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Refinancing Your Car Loan: The Do’s and Don’ts

Refinancing your car loan doesn’t have to be a tricky activity, especially if you have a trusted finance broker such as Fido Finance on your side to take care of all the hard yards for you. Many Australian car owners are unaware of the potential benefits and pitfalls associated with refinancing their car loans, but it just takes a bit of extra homework. In this blog, we will explore the difficulties of refinancing, and how Fido Finance can help you make this process streamlined, easy, and good for your financial health.


If you’ve been asking yourself “how can I refinance my car?”, let the team at Fido Finance make the process easier for you. Give our finance brokers a call on 13 FIDO today! 


Difficulties Faced When Refinancing Your Car Loan

Going through the refinancing process on your own is going to be daunting. There are a number of things to think about, considerations to be made, and things that may go amiss if not researched thoroughly. Negotiations can be intimidating, contracts can be overwhelming, and the commitment to specific refinancing obligations will leave you feeling uneasy. For the most part, there are ‘better or worst’ times when it comes to thinking about refinancing, some of the key issues that can be experienced while aiming to refinance your loan are as follows:

Consider Your Financial Situation

When it comes to any major financial decision, it’s important you analyse your current financial situation – especially before refinancing your car loan. If you’ve experienced positive changes, like an improved credit score (we will check) or increased income, refinancing could result in a lower interest rate.


Additional Costs

When refinancing your car loan, it is good to be aware of any extra costs that may be incurred. These costs can include application fees, loan origination fees, or early exit fees. Costs can slowly and silently build up and make the process of refinancing have a sudden up-front cost that you may not be prepared for.


Losing Track of Original Goals

Throughout the process of refinancing, it can be easy to lose track of your original reason for seeking the refinance. This can happen due to the excessive information you need to remember when searching for a lender, and when trying to understand how you can get your best rate. We aim to take that stress away for you.


The Easier Way of Refinancing Your Car Loan

If you’re unfamiliar with refinancing, or financing in general, this is another reason to look to a professional such as us. At Fido Finance, we have had the opportunity to build industry relationships with more than 40 bank and non-bank lenders, which allows us to offer our clients market leading rates and products that suit not just their lifestyle, but their budget as well. The easiest way to get through the refinancing process is to leave everything up to your dedicated Fido broker. From documentation, contracts, negotiations, and comparisons, we do it all so that you don’t have to.


Dig Up the Best Refinancing Rates with Fido Finance Today

How can I refinance my car with Fido Finance? If you’re interested in refinancing, get in touch with our team on 13 FIDO to discuss our vehicle finance solutions! We’re here, and we’re ready to make the finance or refinance process as stress free and simple as possible.

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