Before you look at refinancing your car loan, take the time to really understand the reason why you want to do it. Of course, everybody wants to be in a better financial situation – no matter where you are on the ladder – but just because there’s a lower interest rate on offer, doesn’t necessarily mean it’s going to improve your situation.
Are you in a financial ‘pickle’ and looking for ways to improve your cash-flow? Or perhaps you’re tired of making that monthly repayment and want to speed up the process to owning the car outright. Irrespective of your situation, there are several reasons why you’d want to refinance:
Before you make any decisions about refinancing, you’ll also need to consider if making the change is worth the effort. For example, you may have to change lenders and repayment dates, which could throw a spanner in your current budget.
Also remember, there could be high loan payout fees and you might not get a better interest rate than what you currently have. So what should you do?
You definitely need to speak with a professional broker .Experienced car finance brokers will find out why you’re looking to refinance, review your financial situation, check penalties and current rates – then let you know if it’s worth your while to go through the process.
By chatting with one of our team members, they won’t just save you the time and headache of dealing with individual lenders and their call centres – but will ensure you can achieve the goal you want with refinancing. Helping people like you is what we thrive on, so pick up the phone 1300 301 051 or contact us here for an obligation free chat today.
Tags: Benefits of car finance