If you’re ready to learn about your Land Rover finance options, Land Rover Asheville is ready to help. If you’re exploring whether refinancing is right for you, we have the information, tools, and resources to make the process smooth and easy. Here are a few tips about refinancing an auto loan, courtesy of our Land Rover financing experts.
Decide if Refinancing is Right For You
There are many benefits to refinancing a vehicle, including access to savings and more favorable term conditions. But you want to make sure refinancing is the right option for your needs. You’ll want to refinance a vehicle if your personal financial circumstances have improved, meaning you’ll be eligible for better terms, or if federal interest rates have gone down. If you want to change conditions with a consigner, refinancing is also a good option.
Consider Your Credit Score
Your credit score is one of the most important factors to account for during the vehicle financing process. It tells lenders how reliable you are to lend money to, which is why drivers with high credit scores have more favorable terms. When you refinance a vehicle, it’s important to note that you are submitting a new finance application, and there will be a hard pull on your credit.
Consider Your Current Loan
While refinancing can be advantageous, there are a few circumstances in which you may want to hold off. A good standard is to refinance only if you can save 2% or more on your current loan. It’s especially important to consider your current conditions if you’re upside down on the loan, which can make it very difficult to qualify for a refinanced loan.
Begin the Land Rover Refinancing Process in Asheville, NC
Whether you’re financing your first vehicle or beginning the loan refinancing journey, you’ll find the support you need right here at Land Rover Asheville. We’re dedicated to helping drivers pick out the perfect vehicle — and finance it with ease. Visit our dealership to learn more about your refinancing options.