Financing 201 | How to Refinance a Car Loan
Having your own car makes life in the U.S. a lot easier. Maintaining a high-interest rate on your car loan, however, can be stressful and put a huge dent in your monthly budget. Refinancing your car lets you get a manageable payment; you'll free up some cash to use on tuition or travel without having to sacrifice your ride. Here are some of the benefits of refinancing your vehicle as an international student.
Why Should You Consider Refinancing Your Car?
Refinancing a car has a lot of financial benefits. First and foremost, you will likely be able to lower your monthly payment thanks to lower interest charges. Interest rates for refinance loans are fairly competitive. You may also be able to extend the life of the loan to reduce monthly payments even more. Next, if you have a co-signer on your loan, refinancing gives you the opportunity to remove that person and take total control of the loan.
Is Refinancing Really Possible for International Students?
Being approved for a car loan is hard enough as an international student without a social security number, so you might be asking yourself if refinancing is realistic. It is! With Boro, you don't need an SSN to be approved. Just apply for a loan online and get approved in a few days, and you'll establish credit without a co-signer. In turn, building your credit through car refinancing helps you get approved for better lease terms and improved insurance plans.
How Do You Refinance a Car?
Applying for a Boro auto loan works for new cars and refinancing alike. To refinance, simply apply online. Boro car loans for international students are usually approved within about two days, and you can e-sign your loan online. The funds will be available upon your approval, paving the way to pay off your current loan and start repaying a lower rate. We report your on-time payments to the three major credit bureaus.
Ready to give yourself a break on your car payment? Contact Boro today about refinancing your car loan. You'll see the immediate relief of a lower payment and the long-term benefits of established positive credit.