Car Refinance

Car Refinance

Some people think that you should only consider a car refinance option if you don’t have enough money to complete your loan repayments anymore. But there are actually lots of benefits to refinancing your car, such as freeing up your cash flow, getting a better deal with lower interest rates, and extending your loan term to reduce your monthly repayments.

However, because there are so many refinancing car loans offered by various companies, it can be hard to narrow down the best refinancing car loans that you should go for. It’s important to do a car loan refinance comparison first while considering car refinance rates, the flexibility of your payment conditions, and other fees that may be incurred. If you want to refinance your car in Australia, SocietyOne is one of the best options to go for.

Unlike traditional lenders, our process can be done entirely online. Everything can be done on our platform, from selecting what type of loan to get to getting a loan rate and submitting your application to tracking the status of your application. At SocietyOne, we will give you a personalised rate based on your credit profile, so you know you are getting the lowest possible rate for your unique situation.

If you want to maximise your car refinance experience and ensure that you go for the best car loan refinance, it’s best that you get answers to your questions such as ‘when to refinance car’, ‘how to refinance a car loan’, and what other benefits there are to refinancing your car. Read on to find out more about an auto loan refinance.

When is it best to do a car refinance?

One of the common mistakes that people make when they get a car refinance loan is they get one too soon. To give you an idea of when it’s best to have your car refinanced, here are typical situations in which it makes sense to refinance.

Your credit score has improved

If your credit profile wasn’t very good when you first got a loan and you managed to improve it, you can refinance your car to get a better deal this time. At SocietyOne, you can check your credit score for free and track your progress as you work on improving your score.

You seek lower monthly payments

You should consider getting a car refinance loan if you want to free up your cash flow to pay for expenses such as a new property or a new baby in the family. By refinancing your car, you can extend your loan term and reduce the amount of your monthly repayments. You can borrow up to $70,000 for secured loans and up to $50,000 for unsecured loans for a loan term of up to seven years here at SocietyOne.

Your car is aging or has high mileage

Once a car reaches a specific age or mileage, many lenders impose restrictions on refinancing. It might be time to check the numbers to see whether one last refinance makes sense if your vehicle is getting near ten years old or 100,000 miles. When getting a car loan from SocietyOne, you can opt for a new car, a used car, or even a collector’s model.

How long will it take to refinance a car?

Nobody wants to wait long when taking out a loan, whether it’s a car refinance or another type of loan. With this, the next common question that people ask is how long the process of refinancing a car takes. The typical range is between two hours and two weeks, although it still depends on various reasons such as the process of the lender, the season, and how well-prepared you are with the necessary paperwork. Some lenders take only 24 hours to process an application, while others, especially traditional lenders, take more time to perform a detailed analysis.

SocietyOne has streamlined loan processes on our digital platform so we can process your online application for a loan quickly. You can get the funds in your account in as little as one business day, given the ideal circumstances. When your loan gets approved, you can also conveniently manage and track your repayments on our platform for your convenience.

What are the benefits of car refinancing?

Some of the benefits of a car refinance include the possibility of better interest rates, shorter loan terms, or reduced monthly payments.

Better interest rate

Market rates go up and down over time, providing opportunity to reduce interest costs as time goes on. And if you have made all of your monthly payments on time, your credit score has probably increased. As a result, lenders may offer you better rates because you pose less risk to them.

Lower monthly payments

If you refinance while market rates are low, it is possible for you to receive lower monthly payments by lowering interest which can benefit you, especially if your finances are a little tight right now. Refinancing with a longer loan term is also an option. Your monthly payments could reduce significantly as a result, becoming much more manageable.

Settling your loan sooner

You can refinance to a shorter loan term to pay off your car faster if you earn more money or have less debt than you did when you first bought it. Since there will be less time for interest to accumulate, you won't have to pay as much interest overall over the loan's term. You can settle them at SocietyOne as soon as you’re ready without worrying about early exit fees.

If you’re seeking other loan options aside from a car refinance loan, SocietyOne is the best online loaning platform to get them in Australia. Our low-interest personal loans include debt consolidation loans as well as a renovation loan, secured or unsecured car loan, travel loan, and even wedding loan. We won’t charge you extra monthly fees, and there will be absolutely no hidden charges either.

Download the SocietyOne app or visit our website today to request a personalised rate for the loan you want to get!