Chain Of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Questions & Answers- Refinancing Katie has some questions about refinancing a new car she just bought. Refinancing is something most people have heard about but how do you actually go about doing it? Find out in today’s episode!  [2:6] What is refinancing and why would I want to do it? Refinancing is swapping out one interest rate for another, e.g. you are currently paying 8% pa, instead you want to pay 6% pa. Say you take out a loan with bank ABC, you can refinance with bank XYZ and they’ll give you a better rate. In essence the bank buys you out. Does the 2% saving make a difference? Yes! [5:45] Where can I go to refinance? Anyone that can ordinarily give you the first loan can typically give you the second loan. Some good resources are Credible or Sofi. Credit Unions are a great place to start [7:1] What documents do you need to have ready? Do your homework and prepare before you get finance, know your credit score! Are you in a good position Have paystubs on hand Know how much your average m