Yes. With current interest rates at their lowest in years, right now there are some very low rates available for customers that score the highest.
Refinancing your current loans could be a good way to reduce your weekly repayment commitments. It can also be looked at as a way to reduce the time it takes to pay off your debts. Not to mention, it could potentially help reduce the total interest payable, saving your hard-earned money.
Whether you are looking at the possibility of refinancing your car, caravan, bike or personal loan, Fox Finance Group has access to a wide range of lenders with extremely competitive rates.
Making the decision to refinance can be overwhelming if you have not done this before. Our job is to step you through the process and help you compare all loan options. We then present you with the very best loan refinance options available before proceeding to set up your loan preapproval.
Our pre-approval process costs you nothing and commits you to nothing until you are ready to proceed. We do this so you can have the confidence in knowing how much you can save before committing to anything. With our process, you stay in control and you make the final decision to proceed before anything is finalised. Apply now for fast loan refinance pre-approval.
The key number when considering the real cost of a car loan is the comparison rate. The comparison rate includes both the interest rate and any fees relating to the loan. This is then rolled up into one single annual percentage rate. By using the comparison rate, comparing loans becomes much easier to understand what deal you are really getting.
Simply click on our 'apply now' button and complete the brief online form or call one of our refinance experts on 1300 665 906. We can walk you through the steps in as little as 5 minutes and have your refinance approval back the same day.
When you refinance your car loan, you are borrowing money from a new lender to pay out your current car loan lender. You then repay your new lender according to the new terms of the new loan contract, which will now hopefully suit your needs better.
Get a Refinance Expert on your side. Refinancing can be simple and will not require much of your time to apply. Our pre-approval process costs you nothing and commits you to nothing. You are in full control of the final decision on whether you proceed with the best loan option that we negotiate for you.
The cost of car loans can vary wildly, which means that getting the right car loan can be just as important as getting the best deal on the car itself.
Over time, car loan rates have reduced drastically. So, the rates available right now could be a lot less than what you originally offered when you bought your car.
Some people get caught up in the convenience and hype created in the car dealership when they buy a car. This can lead people to take whatever finance option the dealership offers them without doing their due diligence and comparing what is out there in the market.
With the right person in your corner negotiating the deal, a new lender could be found to offer you a lower interest rate on the new loan compared to your original car loan. A lower interest rate will reduce your regular repayments and leave more money in your pocket.
By extending your loan term, you can reduce your regular repayments, leaving more money in your bank account each week. Each repayment is lower because the repayment of the loan principal is divided by more months.
You may want to remove a co-signer from the loan or to add one, which can get you a better interest rate if you have had some credit issue in the past.
You may find your current lender difficult to deal with. Refinancing your loan could give you an opportunity to build a new relationship with a more helpful lender.
If you negotiate a longer loan term to reduce repayments you could end up paying more in the long run. This is because you will have the loan amount outstanding for a longer period of time, so you will pay more interest.
Your current lender may charge you fees to pay their loan out early. Commonly known as early termination fees on your original loan contract. You will also have new fees on the new loan. You need to way up whether the costs of these fees outweigh the benefits of doing the car loan refinance.
1 Ensure your payments are up to date
If you are behind in repayments on your current loan it is unlikely that you'll be able to get a new loan at a reduced rate, so make sure you are up to date in your repayments.
2 Find out your current outstanding loan amount
Call your current lender and ask for the pay-out amount. You will need to let your car refinance expert this amount, so they know what amount to apply for on your behalf.
3 Get a car loan refinance expert in your corner
Having a car loan refinance expert in your corner can save you time and money. Our experts do all the running around and negotiating on your behalf. Our process can be completed from the comfort of your home, over the phone, email and internet.
4 Compare and save
After your pre-approval is complete, your car refinance expert will spend the time with you explaining everything that you need to know about your new loan offer. They can also then help you compare what savings are available to you and run through the total costs associated with the new loan.