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6 Reasons Refinancing Your Car Make Good Financial Sense

6 Reasons Refinancing Your Car Make Good Financial Sense

When you’ve had a car for a long time, it’s almost expected that you’ll keep making the same payments you always did. Refinancing is a process that is usually associated with houses. However, refinancing your car could save you hundreds each month. It’s possible to refinance with the original loan provider but that doesn’t mean you can’t shop around before making that choice. It’s important to remember that refinancing, for homes or cars, isn’t for everyone. Before you actively seek this option, be sure to determine the value of your loan (how much you have left) and the value of your car. Here are six reasons why refinancing your car is a smart decision for you and your wallet.

1. The length of your loan is longer than five years

If your original loan is set to last longer than five years, chances are that you’ll actually be paying more interest than the principal. Refinancing may be able to reduce the length of your loan so that you pay a value closer to what you signed up for. And if it’s possible or helpful for your finances, you can refinance your loan for an even longer term to get lower payments.

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2. Your credit score has risen

Depending on what your score was when you got the car, your interest terms may not have been the best. As with most credit-related purchases, a higher credit score will get you a better interest rate. This improvement could be the difference between a few hundreds of dollars each month. You can check your credit report before applying for the refinance to see whether it’ll be worth it or not.

3. Car interest rates have fallen

As with the economy, interest rates can get really high or really low. For this, timing will be important on when you choose to refinance. If you’re unsure of what the rates look like, you can research and get the information for your local area as well as cities nationwide. This will help your decision. You can also find out the current trends so you’ll know whether to wait a while longer or act immediately.

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4. You didn’t get the lowest rate possible

Credit scores and ratings are not unchanging or permanent in any way. There are various factors that will determine whether or not your score will gain or lose points. Maybe your credit was shaky or new when you got the car. And if not that, it’s possible the economic conditions weren’t really favorable. Even worse, if you bought a new car and got talked into what sounded like a great deal by a talented salesperson, it’s worth looking into your loan terms. Time, interest rates and credit scores change. So that means you can also change the conditions of your loan to help get the most of your money.

5. You financed with the dealer where you bought the car

The rates being offered by dealers are typically higher so that they get a larger profit from each sale. So probably what they offered was a higher rate than what other lenders would give you for the same price and vehicle. If that’s the case, you can definitely seek other lenders to get a lower rate. Various banks and credit unions may offer lower rates. However, there might be a membership required before you can take advantage of their deals. Check with your own financial institution and see what they’re willing to offer you.

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6. You need to lower your monthly payments

This is one of the most common reasons why it might be time to refinance your loan. Maybe your financial situation has changed for the worse and it’s just hard to keep paying for your car. Whether it’s an employment issue or the stress of additional bills, a refinanced loan may help your monthly costs. Financial institutions are great places to seek advice on how and where to cut costs and you might be driving one. If you need to rearrange your monthly payment plan without pushing your budget to the limits, refinancing your car might be one of your best options. By using this process, you be able to reduce some of your monthly financial pressures.

Featured photo credit: 1860391 via pixabay.com

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Last Updated on July 18, 2019

10 Small Changes To Make Your House Feel Like A Home

10 Small Changes To Make Your House Feel Like A Home

Your house is more than just a building that you live in. It should be a home that makes you feel welcome as soon as you open the front door.

Making your house feel like a home is not something that simply happens on its own. You need to make some changes to a house when you move in, to give it that cozy, warm feeling that turns it into a true home. To help you speed the process, follow this guide to 10 small changes to make your house feel like a home.

1. Make the Windows Your Own

When you move into a home, they often come with boring Venetian blinds or less than attractive curtains.

One of the best ways you can instantly warm your home and make it showcase your style is to add some new window dressing. Adding beautiful curtains not only improves your home’s appearance, but it can also help to control the temperature.

2. Put up Some Art

If you have a lot of bare walls in your home, it will seem sterile no matter how beautiful your paint or wallpaper is.

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Hanging art on the walls will instantly give it personality and make it feel like home.

3. Improve the Aroma

A house that is not filled with inviting smells will never feel like a home. There are loads of ways you can make your home smell nice. There are tons of air fresheners on the market you can use.

Incense and scented candles are a nice option as well. Don’t forget that baking in a home is also a great way to fill it with an aroma that instantly smells like home as soon as you open the front door.

4. Put out Lots of Pillows and Throws

A great way to make your home look warm and inviting is to place lots of pillows and throws out on the furniture. It is much better to have too many pillows than not enough.

There is nothing like the feeling of sinking into a cushiony pillow that feels like a cloud to make you feel like you are at home.

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5. Instantly Class up Your Closet

If your closet is filled with wire or plastic hangers, it will never truly feel homey. To instantly make your closet feel classy, change out your old hangers for wooden ones.

Not only do they look great, but they are better for hanging your clothes as well.

6. Improve Your Air Quality

One of the most overlooked ways to make your house feel more like a home is to improve its air quality.

The easiest and best way to upgrade the air quality in your home is to change the old, dirty filters in your furnace regularly. Get some air filters delivered to your home so that you always have some on hand.

7. Fill it with Plants

Another way to improve the air quality in your home is to fill it with plants. You should have plants in every room of your home.

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They help to improve the air quality and they look beautiful. As well as making your home appear homier, plants also help to boost your mood and lower your stress levels.

8. Change the Doorknobs

Most people don’t really give their doorknobs a second thought unless they are broken. That is a shame because changing your doorknobs is an easy way to add personality to your home.

Changing your old, boring doorknobs to new ones that are works of art will instantly brighten your home.

9. Upgrade Your Tub or Shower

There is nothing like luxuriating in a whirlpool bath or steam shower to make the cares of the day melt away. Your family deserves a bit of luxury when they are in their bathroom.

Install a new shower or tub today to make your bathroom worthy of a place in your home.

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10. Fresh Cut Flowers

You can make any room in your house feel homier by placing a vase full of beautiful flowers in it. The gorgeous look and intoxicating aroma of fresh cut flowers will immediately brighten your day when you encounter them.

You don’t have to make all these changes at once. Try one or two a day though, and your house will feel like a home before you know it. The trick is to constantly keep adding these homey touches to make your home a place worthy of its name.

Featured photo credit: https://www.pexels.com/photo/black-wooden-round-analog-wall-clock-on-brown-wooden-wall-121537/ via unsplash.com

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