One of the biggest benefits of the Hyundai finance process — other than it ending with you driving home in a terrific vehicle — is that nothing is set in stone. Thanks to refinancing, you get a bit of a do-over, which can help you save money. If this is something you’re thinking about, Jenkins Hyundai of Leesburg has three helpful tips.
Why Refinance an Auto Loan?
When you purchased your car, for whatever reason, you may not have gotten a great interest rate. With refinancing, now you have a chance to change that, and a more favorable rate can have beneficial long-term results. If federal interest rates have dropped, it’s a perfect time to explore refinancing.
Start By Checking Your Credit
Refinancing is only worth doing if you actually get a better interest rate, so you should start by looking at your credit score. Many buyers end up with high interest rates because of a low credit score. If your score has gone up since you first took out the loan, this could be great news.
Shop Around
The next step is to figure out exactly what you qualify for. Talk to a financing professional from your current lender to see what they’ll offer you. Then shop around, as you may be able to get an even more favorable rate elsewhere — including our Hyundai finance center.
Understand the Fees Involved
While it would be nice if refinancing didn’t cost you anything, this just isn’t the case. It comes with a fee, and it’s important to understand what this is. If you don’t have a ton of time left on your auto loan, it may not make the most sense to refinance, depending on the fees you will have to pay.
Explore Your Hyundai Refinancing Options in Leesburg, FL
Not sure if you should consider refinancing your car loan? Get in touch with Jenkins Hyundai of Leesburg. We’ll give you the information you need to help you make a smart decision. Get started today!
