It’s possible to refinance a car loan, but there are a few things you should consider first:
Age of the car – if your car is older, you might need to look at a personal loan. This option may not have a low interest rate as it is not secured by the car itself.
Break fees – many car loans have a fixed interest rate and there are costs associated with paying it out early.
Goals – it’s important to think about why you want to refinance. Are you looking to borrow more money or potentially restructure other loan products?
It’s always a good idea to speak to a mortgage broker who can assess your personal situation and compare options.
