{"id":6542,"date":"2021-09-28T17:49:52","date_gmt":"2021-09-28T12:19:52","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=6542"},"modified":"2021-09-28T17:49:52","modified_gmt":"2021-09-28T12:19:52","slug":"signs-that-could-mean-its-time-to-refinance","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/signs-that-could-mean-its-time-to-refinance\/","title":{"rendered":"Signs That Could Mean It\u2019s Time to Refinance"},"content":{"rendered":"

To remove the guesswork, here are five signs that could indicate now is a good time to refinance your car.<\/p>\n

    \n
  1. You purchased and financed a vehicle at a dealership
    \n<\/strong>Did you buy and finance your car at a dealership? You\u2019re not alone \u2013 over 85% of new vehicle sales and over 54% of used vehicle sales are financed.1<\/sup>And if you bought your car at a dealership, there\u2019s a good chance you financed it there, too. What you may not know is that dealer-financed auto loans are often not the best deal.
    \n<\/span>Auto dealers can mark up your interest rate, charging as much as 3% more than the APR you could\u2019ve qualified for with another lender.<\/li>\n<\/ol>\n
      \n
    1. You\u2019ve had the loan for at least 90 days
      \n<\/strong>Most lenders require that you\u2019ve had the loan for a few months before you can apply to refinance. When you apply through Ruloans, the minimum required is 90 days. This is usually to confirm that you\u2019re making on-time payments, so stay on top of those payments if you\u2019re hoping to refinance shortly.<\/li>\n<\/ol>\n
        \n
      1. Your current loan term is longer than 24 months
        \n<\/strong>On the flip side, if you don\u2019t have long to go before paying off the loan, you may not be able to refinance. Through Ruloans, we require at least 24 months remaining on the term.<\/li>\n<\/ol>\n
          \n
        1. Your credit has improved
          \n<\/strong>Has your credit score increased since you took out the loan? Have you consistently paid your debts on time? If so, you may qualify for a lower rate than you did when you first bought the car\u2014which means savings in your pocket.
          \nYou can check your credit report for free on an annual basis to monitor whether things are looking up.<\/li>\n<\/ol>\n
            \n
          1. You could use the extra cash
            \n<\/strong>Refinancing at a lower rate can lower your interest bill and could save you loads.  However, you can also refinance to lengthen your auto loan\u2019s term and reduce your monthly payment. If bills are tight, refinancing to lower your payments may be the solution you\u2019re looking for.<\/li>\n<\/ol>\n

            When Should You Refinance Your Car?<\/strong><\/p>\n

            Auto refinancing can make a lot of sense in some situations. Many people don\u2019t refinance their car even though they would qualify, simply because they think the refinance process will be long and arduous. That\u2019s simply not the case anymore\u2014Ruloans auto refinances process is completely online and hassle-free.<\/p>\n

            If you want to know whether now is the time to refinance your car, check your rate now to get the answer in less than a minute, with no impact on your credit score<\/p>\n","protected":false},"excerpt":{"rendered":"

            To remove the guesswork, here are five signs that could 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Refinance<\/a>","rttpg_excerpt":"To remove the guesswork, here are five signs that could 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