|
Home
MENU:
Betterthanokay.com Home
Automobile
Resources
Automobile
Articles
Recreational
Vehicles
Debt Reduction
Credit
Cards
Loans
Mortgages
Great Outdoors
A Look at Car Transport Trailers
All-Weather Car Mats
Bras, For Your Car
Car Ionizer Air Purifiers: Strong enough for Car Interiors?
Changing A Busted Car Halogen Bulb
Great Deals and Tips on Parts for Your Car
Research Haulers before you choose a transport company to ship your Car, Boat, Horse, Furniture, etc...
Shopping For A Car? Don’t Get Taken For A Ride!
|
Car Loan Refinance Tips And Techniques
One of the best kept secrets around for saving money is car loan refinance. However, most people never thought of car loan refinance as an effective way to earn extra cash. So how does a car loan refinance program exactly work? The idea is pretty simple. When you get a car loan refinance program, you pay off your current car loan with another car loan from a different lender that has a lower APR. So basically, a car loan refinance is the same as a home refinance.
Car loan refinance is good for you since refinancing auto loans can lessen your monthly car loan payments. Also, your interest rate drops, allowing you to pay off the balance of your car loan much faster.
The benefits of refinancing are proven when a record number of homeowners refinanced in 2001 and 2002. Today, many car owners are beginning to realize how you can save thousands through car loan refinance, too.
Car loan refinance has become a popular trend especially with today’s dropping interest rates. It’s like stumbling upon a bankroll you didn’t know you had or finding cash in your clothes while doing laundry. With car loan refinance, you pay lesser monthly payments, allowing you to pay off your loan balance faster. Imagine how much you can save on interest alone if you could pay off your loan in say 12 years instead of 15. You can use the extra money you save to pay off credit card debt, or accelerate your car loan payoff.
Car Loan Refinance can benefit even those with bad credit.
It’s true that car buyers with bad credit can obtain car loan refinance as a way for them to lower their APRs. But because some dealers dupe them into thinking that they have no choice but to stick with 21-25% APR, they don’t even think of trying.
Let’s say for instance that you borrowed $16,500 for 60 months on your new Honda Accord and let’s assume that you have a less than perfect credit rating or have had no previous credit. Your dealer got you approved at 21% APR for a 60 month car loan. So you start paying off your car loan for a few months but then you decide to get a car loan refinance with another lender at 6% APR.
Your current monthly payment at 21% APR would be around $446 while your payment for the new car loan refinance at 6% APR would be about $319. The total interest on your current car loan would be around $10, 283 at 21% APR but you can save about $7,643 of that if you get a car loan refinance with a total interest charge of only $2,639.
See how powerful car loan refinance can be for you?
About the Author :
Learn how to eliminate speeding tickets. Feel free to reproduce this article as long as there is an active hyperlink accompanied with it.
This article is distributed by: www.iSnare.com
Written by: Sarah Williams
|
Other Articles of Interest:
10 Tips For Getting The Best Deal On A New or Used Car
1. You should purchase your new car at or around Christmas time because with everybody buying their Christmas presents, not many of them are looking to buy a...read more
A Guide To Comparing Used Car Loan Rates
If you want to get the perfect car loan that fits your budget, it is foolhardy to just sign-up when you have not determined all of your available options....read more
Benefits of Buying a Used Luxury Car
As a result of improved vehicle technology and materials, used car buying has become increasingly popular in the past several years. This is especially the...read more
Muscle Car Spoilers
A muscle car spoiler is a car spoiler attached on a muscle car, which is a term for high-performance cars, primarily American models produced between 1964 and...read more
Protect Your Car From Road Salt
REQUIREMENTS FOR REPRINT: You have permission to publish this article free of charge in your e-zine, newsletter, ebook, print publication or on your website...read more
Special Offers: Save on quality tires with these manufacturer's promotions available from The Tire Rack.
 |
News:
Launch Party Is Over for Nissan GT-R (Dec 1, 2008 21:53)
We Americans just can't have nice things. Nissan GT-R, soon without launch control. As Exhibit A, I ..
Detroit Lite: Nissan Dealers Consider Plan B (Nov 28, 2008 23:29)
If unseasonably chilly temperatures were not enough, the recently announced pullout of Nissan and In..
They Bash Horses, Don't They? (Nov 28, 2008 22:27)
From our colleagues at Paper Cuts: As a devoted reader of Streetsblog, I enjoy a good anti-car scree..
Florida Dealer: 2 Trucks for the Price of 1 (Nov 28, 2008 20:04)
Two-for-one sales are a popular and tradition-steeped staple of retailing. But usually they are rese..
Detroit Lite: Beneath the Surface (Nov 26, 2008 17:03)
All automakers seem to be scaling back auto show expenses, as vehicle sales have plunged and more th..
|
