You might learn about the advantages of refinancing a home loan, but are you aware that you may also refinance a car loan to reduce your rate of interest and potentially lower your month-to-month payment? Thomas Lazenby, Senior Vice President of areas Bank Dealer Financial Services, indicates asking these relevant questions before your refinance a car loan.
1. Under just exactly what circumstances might you think about refinancing a car loan?
- You weren’t offered the interest rate that is lowest in your initial automobile purchase
- Interest levels have fallen since your initial loan date
- Your credit rating or health that is financial enhanced since you first sent applications for a car loan
- You presently rent your car or truck, and you also wish to purchase it