If you are considering refinancing your auto loan, there are a few important things to know.
To start, look at your current interest rate and the life of your loan. You can make sure your car is worth more than remainder of your loan by checking the NADA website. You should always do your research and shop around by comparing your current rate, but be aware—other lenders may charge application, refinancing or processing fees.
Also, when refinancing, be aware that rates aren't the only factor to consider. The term might actually end up costing you more. Extending the life of your loan can cost you more in the long run and can affect the trade-in value of your vehicle.
Finally, check your credit history. If you’ve been making consistent on-time payments, there is a good chance your credit score has improved, qualifying you for a lower interest rate.
Even if your new rate saves you only a small amount per month, think of how much you will save over the lifetime of your loan.
Figure out what’s best for you and cruise on down to Ascentra and see how much you can save! You can find our current auto rates right here!