Refinancing at Bob Moore Auto Group
Get a Monthly Payment that Fits your Budget by Refinancing.
Having a car loan doesn’t have to mean you’re locked into those terms until you pay off the balance. Refinancing gives you other options to make your car loan fit into your life. Here at Bob Moore Auto Group, we make it easy to refinance your car, truck, or SUV.
One of the biggest benefits of refinancing a car loan is to save money with a lower interest rate. Interest rates can rise and drop quickly. If the rate has dropped significantly from when you got your car loan, you could save money by refinancing.
This situation is quite common with buyers who got a bad credit loan when you had poor credit. If they have been working to improve their credit rating, they may qualify for a lower interest rate. They end up saving money and getting a lower monthly payment.
Lower Monthly Payments
This is another reason many people like to refinance their vehicle. They can reduce their monthly payments to fit a tight budget or to give them more money to save. There are two ways to lower monthly payments when refinancing. First, you can qualify for a lower interest rate, which will reduce the amount of interest you’re paying and the monthly payments. The second method is to extend the loan on the balance, which will also reduce your payments each month because they are spread out over a long timeframe.
The Benefits of Refinancing
When you refinance a car loan, you can lower your monthly payments and reduce the interest you’re paying. If the car is worth more than the value of the loan, you could also get cash back from refinancing.
Refinancing may make sense if you have had to take a pay cut or have been reduced from two incomes to one income. In this situation, you could lower your monthly payments to fit in with your new budget even if you have to pay more over the long-term. While it isn’t always the best option, refinancing for a longer term is better than letting yourself get into serious financial trouble down the road.
Sometimes you’re in a hurry to get a vehicle, so you take whatever loan you can get quickly. You may not have gotten the best rate since you didn’t have time to shop around. Refinancing is a good decision if you can get a better deal even if your situation hasn’t changed. It doesn’t take much of a rate change to save a lot of money over a few years.
If you’re thinking about refinancing, you can talk to the finance team at Bob Moore Auto Group. We’ll be happy to discuss your options and show you what kind of loan terms are available for your situation with no pressure. We want to make it easy for you to refinance and get the best deal around.
Stop by or call Bob Moore Auto Group today and talk to our fabulous finance team.