Three Reasons to Refinance Your Auto Loan

Refinancing your auto loan can save you money in a number of ways. It can lower your interest rate, reduce your monthly payment and put more money back into your monthly budget. Here are 3 reasons to refinance your auto loan.

1. You didn't get the best financing deal when you bought the car.

Buying a car can be stressful, especially when you are sitting in the finance office of the dealership. You might have believed the financing they offered was good, but now you realize you can get a lower rate.

2. Your financial situation has improved.

Loan rates are determined by a number of factors including your credit score. If your financial situation has improved since you financed your car, you may qualify for a lower rate now.

3. Take advantage of today's low rates.

The rate you are paying on your loan may have been higher when you originally got the loan so it is a good idea to refinance at today's lower rates. Interest rates are low now, but they may go up in the future.

Look at the rate on your current auto loan. If it makes sense to refinance and lower your cost, NGFCU can help. For more information call 800.633.2848 or email autoloans@ngfcu.us. If you are ready to refinance, you can apply online.


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