How do I go about refinancing my Honda Accord if I want to cut my monthly payments down?
I had a seven-year loan on my Honda Accord. Currently, I'm paying about $350, but I want to cut that rate down. How do I refinance it?
Answer provided by
Answered on Apr 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“If you want to refinance, make sure that the current rates are less than what you’re paying on your current loan. If they aren’t, there’s no point in refinancing.
People typically refinance so they can pay their car loan off early. In your case, it appears you just want to lower your monthly payment.
Since you’re already paying on a seven-year loan, in all likelihood, you’re going to have to go for a longer-term loan. This means that you’ll probably have to extend the length of the loan and pay more interest. But on the positive side, your payment will be lower.
Look around online for current rates, or check with your current lender to see if refinancing is the right move on your loan.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Should I remove full coverage from my vehicle if I'm going to pay off my loan in the near future?
I currently have full coverage on a car I financed, but I'm about to pay it off. To save money, I'm thinking of removing collision and comprehensive coverage from my car. I'm also thinking of picking up some extra money driving for Lyft. Should I remove full coverage and just get liability?
Apr 22, 2021
If the accident wasn't my fault, how come the other insurance company isn't paying to fix my Kia?
"I was involved in a not at-fault accident a few weeks ago. Both my insurance and the other driver's insurance sent me letters stating the other driver was at fault. But now I have a letter from the other company saying they will not be making a payment on the claim and cannot disclose why. How is this possible? "
May 12, 2021
Why is my Progressive quote so much lower than my State Farm policy?
Would that higher deductibles make such a large difference in monthly premiums? I have a policy with State Farm and I am insuring four vehicles, all full coverage. Progressive recently gave me a quote that saves about $120 per month! The only difference is the deductibles are set at $1000 vs my current deductible of $250.
Jun 24, 2021