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How to Refinance a Car Loan

Car keys and a credit card on top of a signed car loan

If the interest rate you’re currently paying on your car is higher than you’d like, you may want to learn how to refinance a car loan. It’s a smart way to pay less each month for your car, and Hollywood drivers will find that it’s really very easy to do. Find out about the refinancing process from the finance team at Honda of Aventura.

Tips on How to Refinance a Car Loan

The first thing Miami-area drivers need to do when learning how to refinance a car loan is to find out what your current interest rate is. You’ll want to review your statements, taking note of how much you are paying in interest each month, as well as what your total monthly payments are. Once you have confirmed these figures with your lender, follow these steps:

  • Check Your Credit Score: If you have paid all of your car loan payments on time, there’s a good chance that your credit score has improved. Check your current credit score. A higher credit score means that you are likely eligible for a lower interest rate.
  • Start Applying: Apply for financing with various automotive finance companies in order to find the best rate available. To minimize the impact on your credit score, it is recommended that you submit all applications within 14 days of each other.
  • Evaluate Offers: Review your refinancing offers to see which one comes closest to the monthly payment amount you want. Using our convenient online payment calculator can help you determine what your monthly payments will be.
  • Assess Your Loan Term: In addition to reviewing your offers, take a look at your loan term, as well. The longer the loan term, the smaller your payments will be, but you will pay more interest over the course of the loan. A shorter loan term will include larger payments, but you’ll end up paying less in interest.

What to Know When Refinancing Your Car

Some important things to be aware of when refinancing your car in the Miami Lakes area include:

  • Fees: Review your original car loan to see if there are any fees associated with paying it off early. If you find that there are fees, refinancing may not be a cost-effective option for you.
  • Upside-Down Loan: If the value of your vehicle is less than what you owe on your car loan, it is likely that you won’t be approved for refinancing.
  • Older Vehicles: If you have an older vehicle that has experienced significant depreciation, there’s a good chance that lenders will turn you away.

Find Out About Your Financing Options at Honda of Aventura

The car loan experts at Honda of Aventura can help you explore your refinancing options. We are happy to provide car shopping advice, such as whether buying or leasing is the better choice for you. If you have any questions or would like more information, don’t hesitate to contact us.

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