There are many different reasons why you might choose to refinance your auto loan . Refinancing can help you get a lower interest rate on your car loan, give you more manageable monthly payments, and even change the timeline on your loan. At Resource One Credit Union, we can help you to explore your options if you are thinking about refinancing. We can also answer any outstanding questions that you might have about refinancing your car loan, such as, “When should I refinance my car loan?” and, “Is it easier to refinance with my current lender or a new lender?”
Loan refinancing-whether it’s for a car loan, mortgage, or personal loan-means taking out a new loan to pay off an old one. While this process can sound laborious on paper and does involve some legwork, not to mention paying closing costs https://rksloans.com/payday-loans-va/ on a new loan, it can also unlock significant benefits that are well worth considering.
“Can I refinance my car with the same lender? Can I refinance with a new lender?” These kinds of questions are common among auto owners who are considering refinancing.
When you buy a car, you either shop around with different lenders for a loan or ask the auto dealer that you buy from to set up a loan for you. When you refinance, it is se process of shopping around for the best possible option for you.
You are not locked into using the same lender that currently holds your loan. Your priority should be finding the most favorable loan terms possible, which typically means finding a lender that will offer you the lowest interest rate. In some cases, that may be your existing lender-in other cases, it will be a new lender. Rate shopping will give you a broader sense of the market and what constitutes a genuine deal.
While it e lender, any lender willing to give you a refinancing loan will work with you to make the process as seamless as possible. There’s no reason to be worried that switching to a new lender will make your journey with a loan more complex.
At Resource One Credit Union , we are happy to speak with you at any time about your options for refinancing an existing auto loan. Whether your current loan is with us or another bank or credit union, you can trust us to provide a fair and honest loan offer with a competitive interest rate. If you need help deciding which loan term is right for you or other loan specifics, we can lend a hand. Contact us today to start a conversation about auto loans and unlock the extra financial comfort and freedom that a well-timed refinance can bring.