Rapid Finance on 8 November 2023

Is Car Refinancing Right for Me?

Navigating the twists and turns of car finance can often feel like an intricate dance, especially when considering refinancing. In Australia, refinancing your car loan can potentially save you money, alter your repayment structure, or adjust your loan's term to better suit your current situation. Let's break down what you need to know about car loan refinancing and how Rapid Finance can help steer you in the right direction.

How Common Is Vehicle Refinancing in Australia?

Refinancing a car loan is a fairly common practice in Australia. With an economy subject to fluctuating interest rates and a competitive lending market, many Australians find it beneficial to refinance their car loans to secure better rates, lower their monthly payments, or adjust the term of their loans. Whether due to a drop in interest rates, a personal financial situation change, or an improved credit rating, refinancing offers a route to more manageable and cost-effective loan conditions.

Is Car Loan Refinancing Right for Me?

Before diving into car loan refinancing, it's crucial to ask yourself a series of important questions:

  1. Current Loan vs. Available Rates: How does your current interest rate measure up against the rates on offer today? Lower rates could mean significant savings.
  2. Loan Balance and Car Value: Do you owe more on your loan than your car's worth? If so, refinancing might be more complex.
  3. Future Plans: How long do you intend to keep your car? If you plan to sell it shortly, refinancing might not be cost-effective.
  4. Credit Score: Has your credit score improved? A higher score can unlock better interest rates.
  5. Refinancing Costs: What fees will you face for refinancing? Weigh these against potential savings.
  6. Financial Goals: What are you hoping to achieve by refinancing? Whether it's lowering monthly payments or changing your loan's term, your goals will guide your decision.

Remember, refinancing isn't just about getting a lower monthly payment; it's about finding the best overall terms that suit your financial situation and goals.

How Rapid Finance Can Help You Find the Right Car Loan Refinancing

At Rapid Finance, with over 20 years of experience, we specialise in finding finance solutions for those who might not easily fit the criteria of banks or mainstream lenders. Whether you're self-employed, receiving Centrelink payments, or have had credit difficulties, our dedicated finance professionals are skilled at navigating these complexities.

Personalised Assistance

We understand that the world of finance can be daunting, especially for those with limited financial literacy or who are stressed about their finances. That's why we pride ourselves on providing personalised and tailored services. Our team speaks in everyday English and maintains a friendly, professional tone to ensure you feel comfortable and supported throughout the process.

Fast and Easy Process

Starting your refinancing journey is simple. By completing the "Free Financial Assessment" form on our car refinancing page, you begin the application process. Rapid Finance aims to make decisions swiftly - usually within 24 to 48 hours. Just provide identification, proof of income such as payslips, and your 90-day bank statement history.

Dedicated to Your Financial Health

Rapid Finance isn't just about securing a loan; we're committed to improving your overall financial health. Our free credit check report offers insight into your credit profile without impacting your credit file. Over time, we can help remove negative marks and enhance your credit standing.

Our Unique Selling Points

With a track record of excellent service, reflected in our high Google ratings, Rapid Finance stands out for its extensive lending panel and network of specialist lenders, who may be able to assist with bad credit car loans, among other things.

Let's Get Started

For car loans ranging from $10,000 to $100,000 and terms that accommodate your budget and financial situation, Rapid Finance is ready to assist. Contact us on 1300 467 274, email us at rapid@gorapid.com.au, or get started on our car loan refinancing page. Our operating hours are Monday to Friday, 9:00am - 6:00pm (AEST).

Explore your car loan refinancing options with us, where your financial journey is tailored to your needs, with the goal of securing not just a loan, but one you can manage and suits your needs.