This blog is to help you to to decide whether refinancing a car is for you or not.
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I did one just thirty days later with good sucecss. YMMV.Just explain to the new credit union or lender that you are shoping for a better rate. You would be wise not to accept a long payback time frame since cars depreciate rapidly. It is easy to owe more than the car is worth.Do not make a habit of moving the car loan from place to place. Shop well and limit it to one time. Then focus on paying it off.Another problem is the terms of many car loans have you paying the interest up front thereby killing the advantage of moving the car loan.In the future, shop for the car loan before you shop for the car. Better yet, start saving for your next car now.
I did one just thirty days later with good sucecss. YMMV.Just explain to the new credit union or lender that you are shoping for a better rate. You would be wise not to accept a long payback time frame since cars depreciate rapidly. It is easy to owe more than the car is worth.Do not make a habit of moving the car loan from place to place. Shop well and limit it to one time. Then focus on paying it off.Another problem is the terms of many car loans have you paying the interest up front thereby killing the advantage of moving the car loan.In the future, shop for the car loan before you shop for the car. Better yet, start saving for your next car now.