How Long Will it Take to Refinance My Auto Loan?
Car loan refinance is gaining popularity and those who have refinanced an existing loan knows why. Not only is the process painless and very fast to complete, but it is a great way for you to start saving money immediately on that existing loan. There are many lenders offering to refinance a car loan online nowadays which is the easiest way to handle this process. Below are a few tips to keep in mind when considering a refinance car loan.
The benefits to refinancing a car loan do not stop with just lowering your existing payments. They also include paying that loan off earlier, building equity faster and reducing the overall amount of interest you pay on the loan.
Find the Lender that is Right for You. There are many lenders offering this product today but not all lenders are alike. Make sure the one you choose offers flexible terms and does not charge any fees for doing this type of a loan. You will also want to check and make sure the loan is a “simple interest” loan which will help you in reducing the interest you pay if you make your payments before the due date.
Get Your Paperwork Ready. Pull out those old documents related to your existing loan. The new lender will need things such as the current odometer reading, the vehicle identification number and all of the pertinent information about your existing lender. Having this information handy will help speed up the process.
Execute the New Loan. Once you settle on a lender and provide all of the necessary documents, the lender will render a decision and in many cases, you can complete the entire refinance loan the very same day. Every lender is different but many allow you to download your new loan documents right after approval. The sooner you complete those and return them to the lender, the sooner they can get that existing loan paid off and get you on the way to saving money.
Most refinance car loans are competed in a couple of days. Again, this is dependent on you completing and returning those docs to the new lender as quickly as possible. Remember that you do not have a new loan until all of your paperwork is complete and your existing lender gets paid off. You can find more information about car loans and refinancing online at OpenRoad Lending.