It may be practical to refinance your loan if you are certain that you can save more money over time or once the interest rates have dropped. A loan repayment calculator can give you an estimate of the potential savings you can get but be sure to provide important details such as the refinancing option and loan information. Then, you can determine each loan’s total cost, as well as your potential savings.
The online loan applications may be possible for new loans that you wish to take out from an institution. In the case of refinancing your loan using the same institution, your funds available from the new contract may be used to close the previous loan. However, if you choose a different institution, they will have to wire the funds for closing the loan to the original lender. Do not forget to request the account documents from the original loan and keep this paperwork as proof of the full payment of your loan.