Feeling Stuck in Your Car Loan? It Might Be Time to Shop Around!

Is your car loan weighing you down? Then it might be time to refinance!

Not sure? Any of these circumstances can make a refinance a good idea:

  1. Your credit score improves – If you’ve been on time with your loan payments for several months, your credit score has likely improved. Refinancing when you have a better score can drastically cut your interest rate.
  2. You didn’t shop around initially – If you’ve never shopped around for a car loan, do it now. Using the car dealer’s lender can mean being stuck with a rate that’s higher than what you’d get at the credit union.
  3. Your financial situation changes – If your finances have improved, you can shorten the life of your loan and pay more each month. If money is tight right now, consider refinancing to a longer-term loan for a lower monthly payment.

If you’re feeling stuck in your car loan, a refinance may be the answer!