Refinancing is tempting at times, but can also be a poor decision if you don’t follow the details mentioned above. Here are some of the most common pitfalls to avoid when refinancing an auto loan:
Prepayment penalties do exist, which means you may have to pay extra if you pay off a loan before a term is up. Look up the details of your loan and inquire what this fee is going to be.
Waiting too long to refinance. The longer you wait, the less sense it makes to refinance.
Lastly, don’t miss any payments. If you think that the refinancing process has paused your payments, think again. You want to triple-check before you halt payment for the previous loan.
We hope this has solved any problems related to your question: when should I try to refinance my car? As always, do your due diligence and call up your lender with questions before you make any decisions. Hidden fees, contractual obligations, and the actual value of the car should all be factored into any refinancing agreements. But, if the stars align, then there is no reason why you should not allow yourself to benefit from auto refinancing. It always makes sense to check your options and see how low you can get your monthly payment or your interest rate.
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