Refinance Your Loan – Consider Carefully
When deciding if it’s right to refinance your loan, you should be certain it puts you in a better financial position.
It is important for us at MONEY4FINANCE to understand the reason why you may want to refinance your loan as it may not always be the most cost effective option available to you.
Our experienced finance consultants will explore all available options to best suit your current financial situation – we’re here to help.
Most Common Reasons to Refinance Your Loan
- “To reduce my current interest rate” – If you took out a high interest car loan without looking around you will need to check there are any early termination fees as they could be significant. At ???Finance we take into consideration all the costs involved with refinancing, making sure this is the right option for you.
- “My working conditions have changed” – If your personal situation has changed, you are earning less money than you previously, or are finding it hard to meet your current commitment you may need to look at refinancing. Possibly you may have you gone from a 2 income to a 1 income family and you need to reduce the car loan repayments. In these cases refinancing your car could be beneficial to you.
- “My balloon/residual payment is due” – If you took out a car loan and structured the repayments to include a balloon payment and it is now due for payment you may want to keep the car and need to refinance it. This is possible however there are some factors to consider. You will need to consider the interest rate (which may not be as attractive as your original loan).
