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How will I know when to refinance a car loan that I have had for about a year

Home > Vehicle Finance > Best time to refinance a year old car loan in the midwest

Whether it's your first car, second car, or even your third; we sometimes get in over our heads and may get behind on our auto loans before we know it. This isn't something to be ashamed of. Unfortunately, it is a common thread amongst people worldwide and this will include Midwestern areas like Crookston, Sacred Heart, Walker and Roseau MN just to name a few. However, that fact doesn't make it any easier to get your bills paid.

At Heartland Auto Loans, we understand and want to help. That's why we make it easier to refinance your vehicle even if you've had it for a year or less. Our team here takes pride in knowing that we have helped thousands of people improve their lives. Keep reading to find out how refinancing can help you too.

How will refinancing help me?

Refinancing can help meYou have probably heard the word 'refinance'; in many different settings but may not have a clear understanding on it. That's okay! When you go to a dealer to refinance your auto loan, you are essentially renegotiating the terms of your loan. There are three main reasons why you may decide that refinancing is the best option for you:

  • If you've improved your credit recently, refinancing could help you lower the high interest rates that you had to take because of your bad credit.
  • If you've become or are close to becoming upside down in your loan, refinancing can give you the chance to change your payments so you're not paying more than the vehicle is actually worth at that time.
  • To reschedule your payment plan. Perhaps you had a shorter loan term, but that means larger payments. By changing your loan to a longer schedule, you can greatly lower how much you pay each month towards your loan.

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