There are many ways drivers can improve their current financial situation by simply taking the time to explore their options. And refinancing car loans is often a great choice for many people since you can lower your interest rate, and thus, your monthly payments or opt to extend your loan.
No matter what choice you’re considering, our team here at Green Mazda can help guide you through the process of refinancing your loan in a way that works for you.
Apply for New Car Loans
To apply for new car loans, you’ll need to gather your driver’s license, pay stubs, your social security number, and other information on the vehicle you wish to refinance. Then, you can start applying for new car loans with different lenders to discover your credit score and to see if you can get a lower rate.
Applying to multiple lenders allows you to essentially shop around and find the best offer. Just be sure to make your applications within a 14 day period. This will help you avoid having your credit score dip each time you apply.
Calculate Your New Loan
Using a car loan calculator, use your best offer to calculate your new payments based on how much you still owe to see if the monthly rates will make refinancing worthwhile for you.
Choose Your Term and Complete the Process
Once you’ve found the best refinancing offer, you can choose whether you want to have your car paid off at the originally planned time, or change the length of your term to make it longer or shorter. At this point, you’ll finalize the deal with your new lender, sign the paperwork, and start your new loan.
To learn more and to get the process started, contact our Springfield Mazda finance team today!
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