While you may be perfectly happy with your Cadillac vehicle, you might not be thrilled about how much you’re paying every month for your Cadillac finance payments. Even if you bought your car recently, you may be able to cut your costs significantly by refinancing your loan. Fields Cadillac Jacksonville has four questions to help you determine if this is the right move.
How Much Time Does Your Loan Have Left?
Refinancing is a great choice if it will save you a lot of money on your current loan. If you are already pretty close to paying off your loan, it probably doesn’t make sense to do it. If, however, you still have several years left, it could be worth your while.
What Are the Current Interest Rates?
Because refinancing is all about getting a lower interest rate, you’ll need to see what you qualify for. While rates have gone down recently, they haven’t dropped substantially, so you will have to crunch the numbers to decide if refinancing is a good option. This is especially true because there will be a fee involved that could mitigate your cost-cutting.
What is Your Credit Score?
As you probably know, your credit score plays a big role in financing. If it is the same as it was when you first took out your loan – or perhaps it has gotten lower – you may want to rethink refinancing. If it is higher and, as a result, you are eligible for a better rate, then you should consider it.
How Much is Your Car Worth?
Finally, you’ll want to know the value of your vehicle — you may owe more than it is worth. In this instance, refinancing could be tricky, as lenders aren’t always so willing to change loan terms.
Learn More About Cadillac Refinancing in Jacksonville, FL
Unsure if refinancing is right for you? Contact Fields Cadillac Jacksonville to speak to one of our financing professionals. We will give you expert advice to help you make the right decision to fit your lifestyle.
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