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However, it's possible to get out of an auto loan through a process called refinancing. When you refinance an auto loan, you essentially swap your current loan for a new one. Refinancing can help ...
Lower monthly payments. If you struggle to meet your monthly payments, refinancing can make your monthly payment more affordable and free up cash in your budget. You can get a lower rate, a longer ...
Time your car loan refinance right to receive the maximum benefit. ... Similarly, hold off if you have less than $10,000 left on your loan. For a lender to make money off interest, you must borrow ...
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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.
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