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5 Reasons You Might Want to Refinance Your Vehicle

Posted in Main Blog
January 29, 2016 by BCCU Share on: Share on Facebook Share on Twitter

one hundred dollar bills in the shape of a car

 

Try out our car loan calculator to see how refinancing could help you.

There is a saying that the one thing that is always constant is change. And change is a good reason why you might want to take a closer look at your auto loan and consider refinancing.

Do Any of These Changes Apply to You?

There are 5 changes to your situation that could indicate you should refinance your auto loan. According to Bankrate.com, these are essential things to keep an eye on.

  1. Drop in interest rate: Have interest rates dropped since you purchased and financed your vehicle? Even a drop in a single percentage point could make a difference in your monthly payment.
     
  2. Improved credit score. Time heals all wounds…and credit scores as well. If you had a few negatives on your credit report, or no history of credit, when you purchased your vehicle, your credit has likely improved. It’s not uncommon for credit history issues to result in a higher than average interest rate. Check your credit score for improvements—and then check with your financial institution about possibly refinancing.
     
  3. Worsened personal finances. Bankrate.com states “If you have had a financial setback and need to reduce your payments, refinancing could be a solution by increasing the loan term, thereby lowering the monthly payment.”1
     
  4. Expiring lease. If the end of your vehicle lease agreement is approaching, you may want to examine your buy-out options. Speak with your financial institution about their interest rates in these circumstances.
     
  5. Better interest rates. If you financed your vehicle through an auto dealer, it’s possible you paid a higher rate than you might have otherwise. It’s worthwhile to examine your loan details and see if your financial institution is more competitive.

screenshot of car loan calculator result

 

 

 

 

Our simple auto loan calculator can help you decide if refinancing is right for you.

 

 

 

Some Next Steps For You

If you have questions about using our car loan calculator, auto refinancing in general, or our refinance rates, call us at 603-645-8181. We’re always here to help you make the financial decisions that are right for you.

 

1 Bankrate



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