How to Refinance a Car Loan

computer with interest rates
 

If your financial situation has improved or changed since you bought your BMW i3 or other vehicle, you may be wondering about the best way to refinance your auto loan. Manchester car-owners who are curious about what to know when refinancing your car are encouraged to read on in the guide below for advice from our expert BMW finance team. When it comes to BMW dealers in New Hampshire, you can count on Tulley BMW of Nashua to assist you with anything from finding the best new BMW for you to helping you learn how to refinance a car loan. 


How Do You Refinance a Car Loan 

Refinancing a car loan means you’ll be taking out a new loan to pay off the balance on your current loan. This presents you with the opportunity to get a better loan term and interest rate to work better with your new (or different) financial situation! You may end up paying off your loan sooner, or with lower monthly payments. First, follow these steps:

  • Check your credit score and work to improve it if it’s less than ideal. Landing better terms and interests rate will be easier with a strong credit score. 
  • Get pre-qualified when your credit report is in good order. This will lock in your score as you shop for rates. 
  • Exhaust your options. Get a quote from different lenders throughout Lowell, MA to ensure you’re getting the best, most competitive rates. 

What to Know When Refinancing Your Car

There are a few pointers to keep in mind when planning your best way to refinance an auto loan. Mind these tips as you refinance: 

  • A strong credit score will get you a better interest rate. 
  • Check if your previous lender charges a prepayment penalty. 
  • Know what the steps are associated with re-registering the vehicle or transferring the title. 
  • You may not qualify for a new auto loan if your car runs over eight years old, has over 100,000 miles on it, or if your current loan is underwater. 

Learn More from the BMW Finance Team at Tulley BMW of Nashua

BMW dealers in NH like Tulley BMW of Nashua will always be happy to help BMW owners in the greater Westford area with their auto loans. If you have outstanding questions regarding how to refinance a car loan, contact our BMW finance team today for guidance, and we’ll help you determine the best way to refinance your auto loan based on your circumstances. Stop by our Nashua dealership today.

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