Refinance Your Vehicle
RATES HAVE NEVER BEEN LOWER
Lower Your Monthly Payment
Lower Your Monthly Rate
Lowering Your Car Loan Payments
At Piemonte's Dundee Chevrolet, Inc. we can help you refinance your interest rates and lower your car payments. Whether you purchased your vehicle from us, another dealer, or independently, we can assist you in refinancing your loan to reduce your payment and ensure your satisfaction.
Reasons to Refinance
As interest rates have dropped over the past couple of years, refinancing can bring you substantial savings over the life of your loan. Another reason to refinance would be if your credit score has improved since you purchased your vehicle, qualifying you for a lower rate, or if your personal financial situation has changed. Lastly, if you are finishing up your lease and would like to use your option to purchase the vehicle, we can help finance that loan as well.
HERE ARE SOME STEPS TO TAKE TO START THE PROCESS OF REFINANCING YOUR AUTOMOBILE
Find out your current interest rate.
Since the purpose of refinancing is to lower your interest rate, it is essential to find out what the current rate is on your loan. You can do this by checking the information on your loan documents or by asking your lender.
Check your credit score.
It’s important to have your most up to date credit score when starting this process. If you have been paying your bills on time, it is possible that your score may have increased since you initially took out the loan.
Start your applications.
It is best to apply to more than one refinancing company so you can compare different rates. Be sure to submit all applications within a 14 day time period to minimize any negative impact on your credit score.
Evaluate your offers.
In order to ensure that you’re receiving the monthly payments you desire, you should take the time to run the numbers to verify what your payments will be.
Decide your loan term.
You will need to choose the length of your loan term. Shorter term loans will offer lower interest rates, but the payments will be larger. Longer term loans will provide smaller payments, but in the long term you will end up paying more in overall interest.
It’s important to make sure you choose the offer that works best for your situation.
THINGS TO KNOW ABOUT REFINANCING YOUR AUTOMOBILE
Other important factors to keep in mind before making your final refinancing decision include:
There may be fees associated with ending your car loan early, and if this is the case it may not be cost-effective for you to refinance. It’s important to weigh the fees against the cost savings.
Many lenders won’t approve refinancing if your car is older and has undergone significant depreciation.
If you owe significantly more than what your current vehicle is worth, it may be difficult to get refinancing approval.
If any of the above apply to you, you can still work with our experts at Piemonte's Dundee Chevrolet, Inc. to find financing options to fit your needs Our financial team is on standby to help you refinance your auto loan. So contact us today for more information or to get the process started!