Switching lenders gives you the opportunity to work with a financial institution that better aligns with your needs and preferences. You may want a better customer service experience, more flexible repayment options, or additional benefits. You may consider refinancing your auto loan to switch to a lender for a variety of reasons. By extending the loan term, borrowers can reduce their monthly payment amounts, freeing up more money for other financial obligations or to use as disposable income. Refinancing an auto loan can also be a strategic move to improve cash flow. This could include a lower interest rate, extended loan term, or reduced monthly payments, affording you a repayment schedule that works better for your budget and is more attractive over the life of the loan. If your financial position has improved since taking out the original loan - for example your credit score has improved, and/or your income is now greater - you may qualify for better loan terms.

Access loan terms that reflect your financial situation.By accessing a lower interest rate, borrowers may be able to reduce their monthly payments and save money over the life of the loan. Refinancing may allow you to take advantage of a lower interest rate, particularly when prevailing interest rates have declined since your loan was first created. If you want to get an even better sense of what you could potentially save by refinancing the loan on your 2021 Tesla Model Y, use the auto refinance calculator below. ** Other factors - like a vehicle’s age and mileage, a borrower’s income, and the down payment (if any) being made - also can affect the terms of an auto loan. Some borrowers opt extend their auto loans to longer durations, such as 84 months, which generally leads to a smaller monthly payment. In our payment estimate, we assumed a new loan lasting 72 months. A longer loan term may lower your monthly payment by more.For those with lower credit scores, the rate and monthly payment may be higher. If your score is above 750, then it’s possible you could access a monthly payment below our estimate. Credit scores impact the rate lenders offer on vehicle loans generally, a higher credit score means a borrower is eligible for lower rates on financial products like auto loans. Credit scores indicate a borrower’s creditworthiness and are expressed as a three-digit number between 300 and 850. We based the interest rate in our payment estimate on a borrower credit score of 750, which is considered within the “very good” range. If the amount you would need to borrow when refinancing is less than what we used in our estimate, it’s likely that your refinanced monthly payment will be lower. This is because you have increased equity or ownership of the vehicle. If you have paid down the principal of your existing auto loan on your 2021 Tesla Model Y, then your refinanced loan amount is likely to be below the market value of your car. To the maximum extent possible, 62C, Money, their related body corporates or any other person do not accept any liability for any statement in this material. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. The material is for general information only and is not an offer for the purchase or sale of any financial product or service. Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. Money does not compare every Lender all products or issuers available in Australia. Money Pty Ltd (trading as Money) Australian Credit Licence 528698 provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698.

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