Cut Your Car Payments
Refinancing your car is very similar to refinancing a home. The process is much simpler, quicker, and you could save yourself a lot of money in only a few minutes. Most people are unaware they’re able to refinance their current car loan and / or believe it’s too much of a hassle. The truth is, it’s not difficult and it’s the best way to lower your car payment.
Table of Contents
An auto refinance loan is a loan that will pay off your current auto loan but has a lower interest rate and the process is simpler and much faster.
With companies offering such low interest rates, auto refinance loans have grown in popularity over the past few years.
If you’ve had bad credit in the past or recently cleaned it up, refinancing you vehicle may be a wise option, even if you’ve been paying on your original loan for a year or two. A drop of just 2% interest points will save you hundreds of dollars over the life of the loan.
Many people don’t realize the benefits of refinancing their vehicle when interest rates drop. Not only does refinancing your car loan lower your interest rate and your monthly payment. It will also save you hundreds if not thousands of dollars in interest charges.
Along with lowering your monthly payment, an auto refinance loan can also provide you with some extra money every month to spend as you choose. Refinancing car loans has become very popular over the past few years with the way interest rates have been dropping.
To determine if refinancing your current auto loan is right for you. You need to look at your own personal situation. Here are some situations when refinancing your car loan may be right for you.
If you have good, average, or even bad credit the answer is YES! Online lenders offer several different auto refinance loan options for people with all kinds of credit. It only takes a few minutes to submit your information for free. If you do not get the answer you’re looking for, you can just walk-away with no-obligation.
The short answer is, “yes!” Refinancing a car loan is not just for people who have bad credit trying to get a better interest rate. Having great credit, you already understand and know how to manage your money wisely. If you’re paying around 4% APR or more on your current car loan, you may still have some savings coming your way.
It’s absolutely free to apply and the most reputable companies such as myAutoLoan and LightStream do not have any fees if you decide to go with them. If after you’ve applied and you don’t see any savings, you’re under no obligation to do anything further, you can just walk away.
If you are currently financing $25,000.00 and paying 6.95% on your current car loan and you get approved online for an auto refinance loan at a 4.95% APR. You will save yourself $1,393.93 over the life of the loan! You should always take advantage of low interest auto refinance loans, the only thing that can happen is they save you some money.
