Are you already tied into an auto loan? Does it have the interest rate you want?
It’s a fact of life that when we buy a car, an auto loan is typically involved. Unfortunately, not all of us have a great credit rating that ensures a low APR interest rate on our loan. A strong credit rating could mean an APR of six or seven percent, but a blemished report could send that APR soaring over 20 percent. Over the life of your auto loan, that amounts to lots of extra money you’re paying on your auto loan.
How can an auto refinance loan help?
Many people don’t know, but you can go to a different lender and attempt to obtain an auto refinance loan with a better rate. Car Deal Expert is a great place to pre-qualify for the auto refinance loan you need, for instance.
An auto refinance loan works the way home refinancing does. The replacement loan pays off the remainder of the old loan and leaves you in a position where you’re paying on a new auto refinance loan with a lower interest rate. This enables you to save thousands of dollars over the life of your auto loan – and pay it off more quickly. With the money you save, you can pay off other debts, invest, or whatever you like!
Car Deal Expert can help you find lenders
A lender was willing to take a chance on you in the first place, weren’t they? And considering how competitive the auto loan market is, there’s bound to be someone out there who can get you an auto refinance loan that lowers your APR. Let Car Deal Expert be your lookout for better offers – it could save you thousands of dollars!
For example, let’s say you borrowed $16,500 on a 60-month auto loan. If your original loan had a 21 percent APR, you’d be paying $10,282.83 in interest alone over the life of your loan. That’s outrageous!
However, if Car Deal Expert helps you pre-qualify for an auto refinance loan at seven percent, not only are you lowering your monthly payment by a significant amount (from $446.38 down to $330.63), but you’ll only pay $3,337.57 in interest over the life of the loan. That’s a savings of $6,945!
You don’t need an appraisal
Unlike home refinancing, an auto refinance loan doesn’t require any kind of appraisal. How much you still have to pay on your old auto loan and your current credit situation are the major factors. If your FICO score is at least 550, an auto refinance loan might make sense for you. If you owe at least $7,500, auto refinance loan companies may be interested in your business. If you can pre-qualify for an auto refinance loan through Car Deal Expert that’s at least one percent lower that what you’re paying (even one point makes a difference), it’s worth applying.
Don’t forget to do this
- Make sure that you spell all names from the old auto loan correctly when you attempt to pre-qualify for an auto refinance loan through Car Deal Expert. Little errors can lead to rejection, so be careful.
- Have the numbers ready, including your old loan number, all your vehicle’s pertinent information (including the 17 digit VIN).
- Don’t attempt to get an auto refinance loan for more than you need to pay off the old loan. If you’re looking for a payday loan, try sites like this one.
Car Deal Experts can save you thousands
If you are:
- At least 18 years old
- Earning at least $1,500 per month
- Currently employed for at least six months
- And free of bankruptcy
Car Deal Expert may be just what your auto refinance loan doctor ordered. We will do our utmost to find you a better rate than any lenders on the scene – quickly and without the hassle!