Sun, March 30, 2025
[ Sun, Mar 30th ]: Newsweek
The Texas Business Boom
Sat, March 29, 2025
Fri, March 28, 2025
[ Fri, Mar 28th ]: Moneycontrol
Stocks to Watch Today
Thu, March 27, 2025
[ Thu, Mar 27th ]: Santander
Santander Share
Wed, March 26, 2025
Tue, March 25, 2025
[ Tue, Mar 25th ]: News4Jax
10 IRA mistakes to avoid

What Does Refinancing a Car Mean and Should You Do It?


  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. refinancing-a-car-mean-and-should-you-do-it.html
  Print publication without navigation Published in Business and Finance on by AOL
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source


  Wondering what does refinancing a car mean? Learn how it works, why people do it and if it could save you money.

The article from AOL Finance discusses the implications of refinancing a car loan. Refinancing a car means replacing your current auto loan with a new one, typically to secure a lower interest rate, reduce monthly payments, or change the loan term. Key points include that refinancing can be beneficial if your credit score has improved since the original loan, allowing you to qualify for better rates. However, it's not always advantageous; if your car has depreciated significantly or if you owe more than the car's current value, you might face challenges like being upside down on your loan. Additionally, refinancing involves costs such as application fees, title fees, and potential prepayment penalties from your original loan. The article advises considering the total cost of refinancing against the savings from a lower interest rate or reduced payments, and also mentions that extending the loan term might lower monthly payments but increase the total interest paid over the life of the loan.

Read the Full AOL Article at:
[ https://www.aol.com/finance/does-refinancing-car-mean-183726944.html ]

Publication Contributing Sources