Replacing your existing car loan with a new loan at a different rate may make sense if you:

  • Want to lower your car payment.
  • Have little credit history or want to improve your credit rating.
  • Want to shop around on rates.

Midwest BankCentre can help you compare rates through its online auto refinancing site. The process is quick, easy to use, and secure. Your current credit score will not be affected when you explore your options through this site.

Customers who qualify for refinancing could save up to $75 per month on their car payments. It is a good option if your current loan is fairly recent your loan-to-value ratio is low, and your car hasn’t depreciated too much.

Refinancing may not be right for you if you have already paid off most of your car loan or you have a high-mileage, older model car.

Whatever offer you receive, it’s a good idea to take a close look at the rate and terms to see if they meet your financial goals. For example, you’re more likely to be charged fees like lienholder and state re-registration fees when you refinance, so make sure that these fees don’t outweigh the cost of keeping your current auto loan. Your current loan might also charge a pre-payment penalty.