Why Refinance

Why Refinance

Here are five key reasons why you may want to take advantage of an auto refinance loan:

1. You want to refinance the car dealer finance profit out of your monthly payments.

Yes, car dealership's can mark up your finance rate and profit substantially.
2. Your current vehicle is leased and you'd like to auto lease refinance.

When your lease is up, you'll have two choices if you want to keep the vehicle, either pay cash for the residual (buyout amount) or refinance with a traditional auto loan.
3. Your credit has improved over the course of your loan and you will now qualify for lower auto loan rates.

A well paid auto loan can work miracles to build / rebuild credit. Not to mention, any other improvements made to your credit file.
4. You've always had good credit and available refinance rates are better than your current auto loan.

Auto refinance rates are currently very low, with automotive lenders aggressively competing for loans they feel are a "sure thing" and will bring stability to their portfolios.
5. You want to use an auto refinance loan to remove a co signer from your existing auto loan.
* This is very common for first time buyers that have now had their existing loan for over one year.
* This would also apply to you if at the time of purchase you needed a co signer, but now have cleaned up your credit and are able to borrow on your own.
* In addition, this applies to a couple that is separating and now only one party is responsible for the loan payments.