Volvo Financing 101: All About Refinancing

When it comes to the Volvo financing process, the more you know, the more confident you’ll feel along the way. Volvo Cars Gilbert is here to help, with financing support and information that can make the difference. Learn about your refinancing options with help from our team.

Requirements for Refinancing

Refinancing a loan is the practice of overwriting your existing loan with one that has better terms and conditions. That means you’ll need to bring much of the same documentation and meet the same criteria that typically exist with new loans. This includes proof of income and current loan information. Additionally, the vehicle needs at least six months left on the loan to qualify, and your vehicle typically cannot have an upside-down loan if you want to refinance.

Credit Score Impact

Refinancing does affect your credit score, but it may not be as significant as you think. You can help to protect your credit by starting with pre-qualifications, which only do soft pulls on the credit. If you do submit applications, make sure to do them all at once, as the applications submitted in a two-week period all count as a single pull. Additionally, you’ll save money on interest over time, making up the difference. As you start making payments on your new loan, your credit score will build back up.

When Should I Refinance?

Before refinancing a vehicle, you want to decide if it’s the best move for your needs. Typically, drivers refinance if their credit score or financial circumstances have changed, or if the interest rates are going down. If your situation with your co-signer has changed, you may also want to consider refinancing, as well.

Get Volvo Financing Support in Gilbert, AZ

If you have questions about vehicle financing or refinancing, Volvo Cars Gilbert has answers. We’re here to help you through the process, so you can pick out the right car at the right price. Visit our dealership to get started today.