Refinancing Your Car Right: Tips and Tricks to Help You Save
Car payments can be a killer. The fact is that most people spend more on transportation costs than anything other than housing. In the United States, the average is almost $10,000 per year.
Your monthly car payments don’t have to stay the same forever, though. Refinancing might be an ideal solution to help you pay less over time or to simply reduce how much you pay per month.
Keep reading to learn more about the best way to refinance your car loan in Las Vegas.
Pay Attention to Timing
Depending on how long you’ve had your car, you may be eligible for a loan refinance on your car. That’s because most lenders want your car to be worth more than you owe on it
For many people, this should happen around the 36- to 48-month mark. Looking into refinancing your car at this time might help you get the best deal since you’ll be a prime candidate in the eyes of many lenders.
Look for Lower Monthly Payments
If you’ve just welcomed a new child, purchased a new home or taken on extra financial responsibility, lowering your payments on your car may be helpful. To do this right, you’ll be looking to refinance your car with an overall lower interest rate.
Make sure your previous lender won’t charge an early termination fee if you go this route or, if they do, it’s still worth it to make the switch.
When you’re seeking a way to refinance your car loan, you might think that taking your time to apply with different lenders will help you. This actually can be a bad thing since too many inquiries can ding your credit score.
If you want to consider multiple lenders, make sure you apply in the same 30 days. Doing this should only count as one credit check since all inquiries will be related to the same purpose.
You’ll also want to avoid other things that could impact your credit score. From applying for a new credit card to taking out a loan, waiting until you’ve refinanced will have the least negative impact.
Contact Reliable Auto Sales to learn more about the benefits of refinancing your car. We also can help you find the right used car when it’s time to upgrade or go for something a little more cost-effective.