Easy to make but not so easy to keep, about 80 percent of New Year’s resolutions fail by the second week of February, research tells us. So how can you maintain yours this year?
If, like many, you’re aiming to spend less and save more, one option might be to apply for refinancing on your car. If approved for a lower monthly payment, and depending on terms such as APR, you’ve just received the green light to save cash every month for the duration of your loan – likely for the rest of the year and, perhaps, well beyond. As long as you keep up with regular, timely payments, that’s a pretty low-maintenance resolution to keep.
Auto refinancing itself is a simple process to go through; more so than many people realize and more straightforward than refinancing a home. Applying online with a lender like RoadLoans takes just a few minutes and applicants receive an instant loan decision.* If approved, your next steps are to complete and return the documents, and let us set up your refinanced loan. We’ll work with your existing lender to get everything finalized so you can enjoy a more comfortable payment ahead.
It’s a good idea to estimate what potential savings on a loan may be before you apply. An online refinance calculator is the tool to use and enables you to enter the loan balance, monthly payment and APR for your current financing along with refinance amount, loan term and APR for a new loan to see possible savings on a monthly payment and overall savings on interest.
Adjusting the values will help you better understand how refinancing works, and what might be the most suitable terms for you going forward. A lower monthly payment may result from a lower rate, but it’s also dependent on other factors like the length of a loan. All things being equal, a shorter loan will help to reduce what’s paid in total interest over the life of the contract but raise the monthly payment, while a longer loan tends to do the opposite. Refinancing is all about finding the right balance for your needs.
See if you can start saving
As the new year begins, it’s traditional to set resolutions and make new plans, but as the figures show, it’s also commonplace for those good intentions to quickly fall way. Refinancing your car may be an easy way to spend less and save more through the months and years ahead.
Apply for refinancing and get an instant decision.
* RoadLoans does not accept applications to refinance a loan from existing Santander Auto Finance and Chrysler Capital customers.