Compare interest rates. If the rate on your car loan is higher than current rates, you are a candidate for refinancing. But you’ll want to compare the rates and fees of reputable lenders, including local banks and credit unions.
Look at the length of your loan. You can get long-term auto financing that dramatically reduces your monthly payment. But the longer the term of your loan, the greater the risk that you’ll end up owing more than the vehicle is worth when you’re ready for another car.
Take some time to decide. Carefully review loan documents before signing. You’ll want to make sure you are certain you know your interest rate, the total amount you’re borrowing and the length of your loan before you sign on the dotted line.
While you’re refinancing, why not review your auto insurance policies? We can take a look at your policy and help make sure you have the right type of insurance and amount of coverage for you and your family.