Alcune fatture non possono essere modificate. For other bills, though, a little leg work can make a big difference in your monthly payment. Il pagamento della tua auto è un ottimo esempio. Refinance your car loan it can lead to a lower monthly payment, a shorter payment term, or both! It depends on various factors, including the value of your vehicle, how much you owe and your creditworthiness.
Read on for three common life changes that could mean it’s a good time to refinance your vehicle.
1. Your credit rating improves
The most important factor that determines the status of your auto loan is your credit score. When your lender builds a loan package, he pulls out a credit report as a central part of that process. That number determines your interest rate, if you pay an insurance premium and which other commissions could charge your lender.
Conserva una copia dei documenti ritirati dal tuo prestatore. Questo può farti vedere se il tuo punteggio di credito è migliorato. Nine months of constant repayment can boost your credit score, resulting in a less expensive loan.
If you didn’t have a lot of credit history when you bought it, refinancing can do you a world of good. Tassi di interesse fino al 18% sono comuni per i nuovi mutuatari. Solo pochi mesi di pagamenti solidi potrebbero dimezzare quel tasso.
2. You didn’t initially look around
Many people feel overwhelmed throughout the car buying process. They choose a car and then they are told the price, the monthly payment and everything in between. It is almost as if the lender for your auto loan is predetermined.
Se non hai mai cercato un prestito auto, vale la pena farlo ora. Fai i tuoi acquisti entro un periodo di 15 giorni, però; multiple checks on your credit could negatively impact your credit score.
3. You need to change your monthly payment
Your financial situation may have improved since you bought the car and you can now afford to pay more per month. You will save money in the long run by doing just that. Short-term loans usually have lower interest rates. Plus, you’ll pay your car’s overall balance faster.
If money is tight, consider long-term refinancing. Even if you pay more in interest, you will reduce your monthly payment and save the money you need now. You may also be able to reduce your monthly payment if your credit score has improved, interest rates have dropped, or if you’re getting a better rate from another lender.
Ready to find out if you can save? Get started online today!