Finance 101 – Part 4: Refinancing | Princeton, WV

Are you having trouble making your monthly car payment? Has your credit score improved? It might make sense to refinance your auto loan - and Ramey Ford Princeton can help.

When should I refinance my auto loan? 

There are a few situations where it makes the most sense to refinance your car loan.

·       Lowering your monthly payments: You can refinance your vehicle to spread the owed balance out over a longer period of time. Since you'll owe less money on your car than you did when you initiated the loan, that can add up to significantly lower and more manageable monthly payments

·       Your credit score is up: If you've taken steps to improve your credit score, you could qualify for a better loan rate. This will lower the interest you pay and could net you a new loan that's better for your current situation

·       Auto loan rates are down: Interest rates change depending on market conditions. If you took out a loan on a vehicle at a time when rates were higher than they are now, you may be able to save more money by refinancing

How to refinance your auto loan

Ramey Ford Princeton wants you to be able to explore all your options comfortably, and we make refinancing easy. That starts by letting you know how refinancing works, including the fees you may incur and how it could impact your credit score.

When you come to the dealership looking to refinance, be sure to bring essential paperwork like proof of income, proof of residence, any documents relating to your vehicle, and the current balance on your loan.

We can use this information to determine if you have enough equity - or value compared to what you owe - for refinancing to make sense. If everything lines up, we'll explore options with local and national financial institutions and lock down financing that works for your needs.

Have questions about refinancing? Contact the finance team at Ramey Ford Princeton in Princeton, West Virginia.