Is refinancing auto loan a good idea?
Is Auto Loan Refinancing a good idea?
Nicholas Hinrichsen - Published: September 11, 2020
Auto loan refinancing is a GREAT idea - its an easy means to save money with almost no downside. Here's why it will help you:
- It helps you reduce your total monthly payment
- Applying through most lenders has NO impact on your credit often, so you can know if its a good idea before hurting your credit score
- Getting your car refinanced makes it more likely that you'll successfully pay it off
In short - why would you NOT want the chance to save money? Refinancing is a great idea in most circumstances. The only exceptions: don't refinance a loan that charges a higher interest rate (but where the payments are lower due to a longer time horizon).
Haven't explored refinancing yet? WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.
Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.