Save Money with Lower Interest Rates When You Refinance Car Loans

When interest rates drop, people automatically start thinking about refinancing their home mortgages, but few seem to realize how much money they could save by refinancing their car loans. Auto refinancing is a powerful money-saving tool.

If you didn’t shop around for a loan when you bought your car, or if interest rates have gone down since you bought, you should think about refinancing now. It is especially important for people who have bad credit and high APRs on their car loans to refinance as soon as possible after buying a car.

You may be a good candidate for car refinance

Let’s assume you borrowed $25,000 for 60 months on your new Toyota Avalon. Your credit was bad or you had no established credit, or the dealer just didn’t offer you the best financing available. You walked away with your new car and a 21% ARP. You made a few payments on the loan, and then discovered that you could have gotten a loan from another lender with an APR as low as 7%. This happens all the time.

The sooner you refinance your car loan, the more you save

It’s important to refinance your auto loan as soon as possible, because the earlier you are in your loan term, the more you’re paying in interest as opposed to principal. The sooner you refinance, the more you stand to save. For example if you have a 60-month loan with payments of $500, and if refinancing would lower your payments to $400 a month, that’s a savings of $6,000 over the life of the loan. A difference of just 1% on an interest rate can save you a lot of money, but the longer you wait to refinance, the less you’ll save.

We make it easy to get better car loan interest rates

Most lenders will not refinance their own auto loans. So if you plan to refinance, the best way to do it is to apply right here at Car Deal Expert. Just fill out our short application and we’ll do the comparison shopping for you. We have instant access to a network of reputable lenders, and as soon as you apply, we’ll refer you to the lender offering the best loan for your particular needs.

Vehicle refinance can improve your economic outlook

Refinancing your car can be one of the best things you can do to improve your personal financial picture. Interest rates may have dropped since you bought your car your credit score may have improved. Either way, making sure you have the best car loan will save you money every month.

Refinance if your new car loan wasn’t such a good deal

Buyer’s remorse can simply be the result of failing to get a cheap auto-loan. You may have made a great buying decision, but as soon as someone asks about the interest rate on your loan and suggests that you could have gotten a better deal, you’re filled with remorse. If you didn’t shop for the best car loan, it’s never too early to look into refinancing at a better interest rate. The sooner you act, the more you stand to save by refinancing.

Refinance the car loan interest rate if your credit changes

Sometimes car-buyers with very good intentions get loans with short terms and high payments in order to get a new car paid off quickly. But sometimes the economic picture changes, monthly expenses change, and the car payments aren’t so affordable anymore. Refinancing the auto loan can lower the payments and spread them out over a longer term. A car refinance can make all the difference it comes to staying afloat in an economic downturn.

Refinance to keep your vehicle at the end of a lease

A refinance car loan can make it affordable to keep a car at the end of a lease. Having first-hand knowledge of a vehicle’s maintenance history, performance and reliability can make a lease buyout appealing. In some cases, the dealer may offer financing for a buyout, but it’s not likely to be the best auto loan available. If you’re going to finance the purchase of your car at the end of a lease, you can save a lot of money by letting Car Deal Expert find you the best terms available.

Refinance because it’s easy and risk-free!

Unlike home-loan refinancing, refinancing a car loan is not complicated or time-consuming. It takes just a few minutes to fill out the application. There’s no obligation, no cost to you, and nothing to lose. Find out how soon you can start saving money by applying for a refinance car loan today.