Don’t get us wrong: auto refinancing isn’t a bad thing, per se. After all, the point of refinancing is to get a little more dollar for your time and your payments as you drive. You want your investment to work for you, especially with these things to know when considering car refinancing. However…. Auto refinancing isn’t for everyone, and here’s why —
What If Your Car or Truck Is Actually Worth LESS Than the Loan Balance?
You have what’s called an “upside down” in the industry. You won’t even be able to refinance. Even if you tried. This is good to know, though, given the amount of time passing. In fact, if it just so happens that your vehicle’s already six or seven years old, a refinance won’t benefit you at all. It’s all about value. How much value is there in your car? How many times has it been maintained? Are things slowly falling apart? Is it really worth it? It might not be!
The bonus to knowing this, though, is that the old myth about having to wait a “while” before auto refinancing has been debunked in a beautiful way. You really don’t have to wait! You can sign up for a listing of car loans right here with LOANS 4 CARS, get approved, and literally just a few months later, you can try for a refinance and see if you get a better rate. Why not? It might save you more money. It’s all about strategy.
It Just so Happens That the Way Loans Are Structured Follows This Ideal
Since the bulk of interest is always paid up front, the fact remains: you might actually save more money the earlier you refinance. Always consult with us on the strategy, though. Because it depends on the value of your car. It really depends on your credit, too. All these factors play a role on not only when you auto refinance, but also on whether you can.
Important stuff to know. And while knowing that, sign up with us at LOANS 4 CARS, and you’ll be even closer to not only having that car of your own, but making that car work for you!