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If you're looking to save on your car loan, refinancing could be a beneficial option. Refinancing simply means taking out a new loan to replace your current loan.
Many car loans involve a fixed rate, and if interest rates have fallen since you first took out your car loan, refinancing can provide a valuable opportunity to secure a lower rate. Along with savings on overall interest charges, this can also lower your monthly repayments. Or you may choose to extend the loan term as a means of lowering your regular repayments to help with personal cash flow.
Some car loans charge a monthly fee – a cost that can significantly add up over the course of your loan. Refinancing can let you save money with a loan that doesn’t impose unwanted fees.
Refinancing a car loan can also mean accessing useful loan features. Car loans are becoming more flexible all the time. Many allow additional repayments and some even offer redraw – handy features that can help you pay off the loan sooner or simply make it easier to live with.
Your car may be worth more than the balance of your loan, meaning you have some equity in the vehicle. Refinancing your loan can offer a way to tap into this equity, potentially providing funds for other purposes, like some minor home improvements.
Refinancing a car loan can involve costs. Your current car loan may charge an early payout fee, and the new loan may charges upfront application fees. This makes it important to weigh up the costs versus the benefits and savings of refinancing your loan. Your Mortgage Choice broker can help you crunch the numbers to see if refinancing your car loan will put you in front financially - and help you select a competitively priced loan from our extensive panel of lenders.
We can help you find out if you could save by refinancing your car loan.