How to Refinance an Auto LoanOne way to reduce monthly costs that few are aware of is vehicle refinancing. This is how to get a better deal and reduce your monthly payments on your own terms. Not for everyone, but a great way to fix past credit mistakes.
|
|
Things You'll Need:
- Your Vehicle Identification Number (VIN)
- 17 letter/number combination easily found on your insurance card
- Your vehicle's current mileage
- Name of current lien holder
- Original amount financed
- Current monthly payment
- Date of first payment made
- Length of term (i.e. 60 months)
- Make, model and style of your vehicle (i.e. Honda Accord EX)
- Phone number for employment verification (if employed)
- Social Security Number
Step 1: Start by contacting one of the credit reporting agencies to get your credit score. Experian, Transunion, and Equifax are the three. It's best to see all three, but one will do.
Step 2: Know that after you know your credit report and financial situation, there are three places to go for a refinanced loan.
- An auto loan refinance company. RateGenius, UmbrellaAuto, and myAutoLoan are three that offer this service. Some do multiple and some just auto.
- Your lien holder (if you like them still) to see if they are willing to cut you a deal.
- Your financial institution to see what they will offer. Credit Unions are best.
Step 3: Once you get the place figured out, they should take care of everything for you. A good institution will get you a great deal, tell you how much money you'll save, make sure you have the appropriate warranty and GAP insurance, and do all the title transfer for you.
To post a comment about this guide you must be signed-in
