The Jeep® financing process can be a frustrating part of the car ownership journey, but Fields Chrysler Jeep Dodge RAM Glenview has your back. We’re sharing everything you need to know about vehicle financing and refinancing, so you can take home the car you love at the terms that work for you. Learn about your refinancing options at our dealership.
What is Vehicle Refinancing?
When you refinance a vehicle, you overwrite the terms of your current loan. Typically, drivers will decide to refinance if their personal financial circumstances have improved or if the federal interest rates drop. You may also choose to refinance your loan if your co-signer’s conditions change, as well. To refinance a loan, you simply need to apply for a new loan. If you’re approved, the lender will buy out your existing loan, and you’ll make all payments to them moving forward.
What Are the Benefits and Drawbacks of Refinancing a Loan?
There are many benefits to refinancing your auto loan, starting with the savings. If you can finance your same vehicle again, but with better terms and conditions, you’ll likely save on the interest rates and your monthly payments. You’ll also be able to adjust your term length, as needed. You do want to be aware of a few potential drawbacks with refinancing, including potential fees and a hard check on your credit. Additionally, it may be challenging to refinance a loan if your mortgage is upside down.
Begin the Jeep Loan Refinancing Journey in Glenview, IL
Whatever your vehicle financing needs may be, you’ll find the support you deserve at Fields Chrysler Jeep Dodge RAM Glenview. From financing to refinancing, you’ll feel confident every step of the way. Visit our dealership to get started today!