When Should I refinance My Car Loan?
The most common reason to refinance a loan is simply to get a better deal with a lower interest rate than your current lender is providing. There are options to further reduce your payments by increasing the term, allowing you to minimise your scheduled minimum commitment.
You could also choose a balloon payment or residual option. By setting a larger balloon payment for the end of the term, which can vary according to circumstances, you can reduce your Car Loan monthly payments to better balance your budget. At the end of the term, you can either pay out the full amount in one hit or refinance the balloon amount and continue paying off the car over a new loan period.
Related Articles:
We'll Call You!
Would you like to speak to a specialist consultant? Feel free to leave your contact details and Credit One will get in touch with you.