The more you know about the Bentley finance process, the more confident you’ll feel when the time comes to purchase a new vehicle, as well as during your ownership journey. Fields Bentley Orlando is here to help every step of the way. Learn about your auto loan refinancing options with help from our expert team.
What is Auto Loan Refinancing?
When you refinance an auto loan, you overwrite your current loan with one that has more favorable terms and conditions. There are several reasons why drivers will want to refinance, starting with an improvement in their financial circumstances, which makes them eligible for better terms. Additionally, if federal interest rates drop, you’ll be able to save on accrued interest costs over time. Another reason to consider refinancing is if your cosigner’s conditions have changed.
How Do I Refinance a Loan?
The good news is that refinancing a loan is straightforward and simple — it’s essentially the same process as applying for the first loan. Submit your application, and if you are approved, the lender will then purchase the first loan. You’ll then begin making payments to the new lender.
Benefits and Drawbacks
The primary benefit of refinancing a loan is the savings, but there are also advantages to new term options and adapted cosigner conditions, depending on your needs. One thing you will want to consider when refinancing is that there may be some fees you’ll need to account for during the process. Additionally, if you are upside down on your loan, it may be difficult, if not impossible, to qualify for a refinanced loan.
Begin the Bentley Financing Process in Orlando, FL
No matter what your vehicle financing or refinancing needs might be, you’ll find the support you deserve at Fields Bentley Orlando. We help drivers along the financing journey, so you can focus on picking out the next luxury vehicle. Visit our dealership to get started today.
