Your credit score is one of the main factors a lender considers when determining loan approval and credit terms. Consider refinancing your car if any of the following situations apply to you. However, there are times when refinancing your car can benefit you. For example, if you have a poor payment history on your current loan or are close to paying it off, it may not be to your advantage to refinance. The benefits of refinancing might be limited or non-existent in certain instances. Refinancing a car isn't for everyone and deciding when to refinance can be challenging. When should you consider refinancing your car? If you're unsure where you stand, getting prequalified can give you a better idea without adding an inquiry to your credit report. But it can put a hard inquiry on your credit report. If you've found the right deal and are confident about qualifying, you might be ready to jump right in and start the application process. Talk to lenders and ask, “how does refinancing a car work?” Also, get answers regarding the annual percentage rate (APR), loan duration, and if there are any origination fees or early payoff penalties.
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