can i refinance my loan

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  • Can you refinance a personal loan from other lenders?

  • Most lenders allow you to set up automatic, recurring payments from a checking account. Some lenders allow you to refinance loans from other lenders, but not their own loans. Other lenders let you use the proceeds of a personal loan for any reason, including refinancing. These are some lenders with the best rates and their refinance policies.

  • Should you refinance to a longer or longer term?

  • Securing a lower refinancing rate reduces your cost of borrowing so you鈥檒l pay less on your personal loan, overall. If you鈥檙e struggling to make your minimum loan payments, refinancing to a longer loan term offers lower minimum monthly payments (though you鈥檒l pay more toward the loan overall due to interest charges).

  • Should you refinance your student loans?

  • If you鈥檝e consistently made loan payments on time and your credit score has grown, then you may receive a lower rate on a new loan and refinancing could save you money. You need lower payments. Refinancing can extend your repayment term, lowering your monthly payment and leaving more room in your budget.

  • How much does it cost to refinance with the same lender?

  • Origination fees: Even if you refinance your loan with the same lender, you may have to pay an origination fee, which can be 1% to 10% of the loan amount. If you have this extra fee, make sure the amount you鈥檒l get after the lender takes a cut is enough to fully refinance your loan. Does refinancing hurt your credit score?

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