What are auto refinance pros and cons?

"I was thinking about refinancing my car, but, before I do, I want to weigh the benefits against the disadvantages.

What are auto refinance pros and cons?"

Answer provided by
Eric Schad
Answered on Jun 17, 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.
“In most cases, refinancing is a sound idea. You can reduce your interest rate, lower your monthly payment, and pay off the loan with minimal interest payments.
Refinancing also has its drawbacks. If you can’t find a lower interest rate refinancing, you might not save any money. In addition, if you extend the length of the loan, you could end up paying more in interest over the life of the loan than if you hadn’t refinanced.
If you decide to move forward, make sure to shop around to find the best rate.”

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