With a refinancing of a car loan, the goal is to compare current car loans and renegotiate for new and better terms on an existing car loan to obtain a lower interest rate on current car loan repayments. Thousands of consumers across Australia are taking advantage of car loan refinancing to save money on both short-term and long-term expenses alike.

Continue reading to learn how to take advantage of car refinancing to save money on your car loan over the long term.

Different lenders offer variable interest rates on their car loans at different times of the year. When you first entered into a contract with your current lender, your rate may have been significantly higher than the rate offered by either the same lender or a competitor in the market at the time of your initial contract. Taking out a new loan may allow you to lower your monthly payments on your existing loan over the loan’s term.

The monthly payment will be lower if you qualify for a lower interest rate while maintaining the same loan term. Sometimes the monthly payment will appear to decrease only slightly, but this is not always the case. Look at the total amount of interest you’ll save as a result of this decision. A small amount of money can accumulate over time.

What you’ll need to know to refinance your automobile loan

To be eligible for car refinancing, you must meet the following requirements:

If you already have an existing loan, you should have a good track record of paying it off in full and on time.

2. You must have completed at least 6 months of your current loan.

4. Maintain a favorable credit rating.

5. You must be an Australian citizen or a permanent resident of Australia to apply.

Car loan refinancing is a fantastic option for car owners who want to get better deals that are more in line with their personal preferences and needs. Customers’ requirements are taken into consideration by lenders who offer refinancing car loans. If you are dissatisfied with your current auto loan contract, it would be wise to look into refinancing your vehicle.

It takes seconds to figure out how much your car payment will be.

Assuming you’ve completed your car search and discovered the vehicle that’s right for you. Or, perhaps you haven’t even begun your search and would like to set aside a budget for a potential purchase before you start looking.

In seconds, you’ll be able to see what interest rates are available to you as well as what your monthly (or bi-weekly) payment will be.

When you’re ready to take the next step, you can apply for pre-approval to expedite the process. Simply fill out an online form with some basic information, and we will inform you of the maximum vehicle purchase price that you are likely to be eligible for. With a pre-approval in hand, you’ll be able to narrow down your search to vehicles that you can comfortably afford, making your car-shopping experience much more efficient and enjoyable overall. Your credit score will not be affected by the pre-approval credit check.

Make use of this car refinance calculator to compare your current loan with a refinance loan.

You can either secure your loan through us or allow our team of finance professionals to source the best possible rates for you, or you can arrange financing through your bank after you have found a vehicle you love.

You can arrange to have your car delivered to your door and take seven days to test-drive it to make sure it’s the right fit after you’ve worked out the financing details. Otherwise, we’ll come to get it, either to help you exchange it or to refund your money in its entirety.