Time to refinance your car…or maybe it isn’t? Check out our three reasons it’s time to refinance your car below:

1. Your credit score has improved – When you first bought your car you had no credit history or you had some eye opening issues on your credit report, but now everything is looking good. Since your credit is healthy now, you may qualify for a lower interest rate.

2. You’re in financial trouble – If you’re having financial issues it is a good time to try and reduce your payments. It’s possible to increase the loan term, that way monthly payments are lowered.

3. Trying to take advantage of lower interest rates – If your car is a couple years old, it could be a good idea to get it refinanced since the rates have lowered. This will decrease the amount of interest you have to pay on the loan.

Image via Grandview Insurance Agency.