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When you refinance an auto loan, you essentially swap your current loan for a new one. Refinancing can help you secure a lower interest rate, a more affordable monthly payment, or a different ...
Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
However, if you're extending your loan term or the fees associated with refinancing will increase the interest you pay on the money you borrow, you may want to reconsider getting a new auto loan.
Your monthly payment amount, current interest rates, and your car’s value can all influence your decision. Trading in Your Car vs. Refinancing: Which Is the Right Choice for You? Skip to main ...
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When you finance a car, you sign a contract that determines your loan length, interest rate, payment amount and other critical details -- which might not be the best terms available to you. ...
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