There are many reasons why you may decide to refinance your car loan, but many people start to explore new loan options (sometimes with different lenders), when there is a change in their personal or financial situation.
Refinancing your car loan may be a good option for you if:
- Your credit score has improved
- The interest rate has reduced
- Your current repayments prevent you from saving or making other purchases
- You did not use a broker when you first took out the loan and therefore
are unsure if there are better options out there for you
The new loan may offer terms that better suit your requirements and your situation. These new terms may include lower interest rates, lower repayment options, lower fees and/or a new term. For some people, refinancing their car is a great way to ease financial stress and manage their expenses more effectively.