When interest rates begin to drop, people often consider refinancing their mortgages.
When the federal interest rate drops, so do rates for auto loans. But used car refinancing is much easier than refinancing a mortgage, and in many cases, it can save you just as much money too.
What makes Used Car Refinancing so simple? For a start, there are no inspections, no appraisals and no waiting around for answers from banks. In most cases, you start by taking a few minutes to fill out an online application and you typically have your results within just minutes of submitting your application. Most companies don’t even charge application or financial fees. So, really what do you have to lose?
Who can benefit from refinancing a used car? Just about anyone. If you like to save money and keep a watch on the Fed for drops in interest rates, you could cash in. If you believe your credit score has improved since buying your vehicle, you may qualify for a lower rate now. If you feel like you didn’t get the best possible rate from your current lender, you may have been paying too much. If you bought a car on a short-term loan and now can’t afford those high payments, you could also benefit from used car refinancing. Even if you have been leasing a vehicle and have now decided to keep it, you could consider refinancing your used car to finance the balance.
When contemplating used car refinancing, don’t just think about how much lower your monthly payment will be, think about the big picture. How much will you be saving over the life of the loan? What might seem like an insignificant change in your monthly payment could actually be saving you much more in the long run, depending on the rate and term of the new loan.
It’s never too early to look into the terms for refinancing your used car. There is no minimum waiting period to refinance auto loans. So, even if you have just recently purchased your vehicle, you could still benefit from refinancing at a lower rate.
At RoadLoans, we make Used Car Refinancing easy. Applying online takes just minutes and you will receive instant confirmation. If approved, you simply download your loan papers and instructions. Complete them, sign them and return them to RoadLoans. We will take everything from there. We work with your current lender to pay off your existing banking loan and transfer the title to your vehicle. Although, RoadLoans does not charge an application or refinance fees, there will be a title transfer fee, which varies in amount by state. We will even take care of paying that for you.
It’s time to stop wondering if you are paying too much for your car loan. Check into used car refinancing with RoadLoans today and experience auto finance made easy.
Car loan & auto refinance experts for people with bad credit. RoadLoans.com provides a car loan calculator and car financing to buy new & used autos. Save money and time and apply online today!