Auto Credit

What are Best Auto Loan Refinance Rates

It is very natural to want to get the best auto loan refinance rates, and the simplest way is to go through the process that you went through when obtaining the original auto loan, although your original lender is unlikely to give you a quote or change their rates, although there is no harm in trying.

When applying for any auto loan refinance, it is a good idea to be aware of who is your market in terms of who is likely to be able to offer you a loan.

Many people will have gone to Ford credit for that original loan, as dealership financing and provide a number of attractive options but in terms of combining the finance with the sale of the car, and also the integration of other potential benefits such as warranties, servicing and maintenance plans etc.  There will be a number of other lenders out there, and it is worth being aware of who they are.

Best auto loan refinance rates

In the main they will be banks, credit unions and other finance houses including some online lending bodies. When considering alternative sources of finance, especially when refinancing an auto loan,  it is worth avoiding what are referred to as payday lenders, where the interest rate is extortionate high.

It is difficult to justify these sorts of loans anyway, but at best they should only ever be used for very short term one-off credit arrangements.

What is important, is to be aware of different lenders and to obtain quotes to refinance the original loan from different companies and from different sources. What is important is to be able to compare quotes on a like-for-like basis.

Obtaining different quotes need not be complicated, three or four is probably all that you will need. If you have poor credit or bad credit, or do not have a credit history at all then it may be advisable to go to a specialist lender or broker who can shop around companies that specialize in helping people with credit problems.

Bear in mind said earlier that payday lenders, and bear in mind that companies that specialize in helping people with poor or bad credit are likely to charge higher interest rates that would otherwise be the case, and may in some cases require extra  collateral to secure against the loan.