might sound like a dumb question....
but how do you do it?
do you just get your payoff amount and go too any cu/bank and ask for that amount?
im not looking for another couple years, but you know . its good too be prepared if im keeping the car..
@creditnocash wrote:might sound like a dumb question....
but how do you do it?
do you just get your payoff amount and go too any cu/bank and ask for that amount?
im not looking for another couple years, but you know . its good too be prepared if im keeping the car..
Basically you get a payoff quote, plus the VIN number and mileage from the car, then you start making phone calls to apply for refinance. Before you apply, find out their minimum and maximum refinance amounts, as well as their maximum on mileage, and the oldest model year they will refinance.
Once you have this information, stop by a bank or credit union, and apply... IF approved, they will either pay off the old loan directly, or send you a check to pay off the old loan. Once the old loan is paid off, obtain a lien release, and get the old lien taken off. Some lenders will require you to place the new lien, and some have their own department in house to place the new lien.
FICO 8: 
Goal: Gardening!
Goal: Gardening!
@creditnocash wrote:might sound like a dumb question....
but how do you do it?
do you just get your payoff amount and go too any cu/bank and ask for that amount?
im not looking for another couple years, but you know . its good too be prepared if im keeping the car..
Just make sure you have equity when you want to refi. Paying extra on the loan is a good way to do so.
