I don’t know about you, but money for me is tight. Gas prices keep rising, the grocery bill is climbing through the roof and it’s getting more and more difficult to make ends meet. And I have a job! Think of the many people in this country who don’t. When economic times are hard, sometimes you have to be creative when it comes to making extra money. If you have a car, there are several options.
Refinancing isn’t only for mortgages, but it works for auto loans, as well. It can save you money by lowering your interest rate which, in turn, lowers your monthly payment. If you can decrease your rate by just one percent, do it. It would equal a savings of about $500 in total interest paid, and I don’t know anyone who couldn’t stand to save $500. If your car is worth more than you owe, you could also cash out on your auto loan. The lender refinancing your car will loan you the amount the car is worth. You would pay off your old loan and pocket the difference while getting a new monthly payment. There are also online refinancers like RoadLoans that offer cash back with their refinancing application. But RoadLoans makes the process a little easier because the cash back option is not tied to the value of your car.
Whether you’re refinancing or taking a loan, it’s important to look at your numbers carefully and be responsible with repayment. You don’t want to dig a deeper financial hole that can’t be climbed out of.Written by: