Feeling Stuck In Your Car Loan? Might Be Time To Shop Around!
Your car is a major purchase, and just as you?d refinance a house, there might come a time when you want to take another look at your car loan. If your credit score has improved, shopping for a new loan is a fantastic idea, as a lower interest rate will save you money. Also, if you didn?t shop around when you got your first loan, you most likely ended up paying a higher interest rate since the dealer?s finance sources work with little competition. Finally, if you?re in a better financial situation and are able to make larger payments, refinancing to reflect that will entice lenders to offer you a lower rate and save you big on the back end.
