Credit Score Can Impact Interest Rate

If you applied for a car loan several years ago and have been making faithful payments but find yourself strapped for cash all of a sudden, you may be wondering if you should refinance or trade your car in for another vehicle.

Before you make a decision, you might want to revisit your credit score. If you had a lower score when you took out your car loan, you might have had to pay a higher interest rate. If you have since paid bills on time or borrowed and repaid money, your credit score may have improved significantly. If this is your situation, you'll want to see what a refinanced car loan might look like. It's likely that you can lower your interest rate as well as your monthly payments.

Come by Piazza Honda of Springfield to see what kind of refinancing packages we have to offer. We may be able to find you a great deal.



Categories: Finance