How To Refinance a Car Loan, Edmunds, auto loan refinance.#Auto #loan #refinance


How To Refinance a Car Loan

When interest rates drop, refinancing your car loan could save you thousands of dollars.

Say you bought a new car two years ago and there were a few dings on your credit. You might have been charged 9 percent on a five-year loan for a $23,000 car. Your payments are probably about $525 a month.

Now let’s say your credit has improved, and so have interest rates on car loans. You could now refinance the balance of your car loan at 3 percent and lower your payments to about $445 a month for the remaining three years. That’s a savings of $80 a month and $2,880 over the life of the loan.

Auto loan refinance

It only takes about 15 minutes to fill out an application for auto loan refinancing, and you can do the whole process online.

Auto loan refinance

Most people don t realize how easy it is to refinance a car loan and how much money they can save by doing so.

Auto loan refinance

If you bought a car like this two years ago and your credit has improved, you could save nearly $3,000 by refinancing at a lower interest rate.

Auto loan refinance

It only takes about 15 minutes to fill out an application for auto loan refinancing, and you can do the whole process online.

Auto loan refinance

Most people don t realize how easy it is to refinance a car loan and how much money they can save by doing so.

Auto loan refinance

Other examples could be even more dramatic. In some cases, an uninformed used-car buyer might have saddled himself with a car loan that has an 18 percent interest. By refinancing at a competitive rate, he could slash his monthly payments in half.

Is there a downside to all this? No. That’s because, unlike home mortgages, many auto loans don’t charge prepayment penalties or fees to set up the loan. And consumers can complete the application process online in about 15 minutes.

Car owners who are thinking about refinancing their auto loans should first locate their purchase contracts and check their term (the length of the loan), the balance (how much they still owe) and the current interest rate. This is especially easy for car owners who have their accounts online.


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