Refinancing a Car

If you’re struggling with your current vehicle loan due to unaffordable monthly repayments, refinancing a car could be your answer to getting more favourable options. Getting a car loan can either make or break you. The key is, once you have made car repayments on time, chances of increasing your credit score, as well as your shot at getting approved in refinancing a car, will be high. 

So when refinancing a car, there are some key points to remember before taking the plunge. Some of those include the following: 

• Prepayment charges. Refinancing a car means you will be required to prepay your existing loan. In most cases of prepayment, a penalty is required to be settled. Therefore, assessing the prepayment charges is necessary to make sure you’ll do the right choice. 
• Depreciation in the value of your car. In most cases, lenders may not agree to refinance a car if it’s already old. 
• Lender’s reliability. When you are thinking of refinancing your loan, ensure that you choose a trustworthy lender that offers dependable services. 
• Additional charges. In refinancing a car, you will have to apply for a new loan whether from a bank or online lenders, which includes inevitable processing fees and charges. Sometimes charges offered by lenders include high interest rates and fees that are beyond your financial conditions, so assessing those is a great deciding factor before you consider refinancing a car.

At MONEYME, refinancing a car is now at your fingertips. By submitting your application online, evaluation and approval can happen within a day. You can apply during our business hours and get money of up to $50,000 straight to your wallet.

Refinancing a car simply means getting a new loan to pay off the balance of your existing car loans. Usually, refinancing car loan works when the purchased car becomes a collateral and paid off in fixed monthly payments over a predetermined period spanning from one to five or up to seven years. Depending on a certain variable such as your credit score and payment history, auto refinancing could lower your interest rate or monthly payment or change the duration of your loan.

When choosing a lender to refinance your auto loan, MONEYME can be a safe choice. With our fast and easy online application process, you can have your application submitted in less than five minutes. Our secure and latest online bank technology also allows us to instantly verify your identity and application.

Refinancing a car is reasonable and considered a great option if you can save money. Paying less interest, for instance, could help you free up your budget and allot a portion of it for other important necessities. 

To help you understand refinancing a car better, here are some pros to consider as you weigh your options for another auto financing:

• You could get a better interest rate.
• You can lower your payment.
• You could borrow extra money.

However, if you’re looking into refinancing a car because you’re having trouble affording your repayments, also ask your lender for better car financing deals. Lenders may offer you to temporarily or permanently adjust your loan’s interest rate, term, or other variables without refinancing. 

At MONEYME, we are committed to offering you refinancing options coupled with competitive variable interest rates, flexible repayment terms, and low fees. What makes us even better than others is that you are not charged early termination fees if you choose to close out your loan with us early. 

There is no best time to refinance your car loan. The rule of thumb here is if it saves you money, then you can go refinancing a car. However, there are still a few situations where refinancing makes the most sense. These include the following:

• When interest rates have gone down. If you purchased your car a while ago, it is possible that car loan rates have decreased since then.
• You have improved your credit score. Regardless of your past situations, bear in mind that improving your credit score is still possible, and it may be enough to get you a lower interest rate. The tip is once you sign up for an initial loan, try to always do the repayments on time so you may qualify for better loan terms in the future.
• When you financed your current auto loan through a dealership. Dealerships may not offer you the best rates in car loans, so if you took financing through a dealer, especially without negotiating the interest rate, refinancing a car should really be on top of your list to help you save thousands of dollars over the remaining life of the loan.
• When you won’t be penalised for repaying your existing loan. Refinancing your auto loan means paying off your existing loan early, and it could be a threat to your financial situation if your existing loan contract includes a prepayment penalty clause. However, there are other existing car loans that do not require such, so make sure that before considering refinancing a car, you are free of any prepayment penalties and charges. 

Finally decided to refinance your car? Use a car repayment calculator to assess your financial situation. At MONEYME, we devised an online repayment calculator that will give you the choice of adjusting its variables depending on your current situation and needs. So whatever you have currently on the horizon, go to MONEYME and get the cash you need to make your life a little easier.