Refinancing an auto loan can save a person a great deal of money which can be put to use for debt repayment. However, before accepting any refinance offer, take some time and do a bit of research into where to find the lowest auto refinance rates.

Pittsfield, MA -- (SBWire) -- 03/12/2013 --Credit-yogi.com has many tips to this process and is happy to share them, such as:

- Defining Car Loan Refinance
- Online Lenders
- In-house Financers
- Sub-Prime Lenders

Understanding Auto Loan Refinancing
Before going out and signing for any auto refinance, make sure that is has the l owest car refinance rate. It’s often better if one understands what a refinance of a loan is prior to looking for one. A refinance means that the original auto loan is paid off and a new one is created. The new loan generally has a lower interest rate or a longer repayment period, making the payments easier to handle and enabling the car’s owner to keep his vehicle.

Internet Lenders
Checking out online lenders is a terrific way to find the lowest auto loan refinance rates. There are literally hundreds of these lenders, all of which want an individual’s business. One can pick and choose which financers he wishes to deal with, based completely on the interest rates. Be careful of scams while looking over these lenders. If any of them demand up-front fees, leave their websites. If they do not offer full disclosure of the rights and responsibilities of a borrower, again, look elsewhere – These are attempts to get money deceitfully.

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Bank and Credit Unions
If someone isn’t comfortable with shopping for the lowest refinance auto rates online, going to a bank or credit union is the next best place. Start with the lender that holds the original loan. Explain why a refinance is being requested, point out the past payment history with this financer, and show proof of financial hardship. If one’s past with the lender has been good, it is likely that the bank will approve the refinance.

Below Prime Lenders
One way to find the lowest auto refinance rates is to look into sub-prime financers. These can be found both online and locally. They specialize in working with folks whose credit isn’t great. They have access to other sources of funds for refinancing. If the reason one is looking to refinance his car loan is because he needs to lower his payment before his credit gets worse, then a sub-prime lender is a good choice.

About Credit-yogi
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