One of the main benefits of Subaru financing is flexible monthly payment options for drivers. If you want to adjust your loan to fit your current financial situation, refinancing is a great option. Lester Glenn Subaru covers what you need to refinance and how to know if it’s the right choice.
What Do I Need When Refinancing My Subaru Vehicle?
To qualify for refinancing, you must be up to date with the monthly payments on your Subaru vehicle. Eligible applicants must own a Subaru vehicle that’s less than 10 years old and has a clean title. Additional documents we recommend having on hand when refinancing your vehicle include:
- A copy of your Subaru vehicle’s registration
- Your driver’s license
- Your Social Security number
- Proof of income, such as recent pay stubs
- Proof of residence, such as utility bills or a mortgage statement
- Your original loan’s remaining term and balance
How Does Refinancing Impact My Credit Score?
Your credit score plays a significant role in determining the annual percentage rate of the loan you finance, typically lowering your interest and monthly payments if you have a higher score. When you refinance your vehicle’s loan, a hard credit inquiry will temporarily lower your credit score; however, once you start making payments on the new loan, your score will gradually go back up.
When Is the Right Time to Refinance?
Consider refinancing your Subaru vehicle if your credit score has improved since you applied for your original loan, as you may qualify for a better interest rate. That means you’ll be able to pay less in the long run. Another great time for refinancing is when you want to shorten your loan term, which can help you pay it off sooner. You may also want to refinance if your financial circumstances have changed and you need some more wiggle room in your budget—you can reduce your monthly payment by taking out a longer loan.
Explore Our Subaru Financing Options in Toms River, NJ
Are you interested in refinancing your Subaru vehicle? Our Subaru financing team can answer your questions and help you with your application. Visit our Subaru dealership in Toms River, NJ, to get started.
