Car Loan Refinance
Car loan refinance
Gain better car loan rates
Did you know you can refinance your car loan? If the market has changed or your credit has improved, it makes a lot of sense to consider car loan refinancing. Unlike refinancing a home loan, you can refinance your current car loan with a variety of options.
Car loan refinancing makes sense if you once had bad credit and are now in a better credit category. Refinancing with a lower interest rate may save you thousands of dollars throughout the life of the loan.
Car loan refinancing may make you eligible for a new car if you are willing to trade in your old one. One common way of refinancing is to pay out the existing loan with a trade-in.
The team at Savvy can advise you if a car loan refinance is the best option for you. In some cases, your current car loan may penalise you for exiting your car loan early. However if that’s not the case, you could be saving money not only in interest rates, but fees, charges and loading on timed repayments. A new car loan could also give you access to features your existing car loan doesn’t have.
Our financial professionals can guide you through the process and determine whether a car loan refinance is the best move. Sometimes the drawbacks outweigh the advantages in refinances, especially due to differing loan terms, exit fees or setup costs.
The steps toward refinancing your car
Find out where you stand
Contact your current lender to see how much is owing on your loan. If you are not up to date with payments, make sure to get current as soon as possible.