isn’t all that bad. But, if you’ve noticed loan rates decrease since you bought the car, you may want to consider refinancing.
Refinancing a car is a popular move for many buyers, especially as interest rates decrease. The process is almost identical to getting a traditional car loan. The only difference is that you’re paying off the original loan using the new loan.
To get refinanced, you need to shop around for rates and apply for the one that saves you the most money. Then, you need to gather your documentation, including:
Proof of income
Proof of insurance
Proof of residency
Vehicle information
Payoff letter from your current lender
If you have good credit, steady income, and everything checks out, you should be able to refinance the car with ease and save money.
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