Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Auto Refinancing and other Auto Loans topics.
If you have been working to improve your credit score, it may be time to consider refinancing your current auto loan. When you first obtained your auto loan, you may have received a high interest rate from a lender that was willing to take a chance with you, even though your credit history was blemished. If hard work and consistent payments have started to raise your credit score, it may be time to secure a new auto loan with a lower interest rate. Consider it a way to reward yourself for all the hard work you have done in the past few years with getting your credit in order and improving your rating. You will find that an auto refinance may result in a lower interest rate, and may give you a lower monthly payment, too. You might even be able to get your car loan paid off faster after refinancing, than if you had kept the loan with the original lender. You certainly deserve a better loan if you have spent time meticulously improving your credit. You've earned it!
|Jennifer Mathes, Ph.D.|