It is always imperative to reduce your monthly expenses as much as you can. This is why people strive by all means to lower their expenses and save at least a few bucks. Car refinancing is one of the means widely employed by millions of people all over the world. For most people, however, they only think of refinancing in the case of homes. They do not give the car much attention yet it presents a perfect way of lowering the expenses.

Refinancing your car does not come with added expenses like in the case of home refinancing. There are minimal or zero costs involved when applying for auto refinance. Those who pair car refinancing with home refinancing do not realize that car refinancing is free. If you have never considered auto refinance, it is highly recommended. Move out of the ubiquitous thinking that auto refinancing only applies in real estate.

The United States Automobile Association, commonly known as the USSA, is a leading US bank in car refinancing. It is owned, operated and mainly used by soldiers of the United States and their families. If you are in the army or happen to have a close relation or friend in the armed forces, you can easily take advantage of the opportunity presented and save several thousand dollars. An auto loan by this bank may be the cheapest source of financing you will ever find throughout your life. If your current auto loan has higher interest rates than those of the USAA, which is always the case, you can refinance it with USAA.

The following are simple, clearly detailed and concise steps on how you can refinance your automobile with USAA. You should go through them if you are interested and at the end of it all, you will end up saving a lot of your hard-earned cash.

How You Can Refinance Your Car with USAA

1. Visit or call your bank that currently holds your car loan. Inquire about the payoff amount for about ten days. The payoff amount is the amount which includes interest, principal and fees that you will owe the bank in the time equivalent to the length you request for the payoff amount. This information is vital as it is part of what the USAA will require when putting together a new refinancing package for you.

2. Inquire about your credit rating. This will definitely influence your chances of succeeding in your application as well as the rates you will be offered. The better your credit score, the better the offer will be. If your credit score is below 600, you may not be offered the refinancing deal. Prior to applying for car refinancing with USAA, it is thus important to try all you can and boost you credit rating.

3. Gather all your income and employment information in one place. This will ease the application process as you will be able to refer quickly to this data when you are filling up the application form. Include all the forms of income that you have. These include social security, retirement and child support.

4. Once you have filled out the application form, visit, the USAA website. Log in to your account and if you don't have your log in information, call a representative to have it reset. Once you are in your account, search for "auto loan" at the upper right corner of the account page.

5. On your search results, click the link on "auto loan information". You will land in a new page with detailed information on the loan options. Select the "get started" option and in the new drop down menu that will appear, click on the "refinance auto loan" icon. 

6. On the resulting options, select the "apply now" option located on the lower right side of the page. You will land in the application page. Review the personal information about you to ensure it is correct.

7. Click on the right bubble among those appearing at the far top of the page. It is not possible to refinance your car if currently you have leased it. As such, answer the questions that follow correctly. They are simple and straightforward. Some of the questions are the amount of your 10-day payoff and the amount you pay to the bill each month.

8. Once you are done, select whether the new refinancing loan will be a personal or a joint account. If you will share the loan responsibility with your acquaintances, say your spouse or business partners, the loan will affect their credit report in the same way it will affect yours. Once you are done, click on the "next" icon to be taken to the next step.

9. Fill in your income and employment information. Be as accurate and sincere as you can. If you have chosen a joint loan, fill the income information for the people you have included.

10. Fill information regarding your monthly housing payment. If you live in rented house, fill in the rent amount you pay each month.

11. On the next page, review all the information you have entered in the previous pages and ensure it is correct. Click on the "Important Application Icon". This will allow USAA to contact you regarding the application.

12. Click the "Submit" icon to submit your application. The system will check your credit rating to determine if you qualify for car loan refinancing. On the next page, you will get a report whether your application has been approved or rejected. If it is an approval, you will be required to contact USAA for auto loan processing.

After you have submitted your application, keep on checking the message center in the right upper corner of the USAA homepage. If USAA requires more information, you will be contacted through telephone or that message box. If you encounter any trouble when filling out the online application form, contact the USAA customer care department who will assist you on what to do. The number is provided in the website. Additionally, you must be a USAA member in order to qualify for their services. The USAA presents a cheap way of refinancing your car and you should take advantage of this incredible opportunity to bid farewell to those punitive rates.