Some lenders give approval within 15 minutes. Others take an hour or a day. It's a time cost. It's a very easy way to save money. However, there are a few fees associated with refinancing.
Some lenders absorb the cost of title fees.
Others pass them on to customers. And some lenders charge processing fees. Refinancing can be useful For some people, including those who had credit problems and accepted a loan at 18 percent or higher, refinancing might be a good option even a year or two into the original loan. Household Automotive Finance Corp. Also, many people struggling to pay bills may see refinancing as a way to lower their monthly payments and lengthen the loan's term. The trouble with this tactic is that the customer will end up paying more in interest.