Auto Loan Refinance
There are many possible reasons why you are currently paying too much on your current car loan. When you originally purchased your car perhaps you did not shop around for the best financing deals, or you took out your auto financing through a car dealer at a higher interest rate. If your credit was not in as good shape as it is now you would have been penalized with a higher interest rate.
Are your car payments too high? Refinance now and save. Even with less than perfect credit, you can qualify to Refinance an Auto Loan within minutes!
How Refinancing Works
Refinancing an existing auto loan is quick and straight forward. Once your refinancing car loan application is approved, your current car loan will be paid off by the new auto finance company. You will then start making car payments at a lower interest rate than you were previously paying. Depending on how much your new interest rate is, you could quite easily save hundreds, even thousands of dollars over the course of the loan.
Why Refinance an Auto Loan
If you’re paying 11.5% on your car loan it doesn’t mean that there isn’t a better deal to be had. Most car loans can be refinanced and you may well be surprised at your savings.
Refinance loan example based on $24,000 loan for 60 months at 8.9% APR
|
|
Current Finance Rate |
Refinance for 60 Months |
| Interest Rate |
8.9 % AR |
6.29 % |
|
Monthly Payment |
$497.00 |
$476.23 |
|
Monthly Saving |
$29.81 | |
|
5 Year Savings |
$1,788.60 |
If you originally financed a new car for $20,000 at an interest rate of 12.5% for 60 months, and you have 36 months remaining on the loan, your current monthly payment would be $449.96. The total interest paid out over 60 months would be $6,997.53. Now, if you refinanced at 9% for the remaining 36 months your monthly payment would drop down to $318.00 per month and you would save over $2,000 in interest