If you’re currently paying off a car loan, it’s worth looking into refinancing and considering a switch to a different lender.
There are number of benefits that refinancing could offer:
1. Lower interest rate
Interest rates are constantly moving and there’s a chance that they have fallen since you first took out your car loan. By refinancing, you can secure a lower interest rate which will lower your interest charges and your monthly repayments. This may save you hundreds of dollars over the life of the loan, meaning more money for you to save or use elsewhere. You may also be able to lower the amount you need to repay each month by extending the loan term. This is a good option if you’re struggling with your monthly repayments and need to free up some cash.