When is the best time to refinance your auto loan?

Posted on July 05, 2019 by NALN

In most cases, there isn't a bad time to refinance your auto but there are some factors to consider.

Refinancing a car loan offers many benefits. Just as in real estate, interest rates on car loans can vary significantly due to your credit score, or even fluctuate based on market conditions. If you previously obtained an auto loan with a higher interest rate than you could get now, it’s a great time to refinance.

The answer to when to refinance is different for every borrower, but you might want to ask the following:

• Have interest rates dropped since you first took out your loan and refinancing would help you save money?
• Has your credit improved since you took on the loan and you want to take advantage of your higher credit score?
• Did you realize that the auto dealer charged you a much higher interest rate than what you deserve and you want to borrow from a different lender at a lower rate?
• Are you having problems keeping up with the current payments? If financial hardship is the issue, you can extend the loan’s term which can help lower your payments.

About National Auto Loan Network.

National Auto Loan Network is headquartered in Newport Beach, California. The company was founded in 2010, by a group of finance professionals with over 40 years of combined industry experience. Under the direction of president and CEO, Marco J. Rasic, NALN specializes solely on the refinancing of motor vehicle loans. National Auto Loan Network''s skilled team of loan officers help hundreds of consumers replace their high-interest auto loans more favorable ones. For more information about National Auto Loan Network please visit naln.com