Top 5 Reasons to Refinance Your Vehicle
SAVE MONEY
The average refi customer SAVES $79 PER MONTH (around $1,000 per year) on their car payment.*
CHANCE TO LOWER INTEREST RATE
In many cases, refinancing an automobile lowers the interest rate by a significant amount. Example: A person with a $15,000 loan at 13 percent APR with 48 months remaining can SAVE $700 IN INTEREST PAYMENTS by a refi reduction of 2 percent APR.
SKIP A CAR PAYMENT**
A refinance allows you to “take a vacation” from making monthly payments, FREEING UP CASH TO PUT TOWARD OTHER USES, like paying off a high interest credit card bill.
REBUILD CREDIT
When you complete your auto refinance, and HAVE KEPT UP TO DATE WITH THOSE PAYMENTS, the loan activity is reported to the credit bureaus – an enormous step toward rebuilding/building credit.
IT’S QUICK AND EASY
Customers can go online to RoadLoans.com and find FAST REFINANCING AT THEIR FINGERTIPS.
* Yearly payment reduction claim is based on average payment reduction our customers experience over a year with their new loan (same or a longer term) compared to their prior yearly loan payments. Yearly payment reduction may result from a lower interest rate, a longer term or both. Your actual savings may be different. The average customer saves $79 monthly.
** Skip a Car Payment: Because the first monthly payment on your new auto loan will be due up to 30 days after the closing date, and the closing date will be 0 to 30 days after the most recent monthly due date of your existing loan, you will not have a scheduled monthly payment due for 30 to 60 days after the most recent monthly due date of your existing loan. The actual number of days you will not have a scheduled monthly payment due will vary depending on the terms of your existing loan, your payments on the existing loan, and applicable state law. Interest will accrue on your existing loan until it is paid in full. Interest will accrue on you your new loan beginning on the date the loan is funded.
Written by:
James Mayfield is the Director of Content at Santander Consumer USA and has been creating content on financial topics for more than 10 years. In addition to writing for the Santander, RoadLoans and Chrysler Capital blog sites, his work has…
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