Posts tagged ‘loan interest rate’

Risks and Benefits of Refinancing

Is it a good idea to refinance your car? You may have seen an ad on television telling you what a great opportunity this can be to allow you some extra money in your pockets. But before you run out and do this, it is important not to be reckless and do some homework.

What is Refinancing?

Refinancing is actually the transfer of your vehicles title from one lender to another. You are able to refinance your car as long as you are still making payments on it. Many specialists believe that if the record of your credit has improved, it is time to do some refinancing. If the rates of interest were high when you bought the car, and they are now lower, refinancing is a good way to lower those annual interest payments.

You May Get Lower Interest

Another good reason to do this is if you find a better loan interest rate. A 1% reduction is even worth looking at.

If you have never considered doing this it is worth going and having a look at some of the websites that will help you with your rate shopping. These are legit and helpful places.

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