Burdened with a hefty EMI every month for your auto loans? Looking to save money? Then, you’ve come to the right place! Here, at Antworks Money, we help you find the right lender to refinance your car loan.
If you have taken a new car loan, a few years back, there are plenty of chances that you’re paying a higher rate of interest. With interest rates down significantly, the time is right to review your car loan and check out ways to reduce your EMI.
This is where auto loan refinance, comes into the picture. When you transfer your existing loan to another lender, who offers you better interest rates and terms, you end up saving huge amounts of money, over the duration of the loan.
Reduce EMI burden & Save Money, When you refinance car loan with Antworks Money
Top 3 Benefits of Car Loan Refinancing
Lowered Interest Rate –
This one’s obvious. With reduced interest rates across the board, car loans today are cheaper than ever before. So, when you switch to a new lender, you can continue the rest of your loan at a lowered interest rate.
Increase your Cash Flow –
With a lowered interest rate, your monthly EMI gets reduced. This significantly reduces your EMI burden, providing you with an increase in cash flow to handle your expenses.
Lower Monthly EMIs –
While you switch car finance to a new lender, you have the option of extending your tenure. When you extend the loan period, you end up paying significantly lower monthly EMIs.
Here are a few things to consider before you Transfer your Car Loan to a new lender
Before you switch to a new lender, make sure to consider the following factors:
Balance tenure on your existing car loan
The difference in EMI after you make the transfer
The remaining balance to be paid to the current lender. This is calculated by multiplying EMI with the remaining tenure. For instance, if your monthly EMI is 10,000 INR and the remaining tenure is 30 months, the total balance payment is 3 lakh INR. Compare this amount with the new lender’s terms, to see if it’s favourable.
Processing charges and other miscellaneous fees to be paid, before you could initiate the transfer.
The extension of the loan tenure. If your monthly EMI feels a bit steep, you can consider extending the tenure of the loan, when you switch to the new provider.
Make sure to consider the factors mentioned above to decide if the car finance transfer works favorably for you in the long run. If yes, go ahead, and check out the various lenders on our portal, who offer this facility to existing car loan borrowers.
Coming to the big question,
Should you opt for car loan refinance? Is it worth the hassle?
There’s no one answer that fits all. It all depends on your loan status, current interest rate and new rate offered credit score and several other factors. To get a clear idea, of whether to switch your existing auto finance to a new lender, get in touch with our loan care experts here at Antworks Money, who help you figure it out!