We all know that a lot of people are struggling right now with the economy being as rough as it is. But a lot of people don't know that one easy way to save some money each month is to get a refinance car loan. And if they do know about, maybe they're wondering if they can qualify or if they will save enough to make it worth it.
If you're in a situation where you feel like you're paying more for your car than you should be paying, or can afford to be paying, then you are the perfect candidate to look into refinancing a car loan.
Chances are that when you first got your car loan you arranged everything through the dealer that sold you the car. If so, you most likely payed an interest surcharge, even though you probably qualified for a lower rate. So why not refinance and get the lower rate now?
You expect to save anywhere from twenty to fifty dollars a month. For example, a person could have a car loan at 12.5% APR for $404.96. With a car refinance loan at a lower rate of 9.5% APR, the payment could be lowered to $378.03. Obviously, over a month, one can save $26.93. Better yet, in a year, one can save $323.16.
A refinance car loan does not take much time and effort to get. After filling out an application, which can be done online, and a loan agent will then call and verify the application. The agent will also give a credit decision, and afterwards, the old loan will be paid off. Then, the new loan is opens, requiring lesser monthly payment.
Keep in mind that if you don't owe very much on your loan it probably isn't worth it to get a refinance car loan. You need to still owe enough on your car to save money in the long run. So do your homework before you apply for a loan.
If you're in a situation where you feel like you're paying more for your car than you should be paying, or can afford to be paying, then you are the perfect candidate to look into refinancing a car loan.
Chances are that when you first got your car loan you arranged everything through the dealer that sold you the car. If so, you most likely payed an interest surcharge, even though you probably qualified for a lower rate. So why not refinance and get the lower rate now?
You expect to save anywhere from twenty to fifty dollars a month. For example, a person could have a car loan at 12.5% APR for $404.96. With a car refinance loan at a lower rate of 9.5% APR, the payment could be lowered to $378.03. Obviously, over a month, one can save $26.93. Better yet, in a year, one can save $323.16.
A refinance car loan does not take much time and effort to get. After filling out an application, which can be done online, and a loan agent will then call and verify the application. The agent will also give a credit decision, and afterwards, the old loan will be paid off. Then, the new loan is opens, requiring lesser monthly payment.
Keep in mind that if you don't owe very much on your loan it probably isn't worth it to get a refinance car loan. You need to still owe enough on your car to save money in the long run. So do your homework before you apply for a loan.
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Getting a refinance car loan doesn't have to be a complicated process. Make sure to do your homework first, and then shop around to find the best rates. If you do this, refinancing a car loan can be a very pleasant and rewarding experiencee.
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