How to Refinance a Car Loan

Are you the proud owner of a brand-new or pre-owned Ford car, truck, or SUV? Struggling with your monthly budget? Trying to lower your auto payments and save on interest? 

At Porcaro Ford, we’ve broken down all the intricacies of what to know when refinancing a car loan in Racine. We don’t want you to exceed your monthly budget and drive around Mount Pleasant with undo stress on your shoulders! Have you been wondering, “How do you refinance a car loan?” We’ve got the answers below!

How Do You Refinance an Auto Loan?

The purpose of refinancing is to lower the interest rate you are being charged per month. As a result, you’ll have to figure out what you are currently paying. Look over your documents and get in touch with your Kenosha lender to confirm your current monthly payments and interest rate. Have you compiled all the relevant details? Then we’ve compiled a list of what to know when refinancing your car and what steps you need to take in exact order:

• Look at Your Credit Score: Have you been paying all your bills on time since your Sturtevant commuter was purchased? Then there is a good chance your credit score has improved, and you could benefit from refinancing. 
• Apply for Financing: Apply to several automotive refinance companies to ensure you get the best rate. Make sure you submit all applications within 14 days to reduce the negative impact on your credit score.
• Compare Offers: Carefully calculate all the numbers to make sure any new offers coming back will get you the monthly payment you are looking for. Use our online monthly payment calculator to help you compare offers. 
• Determine Loan Term: Decide if a longer or shorter-term loan that best fits your situation. These types of loans will require larger monthly payments, but you will pay less interest in total. With a longer-term loan, your monthly payments will be smaller, but you will pay more in interest in the end. 

Determine a Payment Plan with the Finance Specialists at Porcaro Ford

Do you still have any lingering questions about how to refinance a car around Racine? Then you’ll want to contact us at Porcaro Ford! Our savvy financial consultants will work with you to design a refinancing plan to ensure that your monthly car payments don’t exceed your predetermined budget.