When a customer utilizes an auto loan refinancing calculator, the client can quickly examine the interest rate of the loan, the monthly payments, the duration of the contract and the total cost of the loan. The customer may also compare multiple types of loans, and the borrower could find a loan that will substantially reduce the monthly payments. 

After the customer evaluates the available loans, the client may submit an online application, and the applicant could describe the vehicle, the current balance of the loan and the total value of the loan. Subsequently, the lender may recommend a loan that features a better interest rate, flexible terms and lower payments.

Refinancing the Auto Loan

If a customer had a low credit score, the original lender might have provided a loan that has a higher interest rate, and the interest rate may significantly increase the total value of the loan. 

Once the borrower makes multiple payments, consistent payments could considerably improve the credit score of the customer. Therefore, the customer may qualify for a better loan, and the new lender can offer an auto loan that could substantially decrease the payments, the total cost of the loan and the fees. According to Lantern by SoFi, “Refinancing your car loan can lower your interest rate and save you hundreds and even thousands of dollars over the term of your loan.”

Utilizing the Calculator and Estimating the Savings

Fortunately, Lantern by SoFi offers a cutting-edge calculator that can provide fast results. Once a visitor completes the form, the auto loan refinancing calculator will automatically examine the current loan, yet the calculator will not affect the credit score of the customer. Subsequently, the company can prequalify the borrower within two minutes. 

The customer may also compare several lenders, examine the benefits of each loan and evaluate the monthly payments. Additionally, some lenders may increase the duration of the loan, and consequently, the creditors could considerably reduce the monthly payments.

Refinancing the Car Loan and Examining the Monthly Payments

After comparing the available loans, the customer may complete an application and also provide contact information. The customer can submit documents, including the driver’s license. The customer may also describe the condition of the vehicle, the age of the automobile and the mileage. When a vehicle has low mileage, the reputable lender may considerably decrease the interest rate of the loan, and the company could also provide flexible terms, reduce the fees and improve the satisfaction of each customer.

Contacting a Well-Known Lender and Choosing a Loan

If a customer has any questions about the calculator, the customer could contact trusted sources like Lantern by SoFi, which manages a marketplace that can help the borrower to find multiple lenders. The company provides a cutting-edge calculator that will automatically examine the monthly payments. 

The business could prequalify the customer, and the borrower can easily compare several loans, examine the reputation of each lender, provide additional information and choose a loan. The business also offers helpful guidelines that describe the advanced calculator, the benefits of the loans and the well-known lenders.