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The Benefits and Risks of Auto Refinance

auto loan st. louis in moAll Star Dodge offers programs for auto loan St. Louis for quality used Dodge, Chrysler, Jeep models and more.

If you already have an auto loan, perhaps you are considering refinancing in order to save some money each month on your payment.

Be aware that there are pros and cons to refinancing your auto loan.  In essence you will be transferring the title from one creditor to another.

“If your credit score improves, even by just 50 points, you should … refinance the auto loan,” Ulzheimer said.

Also, if interest rates are lower now than when you financed your automobile, it is a good idea to save some money by refinancing according to the Lending Tree.com.  “Even if it would only reduce your annual interest payments by around 1 percent, refinancing is worth a look.”

Be sure to shop around to ensure you are getting the best rate possible.  The following websites can help you do your research; LendingTree.com, Eloan.com, Bankrate.com and Credit.com.

If you are approved for auto loan refinancing the process is simple.  Your new lender will send you a check to pay off your existing auto loan and then you begin making payments to the new lender each month.

If you decide to trade your used car in and need a new subprime auto loan, be sure to contact All Star Dodge Dealer in St. Louis MO today.  Our guaranteed auto loan program is the best available for those with less than perfect credit.  Call us today at all Star Dodge, or you can even apply online on our secure auto loan application page.

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