can i refinance my loan

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  • Can you refinance a personal loan?

  • Yes, you can refinance a personal loan. Refinancing a personal loan entails taking out a new personal loan and using those funds to pay off the old loan. The point of refinancing a personal loan is to save money, so the new loan should have a lower interest rate.

  • What is refinancing and how does it work?

  • Refinancing is the process of replacing an existing loan with a new loan that pays off that loan. 1 锘?Doing so may allow you to save money on interest, lower your monthly payment, or switch from a variable interest rate to a fixed rate. 2 锘?/div>Do I Meet the Requirements to Refinance a Loan?

  • 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.

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