Refinance Your Car
  HOW IT WORKS  
Refinancing your car is easier than ever with Harbor Credit.
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Get a Refinance Car Loan

If you're paying too much on your existing car loan, a refinance car loan is the solution. But is it right for you? Ask yourself three basic questions:
  1. Did you obtain financing from the dealer who offers refinance car loans?
  2. Is it possible that another lender may have offered a lower rate?
  3. Are you interested in increasing the equity of your car, reversing the "upside-down" trend of your car's value depreciating faster than you pay off the loan?
If you answered 'Yes' to any of the questions above, then a refinance car loan may make a lot of sense. And cents. By refinancing, you could literally save thousands over the life of your loan. Consider this example:
You borrow $20,000 at a rate of 13.4% over a period of 5 years, and then refinance after four months to a new, lower rate of 9.1%. You save $2,350 over the remainder of the term.
If you financed your car at a dealership, you probably paid an interest surcharge called Rate Participation. Dealers will generally make money on the interest you're charged by marking up the rate the lenders provide. Sometimes this rate hike can be 3% greater than what a bank would have quoted you otherwise. In these cases, your current credit rating already qualifies you for a lower rate, one that would result in lower monthly payments.

Fortunately, refinance car loans involve a simple application, and can be completed online in a matter of minutes. This is followed by a phone call from a loan agent who verifies your application and gets you a credit decision. The lender then simply pays off your old loan, and opens your new loan at a reduced rate and payment. In the meantime, you'll receive some paperwork via post mail for your signature. You don't have to worry about application fee, pre-payment penalties or hidden charges with Harbor Credit's no-obligation process.

For even more advice, tips, and general information about refinance car loans, you can visit our Resource Center. This section of our HarborCredit.com features how-to articles, guides, checklists, and a Blog.