While longer terms can reduce your monthly payment, long-term loans are generally more expensive. LightStream, the online loan from SunTrust Bank, offers a complete online loan process. Borrowers can receive a direct deposit as soon as the same day. For those with excellent credit, LightStream offers some of the most competitive refinancing rates available with a wide range of loan terms. There are also no major restrictions on the type of vehicle you can refinance.
If you obtained your original car loan through a dealer, you may not have received the most favorable interest. Before applying for a new loan, you must know your position with your current loan. That is, what would you pay your lender if you paid the full amount of the remaining loan today?? Your current loan has early installment penalties for early repayment of the loan?? Whether or not your current lender is willing to refinance your car loan, you may still want to look around. When consulting banks, credit unions and online lenders, keep the quotes so you can compare them and make the best decision.
Many lenders offer promotional rates as a way to lure people to the door, and it can be tempting to jump at an apparently excellent rate, but avoid going with the first offer. Make sure to request a number of lenders so you have a few options to choose from. You can check the current automatic refinancing rates before starting the process to car refinance see if or not you can save some money through refinancing. If your current car loan has a prepayment fine, refinancing can be that fine. Depending on the fine and the current interest, it may not be worth refinancing. If you are unsure whether your loan has an early payment penalty, look for the loan agreement or call the lender and ask.
We have a range of competitive interest rates for automatic refinancing and regularly update them on our website. Check out our loan, credit and deposit costs page for the latest information on our car loan refinance rates and more. The rules for refinancing an existing loan with the same lender differ per financial institution. For example, PenFed Credit Union does not allow refinancing of cars already financed by the credit association. By extending the term of your car loan, you generally pay more interest during the term of the loan and more for your car.
If you think a car loan refinancing suits you, consider exploring the rates and conditions available at DCU. We offer the same low rates and flexible conditions for loans for new or used cars, trucks and trucks. You don’t have to wait at least before you refinance your car loan.