How much can refinancing an auto loan save?
Say you bought your new car six months ago. And say you do not have the highest credit scores, or had difficulty with financing in today’s environment when you bought that car. The automobile dealer told you that your auto loan would be 8 percent on a five-year loan for a $23,000 car. So using this example your monthly payments are currently $465 per month. Now lets say you contact a company that provides auto refinancing. You can refinance the balance of your car loan, and lower your car payments to around $400 a month. That is equal to a savings of almost $4,000 over a 60 month period of time, the life of the loan. All it takes is about 10 minutes to fill out the refinancing application, and by refinancing your car loan at a competitive rate your monthly monthly car payments can be slashed.
