Wondering if you should refinance your auto?

Many things can change over the course of an auto loan to make refinancing worth considering. Maybe you want to find a more affordable payment, take cash out against the value of their vehicle, or change your loan for other reasons.

Here are some situations where you might want to replace your auto loan with another one at new terms.

Your credit score has improved

Credit score has a big impact on the interest rate of an auto loan, so if your score has improved, you may be able to get a better rate. With a reduced interest rate and APR, refinancing a loan for the same or a shorter duration than remains on the current note can lead to savings.

Interest rates have dropped

Interest rates go up and down over time. A fall in auto rates could provide an opportunity to take advantage and apply for a lower rate on your own loan.

You need cash

With cash-back refinancing, applicants have the chance to use the value of their vehicle to access a lump sum payment. The National Auto Loan Network offers up to $1,000 cash-back in many situations. Consumers can use the cash to consolidate high-interest debt or make various purchases.

Easy application process

It takes only minutes to apply for auto refinancing with the National Auto Loan Network. Enter your details online at www.naln.com and click to apply securely. You’ll receive a decision the same day. If approved you’ll receive the terms of the offer. NALN handles the paperwork sand there are no additional fees. It’s a very simple process!

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network's skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com

What Is Gap Insurance?

Gap insurance covers the "gap" between what your insurance company will pay out and the amount of money you owe on your car loan in the event of a total loss. When you buy an auto, the retail price that you pay is greater than the vehicle’s resale value. If you financed your car, you likely compiled additional costs into your loan such as sales tax, title fees, emission fees, and registration. This may have put you in a position where you were upside down on your auto the moment you left the dealership. In the case of a total loss accident with your financed vehicle you will get less money from your insurance company than you still owe on your auto loan. For example, if you buy a vehicle for $30,000 with $2,000 down. Shortly after purchase, it might only be worth $21,000 to $22,000 by insurance company calculations, based on the car’s condition and industry guides such as Kelley Blue Book. If you total your vehicle and get the maximum insurance payout, you might still end up with a $6,000 loan balance and no car to drive.

Do You Need Gap Insurance?

Here are some instances where gap insurance can help make sure you are financially sound.

  • If you finance a car with a high rate of depreciation, you can benefit from purchasing gap insurance. Almost all vehicles depreciate, but some cars depreciate much more rapidly.
  • If you have financed your vehicle for more than 4 years, gap insurance may offer you some additional protection in the event of a total loss.
  • If your down payment was less than 20%, you may owe more than your car is worth. If your car is totaled or stolen, gap insurance can help you pay off the balance of the loan.
  • If you rolled a loan balance from another car into the loan, gap insurance can prove beneficial in the event of a total loss.
  • If you drive more than the average 15,000 miles annually, you can benefit from purchasing gap insurance. Cars with high mileage depreciate more quickly than other cars.
  • If you are a single car family you won’t want to be without a car for any period of time. Gap insurance coverage helps your family in case of a total loss.

NALN can provide you with Gap Insurance

You can purchase gap insurance directly through NALN. Request gap insurance information from an NALN loan officer to make sure you are covered in the event of a total loss.

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network's skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com

Some interesting facts about Auto Refinancing

Car buyers will often spend countless hours with a dealer negotiating over a few hundred dollars on the price of the vehicle, all the while overlooking the fact that a poor financing decision could cost them thousands in interest over the long term. Thankfully, you don’t have to be stuck in a bad auto loan.

Most people know that they can save money by refinancing their home mortgage, but research suggests that through refinancing auto loans, Americans could save more than $37 billion. And the process of auto refinancing in much simpler and faster than refinancing your home. In fact, the process can be done in just a few hours.

Simply put, auto loan refinancing replaces your current loan with a new loan, with the option to keep your current loan term or change the term by extending or shortening it.

Looking to get more information on refinancing your auto. The team at the National Auto Loan Network can help.

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network's skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com

What exactly is auto refinance and how can it help me save money?

When you refinance a car, you replace your current car loan with a new one of different terms. Basically, auto refinancing is the process of paying off your current car loan with a new one, usually from a new lender. This process can have varying outcomes for car owners depending on their motivations for refinancing and the outcomes you are seeking.

Most people refinance to save money. But this goal can take multiple forms. Some wish to lower their monthly payments. Others want to reduce their interest rates or adjust their loan term lengths. Still, others have more personal reasons to refinance, such as removing co-signers from their loans or a payment holiday and cash-back.

No matter what is motivating you to consider refinancing, it is important that you understand the possible outcomes of refinancing your auto. Looking to get more information on refinancing your auto. The team at the National Auto Loan Network can help.

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network's skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com

When is the best time to refinance your auto loan?

In most cases, there isn't a bad time to refinance your auto but there are some factors to consider.

Refinancing a car loan offers many benefits. Just as in real estate, interest rates on car loans can vary significantly due to your credit score, or even fluctuate based on market conditions. If you previously obtained an auto loan with a higher interest rate than you could get now, it’s a great time to refinance.

The answer to when to refinance is different for every borrower, but you might want to ask the following:

  • Have interest rates dropped since you first took out your loan and refinancing would help you save money?
  • Has your credit improved since you took on the loan and you want to take advantage of your higher credit score?
  • Did you realize that the auto dealer charged you a much higher interest rate than what you deserve and you want to borrow from a different lender at a lower rate?
  • Are you having problems keeping up with the current payments? If financial hardship is the issue, you can extend the loan’s term which can help lower your payments.
Looking to get more information on refinancing your auto. The team at the National Auto Loan Network can help.

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network's skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com