One topic that doesn’t get touched on often is refinancing. So much effort is put into simply receiving the necessary loans for acquiring the car that the next step is seen as so far away so little planning is put into it. Refinancing is something that should be ever present in the mind of a autobuyer, especially one that has bad credit and is using their auto loan to help improve their situation.
Now does seem like a good time to look into refinancing. Auto loans are at record lows. However, there are things that should be considered before jumping in. Ready yourself for refinancing by asking these useful questions, courtesy of Mariniji.com.
How is the interest compounded on your latest loan? As the article states, “If the old loan is based on precomputed interest, most of your payments are applied toward interest during the first half of the term of the loan with little effect to the principal balance. Namely, the amount you still owe the lender.”
Does the new loan lender charge processing fees?
Has your credit improved to get the advertised low rate from the lender?
There’s plenty more questions to consider when you’re looking to refinance a loan. Take a look at the full article for more information. If when you’re done looking over the numbers and find yourself able to refinance your loan, it’s a great time to do it.
If you’re looking for help getting an auto loan, contact a sales rep at Bayside Chrysler Jeep Dodge. We operate in the Bayside Queens area of New York and work with customers to find the right new or used car to suit their lifestyle. Like us on Facebook and follow us on Twitter for more tips and auto news.
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