Jaguar financing options aren’t just for buying a new vehicle — they can also help you save on your current one. If you’re a Chicago-area driver looking to lower your monthly payments or get a better interest rate, refinancing your auto loan could be the smart move. Whether your credit has improved or you simply want to adjust your budget, the team at Jaguar Northfield can walk you through your options and help you make the most of your luxury driving experience.
What is Auto Loan Refinancing?
When you refinance an auto loan, you essentially apply for a new loan to overwrite your current terms and conditions. Many drivers will take this step if their financial situation has improved, making them more eligible for favorable terms and conditions, or if federal interest rates have gone down, allowing them to save on accrued interest costs. It’s also useful to consider refinancing if your co-signer’s situation has changed.
Applying for refinancing is simple. All you have to do is apply for a new loan, just as you would do at the start of vehicle ownership. If you’re approved, the new lender will buy out the old loan, and then you’ll start making your payments to the new lender.
What to Consider: Benefits and Drawbacks
There are many benefits to refinancing a loan, starting with the savings. With more favorable terms, you can save on your interest and monthly payments. You can also adjust term length, so you can pay your loan off on your terms. The few drawbacks to consider are the possibility of fees during the refinancing process and the difficulty of refinancing a vehicle if you are upside down on your loan.
Refinance Your Auto Loan in Northfield, IL, Near Chicago
From the first loan to the refinanced one, Jaguar Northfield is here to help with all your vehicle financing needs. We want to give drivers confidence and peace of mind to pick out the vehicle they love, and it all starts with financing. Get started at our dealership today!
