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It’s a well-known fact: The minute you drive your new car off the dealership lot, its value plummets. That’s because it’s not a “new car” any longer.
The hit on the depreciation is highest in the first few years of ownership. That’s why many financial experts recommend refinancing car loans during that time frame to counter the effects of depreciation.
Refinancing car loans can often get you a lower interest rate and a lower monthly payment. This is especially true for those car owners who had bad credit when they first financed their vehicle. Hopefully, during the time you’ve had the car, you’ve made the payments on time and your credit score has improved, setting you up for more attractive refinancing terms.
But even if you still need bad credit auto finance, you can find help at LoanexFastCash.com, the financial superstore that specializes in connecting borrowers with lenders.
What you need to know?
If you are interested in refinancing your car loan, one of the first things you need to do is determine the value of your car today. Some cars depreciate faster than others, so it makes sense before refinancing your car loan to find out the blue book value.
That’s why experts advise refinancing in the first year or two of your loan when the car depreciates the most. Some even suggest refinancing before the next year’s models come out to get the best deals.
Time to Shop
Once the value is determined, you can start shopping for a new loan. Start at LoanexFastCash.com to get quotes from a multitude of lenders, realizing that your goal is to get the lowest interest rate possible. Dropping your interest rate by even 2% will save hundreds of dollars over the life of the loan.
However, beware of hidden conditions in your old loan. Some original loans require special fees if they are paid off early — which is essentially what you are doing by refinancing your car loan. Those fees could negate the benefits of refinancing your car loan.
The Basics
When refinancing car loans, you will be faced with the same requirements you faced when getting the original loan. The new lender will look at your credit score including your history of payments on the car loan as well as your employment history and other important financial considerations, such as where you live and how you are handling your other finances. To get the best deal when refinancing car loans, present a picture of stability in your job, housing and finances.
But what if you had a bad year? With the economy continuing to lag, many people are finding themselves unemployed or in a new job after losing their original job. A period of unemployment also may have damaged your credit score. This may lead you to search out bad credit auto finance, but don’t despair.
LoanexFastCash.com can help you find a lender who specializes in bad credit auto finance to refinance your original car loan.
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