CHARLOTTE, N.C., February 6, 2007 – People usually do not think twice about refinancing a home loan to save money. But fewer people think to refinance their auto loan if they’re unhappy with it.
An auto refinance loan – just like a mortgage refinance – can end up saving you money by possibly providing you a better interest rate and lower monthly payments. Most people end up financing their auto loan through the dealership. While convenient for buyers who don’t want to have to delay their purchase, keep in mind that car dealers don’t always offer the best financing deals.
When an auto loan is refinanced, it simply means that a new lender pays off the old loan. The title is then transferred to the new lender and your payments are made to that new lender. Sounds simple, right?
LendingTree.com offers up the following advice on how to refinance an auto loan:
To refinance an auto loan:
1. Research lenders who can provide you with the best auto refinance loan. A web site like www.LendingTree.com can give you access to offers from several lenders and save you the time and legwork of having to contact various lenders yourself.
2. Provide the lender who gives you the best interest rate with all of the financial information they’ll need to qualify you for the refinance loan.
3. Pay any fees that may be associated with the refinance loan. These may include nominal lien holder or pre-payment fees.
4. Once you’re approved, your new lender will pay off your old loan and assume the car’s title.
For more information about refinancing your auto loan, please visit our Auto Refinance section.
About LendingTree, LLC
LendingTree, LLC is the nation’s number one online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 20 million loan requests and $152 billion in closed loan transactions. LendingTree provides access to mortgages and refinance loans, home equity loans/llines of credit, auto loans, personal loans, and credit cards via www.lendingtree.com and 800-555-TREE.
Launched in 1998 with headquarters in Charlotte, North Carolina, LendingTree, LLC is part of IAC Financial Services and Real Estate, an operating business of IAC/InterActiveCorp (NASDAQ: IACI), which also owns or operates LendingTree Loans, LendingTree Settlement Services, LLC, RealEstate.com®, Domania®, and iNest®.