Your Guide to Refinance Car Loans

Whether you have had your car finance for three months or three years, you may be unaware that there are better deals now available. For many the idea of refinancing car loans seems like a stressful waste of time. However, with the number of refinance car loans options available, you may be able to save yourself a great deal of cash.

The Benefits of Refinance Car Loans:

The main benefit of refinance car loans in Australia is to get the cost of your car loan down. WIth a new deal, you may be able to reduce your monthly repayment, or keep the repayment the same and reduce the number of payments you need to make. This would mean that you can repay the balance of the loan more quickly reducing the amount of interest you would pay and the overall cost of the loan. However, there are other benefits associated with refinancing car loans. These include obtaining a deal with a more established lender. Having a loan with a relatively unknown lender can be a scary prospect these days. With the horror stories of lenders going out of business and selling their customers debts to other companies over the last few years, you may want the security of your loan being in the hands of a well established finance company.

Getting the Best Deal for Refinancing Car Loans:

The best way to ensure that you obtain a great deal is to do your research. There are plenty of lenders out there who have online quote calculators on their websites. This allows you to compare the cost of your current loan against a new deal. You will need to find out your exact loan balance and determine if any early repayment charges will be applied. Although you may be reluctant to pay an early repayment fee, you may find that you can add this to the loan balance and still get a great deal on refinancing. Remember to compare like for like deals, so compare the APR, monthly repayment cost and the total cost of the loan. Don’t forget to check the terms and conditions for any fees or charges which may be applied to the loan. You don’t want to get stuck with a deal which is even more restricted than your current finance.

Using a Broker to Refinance Car Loans:

While many internet savvy people feel confident that they can find a great deal on their own, you may find working with a broker very beneficial. Reputable brokers have access to a wide panel of lenders to match all types of circumstances. This can mean that whether you have a less than perfect credit history or have a variable income, you could still obtain a great deal. A broker can also remove a great deal of the legwork involved in seeking out great deals. The broker will simply ask you to supply your personal information and loan requirements to compare the packages on offer and look for the best deals. Additionally, brokers may also have access to exclusive offers from lenders for even more favorable terms.

If you are considering refinance car loans, contact us. We specialise in refinancing car loans and would be delighted to assist you in finding the deal best suited to your specific requirements.