When should I refinance my car?
If you’ve had a car loan for a few years and are looking to save a few bucks on your monthly payments or in interest, refinancing may be your option.
Here are some things you should know before you consider refinancing your vehicle.
Best times to refinance
Consider these situations:
- Improved credit score: An increase in your credit score may get you a lower rate. If your credit is better since getting the initial loan, you may qualify for a better loan term.
- Interest rates have gone down: Based on the prime rate and other considerations, car loan interest rates may fluctuate. Depending on when you financed your car, loan rates may have decreased.
- Your loan came from the dealer: Dealers may charge higher rates. If you initially received financing through the dealer, refinance directly with Adirondack Bank and you may get a lower rate.
- Lower monthly payments: Refinancing with a longer term, a lower interest rate, or both may help you save money on payments. Just remember that extending your payment timeline may leave you in debt longer and paying more in interest over the life of the loan.
In the market for a car?
Whether you’re in the market for a new or used car, or if you want to refinance your current vehicle loan from another institution at a lower interest rate, Adirondack Bank offers a variety of terms at competitive interest rates to suit your needs. Visit your local branch for more details.
The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.
