Auto Loan Factory

Refinance Your Car Loan - 3 Tips For Refinancing Your Auto Loan
Online
By Carrie Reeder

Refinancing your car loan is an ideal way to lower your
interest payments or reduce your monthly payments. By using
online auto loan lenders you can be assured that you are
finding the lowest rate. To be sure you are getting the best
terms, follow these three tips before you refinance your
vehicle.

1. Plan Your Payments

Before you refinance your auto loan, decide what your goal is.
Do you want a reduced interest payment or have a smaller
monthly payment? With your goal in mind, you can choose terms
that will best meet your needs.

To find reduced interest payments, it is best to have improved
your credit rating. One easy way to do this it to pay your
credit cards down to 50% of their limit. You can also find
lower interest rates by choosing a loan shorter than the
typical five year period.

To reduce your monthly payments, look for a loan for a longer
period. You don’t even have to find lower interest rates to
lower your monthly payment. However, you will be paying more in
interest payments over the course of your loan.

2. Come Prepared

To speed through the refinance process, gather all your
financial information ahead of time. If you don’t know the
current balance on your loan, call to get the exact amount.
Also be sure that you have the correct address to mail in the
check.

Having a copy of your last tax forms will also make filling out
the forms for quotes or a loan application easy.

3. Compare Quotes

When you are ready to find an auto loan, compare quotes before
you pick a lender. You can get quotes instantly from online
lenders and brokers. Auto loan brokers partner with several
lenders to offer you multiple quotes. Auto loan brokers strive
to offer the lowest rates, so you may find a better deal
through their sites than going to the individual lender’s site.

While rates and terms are important to compare, also take a
look at fees and repayment options. You don’t want to get
locked into a deal that you can’t pay early or refinance.

To view our list of recommended auto finance companies online,
please visit this page:
http://www.abcloanguide.com/autoloans.shtml

About the Author: Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans.

Source: http://www.isnare.com