If your auto loan is no longer working for you, you have options to help. One such option is meeting with our Porsche finance team to refinance your loan for better terms. Porsche Jacksonville is outlining the refinancing process to help you determine if that’s the best route for you.
Before You Begin
Before you consider refinancing, it’s important to check your credit. Your credit score is a big factor when it comes to obtaining a loan. If your score has declined since your original application, you’ll likely get higher rates this time, and your car will end up costing even more. It’s also important to get an estimate of your vehicle’s value, because it can be tough to refinance if you have substantial negative equity.
The Application Process
To refinance your loan, you’ll need to apply for a new loan with a better APR (annual percentage rate). This process is similar to your original application. We’ll ask questions about your employment and income, as well as review your existing expenses, such as your mortgage or rent. Make sure that you’re prepared to verify this information, and you’ll also need a driver’s license and current auto insurance to apply.
How Refinancing Helps
If your credit has improved since you first purchased your vehicle, you’re a great candidate for refinancing. This can help you get a better interest rate, which means that you’ll end up paying less interest and reducing your loan amount. The money you conserve can be used to pay off your loan quicker, or you can opt for smaller and more manageable monthly payments.
Refinance Your Auto Loan in Jacksonville, FL
Our financial experts at Porsche Jacksonville are happy to review your options with you to see if you should consider refinancing. If so, you can quickly apply while you’re in. Stop by to meet with our team today!
