Consider a different route to repaying your debt, by refinancing your motor vehicle loan.
Learn about refinancing motor vehicle loans, before u loan.
Refinancing your motor vehicle loan can provide various benefits, such as a simpler way of repaying your loan/s, reducing costs and improving loan terms. It’s important to determine whether refinancing is the right option for you first.
What is refinancing?
Refinancing is the process of replacing your existing motor vehicle loan with a new loan, often from a different lender.
Steps to refinancing a motor vehicle loan in Australia
Ready to take the wheel on refinancing your motor vehicle loan? Here's a roadmap to guide you:
- Assess your current loan – Review your current loan to understand its terms, interest rate, and monthly payments.
- Check your credit – Obtain a copy of your credit report to ensure your credit is in good shape for refinancing.
- Compare loan offers – Shop around and compare loan offers from various lenders to find the best terms and interest rates. A finance broker can simplify this process, doing the legwork for you.
- Calculate potential savings – Use an online calculator to estimate your potential savings with a new loan.
- Apply for refinancing – Once you've chosen a lender, complete the application process and provide all necessary documentation.
- Review and accept the offer – Carefully read the terms and conditions of the new loan, and if it meets your goals, accept the offer.
- Set up the new loan – Your lender will handle the repayment and disbursement process, closing out your old loan and initiating the new one.
Who can help me refinance my loan?
When refinancing, you have options for assistance:
- Self-service – You can handle the process yourself, from researching loan options to applying and setting up the new loan.
- Finance broker – A finance broker can be your expert guide through the refinancing journey. They'll compare loans from various lenders, making sure you secure the best deal.
- Lender assistance – Some lenders offer assistance to existing customers looking to refinance, but keep in mind lenders will only offer you their own loans even if there are better options out there for you.
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