Part of the fun of owning a MINI car is making it your own, but if your budget has changed since you drove away from the Orlando MINI showroom, you may be considering alternate plans. When it comes to MINI financing, refinancing your loan is a great way to reset your loan to better align with your financial goals. The finance professionals here at Orlando MINI are here to help you learn how refinancing works and determine if it’s the best option for you.
What Does Refinancing a Loan Involve?
In simple terms, refinancing an auto loan means that you get a new loan to pay off your existing auto loan. Essentially, you are replacing your old loan with a new one that has better terms. This new loan could be from a different lender or even your current one, but the goal is to get a contract that best fits your current financial situation.
What Are the Advantages of Refinancing?
The most common reasons to refinance your MINI car are if your credit score has improved or if market interest rates have dropped since you first obtained MINI financing. Both of these situations could qualify you for a lower interest rate, which saves you money on interest over the life of the loan.
Another goal of refinancing is to lower your monthly payment. By securing a lower rate or adjusting the loan term, you can free up money in your monthly budget. Just remember that increasing your loan term can potentially lead to paying more over the life of the loan.
Refinance Your Auto Loan at Orlando MINI
Here at Orlando MINI, our team of finance professionals is ready to help answer any questions about refinancing your loan. Visit us today!
