Lower monthly payments, a better interest rate, or a shorter loan term — depending on what you’re looking for, refinancing can make a big difference in your budget. However, it’s not the best option for every Hyundai finance plan. Our team at Jenkins Hyundai of Ocala will help you find out if it’s a good fit for you, but asking yourself these questions about your financing needs is a great place to start.
When Should I Refinance My Car?
If your credit has substantially improved since your first application, refinancing can open the door to shorter terms, better interest rates, or lower monthly payments. Once you achieve positive equity on your car, meaning that you have paid off at least half of the car’s value, you can also access better terms with refinancing. In addition, keep an eye on federal interest rates — if they drop, refinancing is an even better option.
When Is Refinancing a Bad Idea?
Refinancing can help you adjust the terms of your loan, but it may cost you more in the long run. Paying off your loan with your original financier can come with early termination fees, which may counterbalance any savings with your new plan. Talk to your current financier about any fees you may have to pay if you refinance and factor them into your budgeting.
How Do I Refinance a Loan?
Refinancing is just as easy a process as applying in the first place was. Make sure to shop with multiple financiers and find the best offer that meets your refinancing goals. Don’t forget that you’ll still be responsible for payments on your original loan as the refinancing plan is processed.
Apply for Auto Loan Refinancing in Ocala, FL
Don’t struggle with a loan that doesn’t fit your finances anymore. Meet with our financing team at our Hyundai dealership in Ocala, FL, and see if refinancing is right for you. Drive home with a new loan plan today!
