Auto Refinancing

1. Your credit score can affect your auto refinancing rates. True Interest rates are decided by taking into account your credit score. A bad credit score can cause you to pay much higher interest rates and insurance premiums. It is always best to get your credit report and correct any misinformation before submitting an application. 2. You will need an appraisal to auto refinance. False An appraisal is not required by most lenders. Unlike your home, which does require an appraisal because it is based on the equity in the home,financing on cars is based on how much you need to pay off the current balance rather than on the value of the car. 3. Approval for auto refinancing takes only minutes online. True Most companies provide very prompt approvals online. Hundreds of websites are dedicated to serving an applicants needs. Companies usually have a free consultation and free application process. 4. You should auto refinance when interest rates rise. False When the current interest rates are lower than when you made your purchase, it is the right time. It can therefore result in a lower interest rate. With a lower interest rate, up to thousands of dollars can be saved on the life of the loan. 5. Before auto refinancing, it is good to seek others' advice. True Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established. New Car Loans