If you’re heading into the new year with a high car payment, drop it now! Lowering your car payment now allows you to restructure your budget before the year starts.
Refinance your car
Refinancing your car is the best option to lower your car payments if you want to keep your vehicle. If you don’t plan on trading in for a year or so, you can benefit from a refinance. Refinancing is easy. After a quick application, you will be contacted to start the process. Your existing loan will be paid off, and then your new loan will be established.
If you are looking to lower your monthly payment and extend the term of your loan, auto refinance will allow you to do that in order to lessen the burden of your monthly car payment. Additionally, if you spent too much on holiday shopping, refinancing could allow you to skip a payment, giving you some extra money at a time when several hundred dollars in your bank account can go a long way.
Anyone with an existing auto loan can apply to refinance anytime after they have purchased their vehicle. All you need is your personal, vehicle, and current loan information to fill out an online application.
Purchase a new car
With dealerships looking to clear their lots of 2016 models, this may be a good time to cash in on a new car deal. Additionally, dealerships will have to pay taxes on the vehicles left on their lots at the end of the year. Wondering the best time to buy? End of the month, end of the year, or end of the day. People report getting their best deals during these times. Good thing for you that we are approaching the end of the month and the end of the year.
Be sure to go into the dealership prepared to negotiate. You should know the value of your current vehicle before trading it in and it is a great idea to secure financing through your credit union beforehand.
Also, be sure that you’re negotiating on the full price of the vehicle, not your monthly payment. Otherwise, the salesperson will know what they can tack on to the price of the vehicle to reach the maximum you’re willing to pay for the car each month. If you’re trading in your vehicle, make sure that you know how much you can expect to receive for your trade-in so that you’re not surprised by their offer.