You see the interest rates getting lower, you see your loan amount get smaller, but are you ever sure whether it would benefit you to refinance your vehicle loan?
We asked our Lending Department and they gave us these tips to help you determine if refinancing is right for you.
- If interest rates have dropped it could save you money. Rates have dropped in the past two years so if your loan was completed over 2 years ago it is likely you could be saving money.
- If your credit score improved you could get a better interest rate.
- Want to pay off the loan faster? Shorten the term and you could even earn yourself a lower interest rate.
- Could you use some extra cash for home improvements, paying down a credit card, or even want to take a vacation? If you have equity in your car you could refinance to help put money towards something else.
- Interested in purchasing an extended warranty? Refinancing your auto loan, if there is equity in the vehicle, can help aid with any repair bills that come up in the future.
You can always contact GSCU to see if refinancing could save you money, help you pay off your loan sooner, or accomplish another goal you have in mind.