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Car loans
Drive away with our car loans
Have you bought a car on credit in the last three years and are still paying off the loan? If you have / are it may be time to look around the loan market to see if you can save some money with our car loans.
What is a refinance car loan?
A refinance car loan is a loan taken out with another loan provider where the car loan debt is legally 'transferred' from your existing provider to the new provider. This is a process known as refinancing and enables the borrower to take advantage of better loan deals from other car loan providers. The borrower can benefit from lower interest rates, payment holidays or the ability to spread the cost of the loan out further so reducing monthly loan repayments.
Depending upon the terms & conditions of your existing car loan, a refinance car loan may incur costs associated with the transfer. This is most likely if your original car loan was arranged through a car dealer, and may involve penalty charges for early repayment of the car loan. Before opting to take a refinance car loan you should therefore check your existing car loan policy to see if any charges will be levied in the event of early repayment.
