Refinancing your car loan is an ideal way to lower your

interest payments or reduce your monthly payments. By using

online auto loan lenders you can be assured that you are

finding the lowest rate. To be sure you are getting the best

terms, follow these three tips before you refinance your

vehicle.

1. Plan Your Payments

Before you refinance your auto loan, decide what your goal is.

Do you want a reduced interest payment or have a smaller

monthly payment? With your goal in mind, you can choose terms

that will best meet your needs.

To find reduced interest payments, it is best to have improved

your credit rating. One easy way to do this it to pay your

credit cards down to 50% of their limit. You can also find

lower interest rates by choosing a loan shorter than the

typical five year period.

To reduce your monthly payments, look for a loan for a longer

period. You don’t even have to find lower interest rates to

lower your monthly payment. However, you will be paying more in

interest payments over the course of your loan.

2. Come Prepared

To speed through the refinance process, gather all your

financial information ahead of time. If you don’t know the

current balance on your loan, call to get the exact amount.

Also be sure that you have the correct address to mail in the

check.

Having a copy of your last tax forms will also make filling out

the forms for quotes or a loan application easy.

3. Compare Quotes

When you are ready to find an auto loan, compare quotes before

you pick a lender. You can get quotes instantly from online

lenders and brokers. Auto loan brokers partner with several

lenders to offer you multiple quotes. Auto loan brokers strive

to offer the lowest rates, so you may find a better deal

through their sites than going to the individual lender’s site.

While rates and terms are important to compare, also take a

look at fees and repayment options. You don’t want to get

locked into a deal that you can’t pay early or refinance.

To view our list of recommended auto finance companies online,

please visit this page:

http://www.abcloanguide.com/autoloans.shtml