Episode 23: Refinance Your Auto Loan

KEY TAKEAWAYS:

  • When buying a new vehicle, it’s important to shop interest rate and know you do not need to use the dealership’s financing.
  • Your interest rate will be based on lenders, the current market, your credit score, and your debt-to-income ratio (how much you make versus how much debt you have).
  • Reasons why it may be a good to refinance your auto loan start with looking at your credit score and your debt-to-income ratio. If you have paid off debt since buying your car, or you are more financially stable in general, you most likely will qualify for a lower rate – saving you money.
  • The economy plays a big part in the interest rates available from lenders, but while we don’t have control over it, we can watch it base our money plans off of them. If the economy is shifting towards a “buyers market” – or in favor of the buyer – you may want to look into refinancing because rates will be more competitive.
  • Learn what your “ballpark” rate range might be in the current market by using an online calculator, like the one here.
  • Do your research and know your numbers. It’s easy with GHS by filling out a no-obligation application to have a loan specialist review your numbers and give you a quote. When we say “no-obligation” we mean you can get a free quote and still shop and go with another lender should you chose.
  • GHS is always here for you! Stop in to a branch or call us if you need us at (800) 732-4447.