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Reduction in monthly auto payments – Auto loan refinancing might lower your monthly car payment refinancing a car loan saving money as a result of lower interest rates, longer auto loan terms, or occasionally, even both!
Lower interest rates – qualifying for lower interest rates lower than your existing car loan, you might end up paying less in total interest. This is particularly true when the entire auto loan amount has been paid off!
Longer loan terms – With a lengthened auto loan term, there’s more time to pay off the loan amount along with smaller monthly payments. This auto refinance scenario might result in borrowers paying more for the car overall.
Shorter loan terms – Shorter terms may increase monthly payments. However, it can possibly reduce the amount of interest paid altogether. This, in turn, can prove to be beneficial when refinancing a car loan.
Learn the difference between Flat Vs Reducing Interest Rates, what is Debt Burden Ratio (DBR)? How to keep a good credit score? Our guides will help refine your search and choose the best personal loan.