While many people are still not aware of the term refinancing, it is actually a pretty good way of saving money. At Himanshu car World, we are always looking out for our customers and thus we have come up with another way of helping you save money.
Refinancing is basically taking a finance while your previous finance is still on. But the question that arises here is that why would anyone go for refinancing when they already have a running finance?
Well the answer is pretty simple, because it will save you money. Since you have already paid a year of instalments, the left over price now is way less than the original one. Thus, refinancing on the left over amount will result to lesser amount of money you will have to pay as interest. Hence, you save money.
But obviously, there are certain prerequisites to taking a refinance. First, you will have to have a consistent history of payments, without any delays. Secondly, you must have paid for a certain time period which though ranges but is somewhere around a year.
Here is how you will benefit from car refinancing:
• Refinancing lower interest rates
• With refinance, you can modify you loan tenure
• With refinance, you can make modifications to your co-signer agreement
• You can also change the terms of your auto loan