From taking advantage of your improved credit history to making your car’s equity work for you, there are plenty of reasons to refinance your Land Rover finance plan. Refinancing can save you money, but additional fees may mean you’ll end up paying more, too. Keep these factors in mind when you talk to our team at Land Rover Waukesha to find the right plan for you.
Is Refinancing Right for Me?
If you were struggling with weak credit when you applied for your current loan, you may be able to get better terms with refinancing. However, the amount you’ll save will depend on how much your credit has improved since your last financing application. Refinancing can also be a way to turn some of your equity in your car back into cash if you’re in a financial pinch.
Will Refinancing Save Me Money?
If interest rates have dropped at all, you’re bound to save on your refinanced auto loan. When comparing your old financing plan with your offers for refinancing, don’t forget to factor in fees. Refinancing counts as paying off your loan early with your first lender, so check to see if there are any prepayment penalties. Between that fee and the origination fee with your new financier, it may be more expensive, even if the plan is more affordable.
How Do I Compare Plans?
Refinancing requires some tricky math, so get out your paper and calculator. You’ll be comparing interest rates, repayment terms, and fees and penalties to see which plan, if any, is more attractive than what you already have. Try to make any applications within a 45-day window, as credit bureaus often consider multiple hard credit checks in that window as one, and your score will take less of a hit. To make things easier, visit our financing wizards and let them guide your way.
Get Land Rover Financing in Waukesha, WI
Refinancing can be a great way to make your financing plan work better with your daily life. Find out more with our expert team at our Waukesha, WI, Land Rover dealership. Drive home with a shorter term and enjoy driving your Land Rover SUV even more!