Refinancing an existing vehicle allows you to get cashback to pay off high-interest credit card debt and achieve a lower, more manageable payment. This often comes as a result of a lower interest rate after making consistent payments. It’s an attractive option for those who are still in love with their current vehicle, but want to breakup with their payment for something better.
The better your credit score, the better your rate. Nothing new there, and even if you’ve missed a couple of payments–our specialty is knowing ways to help you out. This can also have tremendous positive impacts on your credit, as we pay out your old loan in full (and create a brand new one).
The process is quick and easy–In order to refinance your vehicle, you only need to meet the requirements of the new loan.
Heck no, there are no penalties! Unlike a mortgage, there is no penalty for over-contributing. Pay it off early anytime, or make extra payments which go directly to the principle.
There is no minimum waiting period before you can refinance your car loan, but we recommend at least 1-year after buying your vehicle.
Absolutely, you’re not handcuffed to the original lender when it comes to refinancing. Many people refinance simply because they don’t like their existing bank–and they can get a better rate.
One of the easiest ways to remove a cosigner from your car loan is to refinance. With regular payments being made on the current loan, you’re more likely to get approved for better interest rates without a cosigner.
Each lender will look at your credit differently and provide a different offer. Multiple credit pulls may show shopping around for credit, but only if not done within a short time period by a professional like Canadian Auto Brokers. We’ll reduce the hits to your credit report while ensuring you get the best rate from over 30+ lenders across Canada.