Is an auto refinance right for you?
Let’s face it, our lives are constantly changing. Maybe you just got a new job, or recently moved or have fallen on hard times. Whatever the reason, if you’re in a different financial place than you were when you bought your car, you might want to consider refinancing your car loan.
With interest rates remaining at near historic lows now is a good time to investigate your options. Getting new terms could save you money, advance your payoff date or both.
Changes in your life or in the market might allow you to refinance at a reduced interest rate, which means lower interest cost throughout the life of the loan. Here are some reasons why refinancing might be right for you:
Refinancing carries few risks, but it’s not always the best choice. Take care to avoid these pitfalls:
Refinancing your auto loan can be a great way to save. But, refinancing isn’t right for all situations, so it’s good to review all your options carefully.