A Guide to Refinancing Your Acura Car Loan

If you are looking to lower your monthly payment or reduce the total amount that you pay over the life of your car loan, you may want to consider refinancing. Here at Hall Acura Virginia Beach, our team of friendly Acura financial experts is happy to help you make informed decisions by going over everything you need to know about refinancing.

Assess Your Current Financing Plan

Start by reviewing your current Acura car loan terms, including the interest rate, monthly payments, and remaining balance. Understanding your current loan will give you a clear picture of your financial situation and whether refinancing makes sense for you.

Refinancing may give you the opportunity to lower your monthly payment by either increasing your term length or getting a lower interest rate. However, if your term is almost complete, it may not be worth it to refinance. In addition, check to see if there are any prepayment penalties that may offset the benefit of refinancing.

Check Your Credit Score

Lenders consider your credit score when determining terms such as your interest rate. If your credit score has increased since you originally started financing, then refinancing may get you better interest rates and loan terms.

Gather Your Documents

Prepare documents such as proof of income, employment verification, and vehicle information for the refinancing application process. Having these documents ready will streamline the application process and help you get approved faster.

Apply for Refinancing

Once you have chosen a lender, submit your refinancing application. Provide accurate information and review the terms and conditions carefully.

Close the Loan

Once you have chosen a loan offer, complete the refinancing process by signing the loan agreement and any paperwork that is required. Your new lender will pay off your existing loan or send you the funds to do so, and you’ll start making payments to this new lender.

Refinance Your Acura Loan in Virginia Beach, VA

Refinancing your car loan can be a great way to lower your monthly expenses. Talk to the experts here at Hall Acura Virginia Beach for more information about how it works!