Why Refinance an Auto Loan with Max Cash?

March 2, 2019

If you think that your monthly auto loan payments are too high, and your wallet has become thin, it may be time to consider refinancing. By refinancing an auto loan, you can lower your interest rates, reduce your loans terms, and have smaller monthly payments.

Keep reading to learn how you could refinance your auto loan and what benefits you could receive.

What Does it Mean to Refinance an Auto Loan?

When you refinance your car, you are simply replacing your existing loan with a new loan. That new loan then ends up paying off the debt of the old loan. You may refinance with a new lender, or the same lender you obtained the original auto loan with.

The new auto loan you acquire should come with better terms and features to better match your financial situation.

You should know that the details of your new loan will largely depend on the loan type and the lender you choose.

Refinancing Your Auto Loan Could Lower Your Interest Rates

When it comes to paying back an auto loan, those monthly payments can just be too expensive. Though if you were to refinance, you could easily make those payments a lot less daunting.

Refinancing essentially means starting over from square one. You could extend the time you have to pay back your loan. Since your balance will be smaller than that of your original loan, your monthly payments could decrease.

Shortening Your Auto Loan Can Be Done Through Refinancing

By lowering your monthly payments, you will be extending the time it takes for you to pay back your loan. Yet, it is possible to shorten your loan length if you so desired.

If your auto loan has you paying for the next 5 years, or even 10 years, refinancing can shorten that time in half. By cutting down the time you have for repayment, you can pay less interest overall.

Paying more than the minimum each month, or paying in lump sums, can also shorten your loan terms.

Change Your Current Lender Through Refinancing

If you find that you are unhappy with your current lender, then refinancing your auto loan with a brand-new lender may be the right move for you. Your new auto loan lender may even provide better interest rates and overall benefits that fit your needs.

By Refinancing Your Auto Loan, You Can Get an Emergency Cash-Out

If you have some equity built up through paying your current loan, it is possible you could take advantage of a cash-out option when you decide to refinance your vehicle.

If your vehicle is valued to be worth more than what you owe, a lender may agree to pay off your current loan and pay you the difference in cash. A cash-out option could be beneficial in an emergency.

If you wish to know more about refinancing your auto loan, or are just looking for more information on loans, then please check our other informational articles.

We have a wide range of articles that cover topics like qualification, financial tips, as well as financial resources. If you have any questions, MaxCash has you covered.

Refinancing Can Save You Money in the Long Run

You wouldn’t think that refinancing your auto loan could save you money, but in the long run you could see some savings. Refinancing your auto loans could help you:

  • Save on interest costs
  • Lower your monthly payments
  • Consolidate your debt

Getting a lower interest rate may be good option if your first auto loan had a less than ideal rate. If your credit score or income has increased, refinancing could help you score a lower interest rate.

To get an auto loan with a lower interest rate, you must refinance your new loan with lower interest rates than your existing one had.

MaxCash is a loan connection service that works hard to connect customers with compatible, trustworthy lenders across the country. We do all the research, make all the calls, and compare all of the loan offers to find the opportune one.

If you have any questions about MaxCash or would like to get started on the inquiry process, speak with a knowledgeable representative by giving us a call at (833)-207-9052.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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