Have you built up your credit or started a new job, but you’re still stuck with old loan terms? If your Lexus finance plan doesn’t work for you anymore, it’s time to talk to our team at Fields Lexus of Glenview and refinance your loan. Refinancing is mostly helpful you’re your financial situation has changed, however, so it may not help some drivers.
What Is Refinancing?
Refinancing means replacing your current auto loan with a new one — usually to secure a lower interest rate, better terms, or reduced monthly payments. When you refinance, the new lender pays off your existing loan, and you begin making payments on the new agreement instead. By comparing offers from multiple lenders, you can find the most favorable interest rate and terms for your financial situation.
Should I Refinance My Loan?
If your credit history has significantly improved since you bought your car, refinancing can get you a lower interest rate and lower payments. However, even if the terms are better, the fees and other costs associated with your old loan may make it more expensive. Check for any early payment fees and budget them into your planning.
How Do I Refinance My Loan?
Refinancing is just as easy as your original car loan application. You can apply to multiple lenders and compare offers, but be ready: refinancing involves a hard credit check, so it will affect your credit score. When you’ve found a plan, be sure to check whether you’ll receive the money and pay off your original loan, or if the bank will take care of the transfer for you.
Refinance Your Lexus Auto Loan in Glenview, IL, Near Chicago
If you’ve built your credit score, or federal interest rates have lowered since your original loan, now is a great time to refinance your Lexus car. Visit our Lexus dealership in Glenview, IL, to find out more from our expert team. We’ll help you run the numbers and find out if refinancing is a good plan for you today!
