If you borrowed to buy a car, you’re not stuck with your original loan. You might be able to save money with a better loan. You do not need to wait any minimum amount of time before refinancing your car loan. In fact, you can refinance immediately after buying or even before you make your first monthly payment.
Just be sure that you actually end up with a better deal and that you don’t end up paying more for your vehicle. Refinancing doesn’t always make sense even if you’ll end up with a lower payment. But there are several situations when refinancing is a good idea.
A Better Interest Rate
If you can borrow at a lower interest rate, it might make sense to refinance. That lower rate means you’ll pay less for your car after you take interest costs into account.
Better Credit Scores
If your credit has improved since you got your existing loan, you have the opportunity to get a better loan. You might qualify for a lower rate.
Lower Monthly Payments?
Refinancing can result in lower monthly payments, but that’s not always a good thing. If you get lower payments as a result of a lower interest rate, you may end up saving money. If you just add years to your loan, you’ll pay more.
We can definitely help each and EVERY situation, please give us a call at 844-FIX-URCR or http://bit.ly/csaelpappt to schedule your FREE consultation!
*Individual results may vary. Please call for more details and to discuss your own individual situation.