Vehicle Refinance can save you money with a lower interest rate
People often wonder why a person would vehicle refinance loan. After all, cars always depreciate in value the moment they leave the lot. However, buyers still must pay the full amount they agreed to, regardless of the value of the car. A vehicle refinance loan can save you money by getting you a lower interest rate.
Often, buying a car is a person’s first major purchase with credit. That means when you first purchase your car, you’re likely have little to no credit. After a couple of years of faithfully making car payments, you could easily qualify for a lower interest rate, which could save you a whole lot of money. Even if you had good credit to begin with, making regular car payments on time can improve your credit score, and you should take advantage of that.
How do vehicle refinance loans work?
There are many reasons a person might be able to qualify for a lower interest rate. An improving credit score is one way to get your interest rate down. Also, if you got a dealership loan, you might have accepted a higher interest rate than what we can find for you through Car Deal Expert.
When you get a car refinance loan through Car Deal Expert, you simply apply for the amount you owe on your vehicle and see what kind of interest rate you can get through an online lender. Then, you can borrow the money at the lower interest rate and use it to pay off your vehicle. Then you have your new loan at a lower interest rate.
Is it worth it?
Getting a vehicle refinance loan through Car Deal Expert is easy. Most of the process is completed online, and you will have Car Deal Expert and your chosen lender here to walk you through the process. If you can get a lower interest rate on your auto loan, you could end up saving thousands of dollars.
Also, if you are struggling with your monthly car payments, you could get a car refinance loan to help with that. You can extend your loan, or you can keep your loan the same length but with a lower interest rate. That will lower your monthly payments. You can also choose to keep your monthly payments the same amount at a lower interest rate and pay off your vehicle more quickly — and for less.
Do the math
If you want to know how much money you will save with a refinance loan, check out our refinance car loan calculator, and you’ll see exactly how much you can save by lowering your interest rate or shortening your loan term. You can also calculate what your new monthly payments will be.
Car Deal Expert has contact with a large pool of online lenders, so we’ll do the legwork of contacting a bunch of different lenders to find great interest rates and terms. Once we find you a lender, you can simply use the calculator to find out if the refinance loan will save you money.
It is up to you to accept or reject a loan offer, so it’s a no-brainer. You have nothing to lose by finding out what lenders have to offer you through vehicle refinance loans.[apply_button]