With mortgage rates so low over the last few years, there has been a lot of discussion about the advantages of refinancing your mortgage. However, you may not realize that refinancing your vehicle can offer many benefits of its own. Here are some potential benefits to refinancing your vehicle loan:
If you have paid down your vehicle loan or own your vehicle outright, you may be able to get cash out of your vehicle’s equity. That equity can be used for any number of reasons such as paying off unsecured debt, a vacation, or another large purchase. You can use our online NADA guide to get an idea of how much equity your vehicle offers. (www.capview.com/vehicle-loans/)
Lower Your Payment
If you don’t need cash out, you can easily refinance the current balance of your loan for a new term. This is a quick way to lower you payments and gain some room in your monthly budget.
Lower Your Interest Rate
You may even be able to lower your interest rate. This is particularly likely if your credit score has improved since you got your current loan. That can mean spending less money on interest and potentially lowering your payment as well.
Consider what opportunities your vehicle can offer you by refinancing with Capitol View. Our loan officers are happy to explore your options without needing to complete an application. Contact us at email@example.com or 515-348-8350 to learn more.