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Wednesday, November 28, 2007

Refinance Your Auto or Truck Loan and Save Money

I think it's safe to say that we all want to save money each month on our expenses. The cost of living is on the rise, mortgages are resetting and homeowners may find these are causing more money to leave our pockets.

If you have an auto loan, do you know what the interest rate you are paying? I was surprised to learn how many of my friends and associates don't know this.

Did you know you can refinance your auto loan as you could refinance your mortgage? Refinance Car Loans enables you to pay off your existing auto loan, but it is a faster and easier process than refinancing your mortgage.

The new lender will pay off your old loan and the title will get transferred to the new lender. Refinancing a car loan is basically used to lower your interest rate, thus reducing your monthly expenses. Auto loan rates are lower now, so why not take advantage of this?

If you had obtained a loan a year or two ago, maybe the interest rate was high due to poor credit and now you know your credit has improved. This will give you a lower interest rate. You have a couple of choices when considering an auto refinance loan. If you want to reduce the amount you are paying in interest, refinance with the same or reduced term. If your goal is to have smaller monthly payments, you can even chose to extend the payment term on your existing loan. Please note though that this may increase the total interest paid over the life of your loan.

If this is something you want to look into, take a look at RateGenius. They utilize an electronic document process that will provide a speedy refinance and at No Cost for using their service. They will find a lender for the terms you want and you may be able to enjoy not making your first payment for up to 60 days.

Stop paying ridiculously high monthly auto or truck payments. Keep more money in your pocket.

1 comment:

Anonymous said...

By far, the best place we've found online and used was as they provide national lending for cars, trucks, and SUVs.