Is Refinancing Right for You?
Refinancing comes in all shapes and sizes. It can be for something as simple as a car loan to something as complex as a mortgage. Keep in mind, refinancing is not for everyone! That is why it is so important to do your research and homework before you dive into any type of refinancing opportunity.
With rates beginning to fall, now is the time to start that research and review your current rates. Below we dive into the different types of refinancing opportunities, as well as the reasons why each may or may not make sense for you and your finances.
Vehicle Loan Refinancing
Whether you financed at the dealership or with another financial institution, we'd love the opportunity to refinance your vehicle loan and look into getting you a lower interest rate!
Reasons to consider refinancing your vehicle:
- You can get a lower interest rate
- More flexible terms
- Your credit score has improved since your original loan
- You're looking for a lower payment or some financial flexibility
- Your lease is expiring soon, and you're interested in keeping the vehicle
In the meantime, consider using our FREE Vehicle Loan Refinance Calculator to help you see if refinancing your vehicle loan is right for you.
Mortgage Refinancing
Depending on the terms of your current loan and how long you plan to stay in your home, refinancing could be a good option for you. Whether you're looking for a lower rate or shorter term or you want to leverage the equity in your home for other expenses, we've got you covered.
Reasons to consider refinancing your mortgage:
- Obtain a lower interest rate
- Adjust the term of your loan
- Leverage the equity in your home
- You have other debt you want to consolidate into a single, lower rate payment
Whatever option you chose, we'll pay off your existing loan and get you into a new mortgage that is more suited for your current situation!
Personal Loan Refinancing
You may consider refinancing a personal loan for a number of reasons, but ideally, it would be to get a new, better interest rate for your existing loan or consolidating your existing debt into a single loan.
Reasons to consider refinancing with a personal loan:
- You can obtain a lower rate
- Your credit score has improved
Learn more about our Personal Loans or find out if a Credit Card Balance Transfer offer might be another solution for you.
Under the right circumstances, refinancing can help bring some financial relief, especially if it means a lower interest rate or a more financially friendly term. Just remember, a lower monthly payment could mean more money out of your pocket over the life of your loan with those new terms.
That’s why it’s important to review all current loans, the rates, terms and the fine print for items such as pre-payment penalties before you can assess if refinancing is good for you not just today, but down the road as you continue paying off your loan. Take your time and shop around for the best rates to get the most out of your refinancing opportunity.
If you have questions about refinancing an auto loan, mortgage or other loan, our team members are standing by ready to make sure refinancing is right for you! Simply stop into any of our Financial Success Centers or schedule an appointment today.
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