Phoenix, AZ -- (SBWIRE) -- 08/01/2013 -- Sometimes, things take an unexpected turn for the worse, resulting in the need to refinance an auto loan in order to maintain ownership of a vehicle. Credit-yogi.com understands that, and would like to share its information about this process, such as:

- Reasons for Refinancing
- Downside to Auto Refinance
- Start Close to Home
- Sub-Prime Lenders

Refinancing Reasons

The number one reason people refinance automobile loan is to lower their payment, and that’s a great reason! There are a few others, too, that make sense, such as getting a better interest rate. If one took out the original loan a few years ago and his credit has since improved, he should refinance to a lower rate and save some cash. Refinancing to avoid repossession is a valid rationale, as is wanting to purchase a car one was leasing. The reason one has for refinancing is personal, and as long as it works to the borrower’s good, that’s all that matters.

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Disadvantages to Auto Loan Refinance

When it’s time to refinance auto loan, one must look at all of the advantages and disadvantages of doing so. Advantages: Lower interest rates, lower monthly payment, better interest rate, maintain possession of the vehicle by avoiding having the bank take it back, being able to buy the car one had been leasing, and saving a lot of money. Disadvantages: … Disadvantages? … Disadvantages?!? It appears that there are none, making the decision to refinance the loan much easier.

Compare Lenders’ Offers

All financial institutions offer to refinance automobile loan, so it’s wise to check out several before choosing the best one for a situation. Begin nearby, with one’s current lien holder. Find out if the loan service r can do the refinance; if it cannot, go across the street to the credit union to see if it can. If that doesn’t work, go online and compare a bunch of lenders there. The idea is to get the best interest rate and terms for the loan, and if one has good credit, lenders will compete for him.

High-Risk Lenders

High-risk, or sub-prime, financiers are there for those whose credit rating is somewhat blemished. These lenders like to help folks with less than stellar credit refinance an auto loan so they can get the best possible terms and interest rates for their situations. Keep in mind that the rates and terms are contingent upon where one’s score falls; the lower the score, the higher the interest rate, etc.

About Credit-Yogi
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