasn’t really clear but she thinks it works like this; if I go to the dealer with a car that work $9000 and I only owe $6000, they would used the value of my car to pay of the amount owed and apply that to a down payment to the new car. Is that how it works? I have some time to think but I want to make the right decision.

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Folgaz asked:


My fiancee and I got a new car a couple weeks ago. With her credit, I believe she should have gotten a better interest rate. Can we refinance the car with another bank and get a lower rate? Any advice would be helpful. Thanks in advance.

Bradley

Kevin Clark asked:


You bought a new car few months back and you are now paying a huge amount per month towards clearing its loan installments. So each month you have to set aside a greater amount from your limited finances and this result in shortage of money for other usages. Well you can opt for Refinance Car Loan so that you save lots of money each month.

Usually we buy a car at higher interest rate as our personal circumstances do not permit us to take a lower interest rate loan for buying a car. Also now the rate of interest in the market has fallen substantially or you have found a lender willing to offer you a loan at better rate. Refinance car loans enable you in taking a fresh loan of lower interest rate as compared to the rate you took the loan for buying car. Thus refinance car loans pays off rest of the loan on your car to immediately relieve you of the high rate of interest.

Refinance car loans are available at lower interest rate, thanks to growing competition amongst the lenders. The very car can be offered as collateral for refinance car loans. And you can borrow the entire amount that is required to pay off your current car loan. Clearly refinance car loan is a way to get rid of your high payments towards the current loan. For lower interest rate on refinance car loans, a lot depends on your good credit history and repaying capacity.

You can use refinance car loans for extending repayment duration on your current loan so that you can pay off rest of the loan amount in larger number of installments. This way, your monetary outgo towards refinance car loans gets substantially reduced for easy repaying.

Make sure to take rate quotes of refinance car loans lenders for comparing rates as per your personal circumstances. Bad credit borrowers are also eligible for refinance car loans at competitive rates but they shall have to extensive for a suitable lender.



Randy