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Is refinancing right for you?

Posted on Oct 03, 2011 by Thalia Green
Oct 03 There's a certain satisfaction that people get when they know they've gotten a great deal. If you've ever gotten a clothing item or appliance at a steep discount, you are no doubt familiar with the feeling of euphoria that follows acquiring such a purchase. However, you rarely have a second chance to get a good deal once the transaction has been made. Refinancing, however, is an exception to this rule.


Refinancing is a hot topic these days. Depending on the size of your car loan, even an interest rate deduction of a couple percentage points can mean a savings of a few thousand dollars! Refinancing is attractive to many, but the motivations are diverse. Here are some reasons that people consider refinancing.


Paying off debt faster.
With little promise of the economy getting better in the forseeable future, people are becoming more committed to reducing their debt. Getting debt under control means independence; no matter what may come, you have 100% ownership of your items that you have no debt on. This is true whether it is your television, your car, or your home! If you want to pay off debt faster, refinancing your car is one way to do that. A reduction in your interest rate can free up additional money to attack other debt and get it under control.


From leasing to buying.
At the end of a lease, many customers make the decision to buy. Banks or credit unions can be quite helpful in refinancing the loan, which will allow the lessor to approach the dealer as a cash buyer.


Buyer's remorse.
Finding out that you paid too much for a car can be a humiliating experience, but there are solutions to this problem. If you have good credit, a bank or other financial institution can be quite helpful in bringing the interest rate under control. They take over the loan, get new business, and you get a lower rate. It's a winning proposition for both buyer and lender.


If you are thinking about financing a new or used car, can help wade through the various options and give you the best offers available for your situation. A loan advisor is assigned to each customer, and they help determine which lenders would be most beneficial. Regardless of your motivations, the end result is the same. You save thousands of dollars, and have the satisfaction of knowing you made a smart decision. 

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