Refinancing means using lower market interest rates to reduce your loan repayments so that you pay less for your car!
Here’s some other quick tips about it...
1) Changes in the Interest Rate
Changes in the market can be good and bad, so if you keep your eye on the movement, you can pinpoint the best time to refinance and make the biggest difference in your payment amounts.
2) Changes in your financial situation
Looking at refinancing can be a solution for a tight budget since repayment rates are generally restructured to be lower than your original agreement.
3) Changes in your Credit Rating
If you personal situation has improved and your credit rating has gotten better, chances are that you’ll be able to get a better interest rate quoted when you refinance!
Refinancing can be great, just keep an eye out for any other conditions that come with signing a new contract too. Here’s to getting lower car finance rates!
Why Should You Refinance Your Car