You have taken advantage of low interest rates and refinanced your home. Did you know that you can refinance your car too? It sounds strange, but can save you a considerable amount of money. Auto loans have considerably shorter terms than most other loans. However, if you still have a certain amount left to pay and the car is not too old; a refinance can lower your interest rate and save you lots of money. If you look carefully you may also find a company that will refinance with no fees, or prepayment penalties. Subject to a few requirements, you can start saving money right away with an auto loan refinance.
Most lenders that offer auto loan refinance require that you have a certain amount due on your loan. Some also require that your car is not older than a certain amount of years. There may be other restrictions as well like the kind of vehicle to be refinanced and mileage. Great deals are available on vehicle refinance, especially online. Many lenders will refinance with no application or other fees. Although there is a title transfer fee that your state charges. This will probably be added to the amount of your refinance.
Auto loan refinance lenders offer such great deals because they want your business with them rather than another lender. The application process is especially easy online and you will receive a decision anywhere from a few minutes to 24 hours. The documents are emailed to you and you can print and sign them then mail them in. Then start enjoying a lower monthly payment. You will probably have the option to extend the term of your loan as well. This will further lower your monthly payment, but extend the total time you will be paying off the loan.
Carefully consider whether a refinance will really save you money. It may sound like an undeniable good idea, but if you are nearly finished paying on your car it will probably not save you much. Perhaps it is a better idea for you to simply sell the car rather than refinance. You’ll have to do a little math to figure out whether it will be worth your time and money. The main goal of auto loan refinance is to lower your monthly payment. If your monthly payment will not benefit that much, if may not be worth it to refinance.
About the Author: Chris Goodman has been in the auto finance business for more than 20 years and has assisted thousands of consumers with their car loan needs. He is an expert on auto loan refinance. Find more information at http://www.OpenRoadLending.com and see how easy it is to get a car loan.