Refinancing a Loan

Circumstances do change. Sometimes you need to change a loan. Refinancing helps you find a new loan with better features.

Refinancing a loan simply means moving debt to a different lender.

How Does It Work?

  1. You already have an existing loan.
  2. You apply for a new loan with a new lender.
  3. The new loan pays off an existing loan.
  4. You now have to repay the new loan.

Refinance Your Student Loans

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Why Do You Need to Refinance Your Loan?

Some people might not enjoy the whole lengthy process of refinancing. The process can be time consuming and expensive.  But why would you need to refinance a loan? Consider these benefits;

When Is The Best Time To Refinance Your Car Loan?

Car refinancing might be a good idea and could save you thousands of dollars. Unlike mortgage loan or credit card consolidation, car refinancing is easy. There is no appraisal needed.

If your current loan is in one of the situations, you might consider refinancing personal loan;

Use the calculator above and compare 13 lenders who can offer you an auto loan.

Disadvantages of Refinancing a Loan

There are two sides of a coin. It is wise to evaluate both the pros and cons before you refinance. Consider the transaction cost. Home loan cans cost you much more to refinance personal loan.

There are important features of a loan that might go away when you refinance.  You may not enjoy flexible payment terms as the old loan.

What Does Not change?

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