How can a person tell when the best car loan refinance rates are available? No one wants to pay more than he has to in interest on his loan, so where does he look to find out the information he needs?
Pittsfield, MA -- (SBWIRE) -- 03/04/2013 -- Credit-yogi.com has done a bit of research into this topic and would like to share the results of it, including:
- Reasons to Refinance
- Comparing Refinance Rates
- How to get the Best Rate
- How Much can Refinancing Save?
Why Refinancing is a Good Idea
There are several good reasons to refinance a car loan. If the interest rates have dropped since the vehicle was purchased or the value of the car is less than the amount of the loan on it, refinance. Any time one can lower his monthly payment, refinancing is the way to go. However, if one is going to do this, it will be best to look into the best car refinance rates, which will be discussed in the next section.
Ways to Compare Rates
Looking for the best car loan refinance rates is easy. A person can telephone various lenders and ask about them. He can also go online, where he’s apt to find lenders advertising “guaranteed auto refinancing”. The best advice here is to use caution when dealing with these lenders. Some of them are out to scam people who are already financially strapped out of what money they have. He can also go online to local financers and find out their rates.
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Getting the Very Best Rate
Once a borrower has found the best rates for auto refinance, he can also look at used car refinance rates. Whether his vehicle is brand new or pre-owned, he’s going to want to get the best interest rate. If he’s smart, he can negotiate a better rate than that which is advertised by the seller. Pointing out that his credit score has improved since he got the original loan can result in a lower rate. If he can provide documentation of his ability to keep up with a lower payment, he can get an excellent rate.
Saving Money through Refinance
After an automobile owner has found the best car refinance rates, he can begin to tabulate how much money he’ll save. The lower the interest rate, the more he’ll save, and taken over the life of the refinance loan, he could save as much as $6,000 or $7,000. That’s really good incentive for refinancing!
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