Some people like to treat purchasing a vehicle as a one-stop shop. Find the vehicle, finance it with a lender, and pay it until your term is done. The one thing with this process that people don’t realize is how much money you actually end up spending in the end. Vehicles will depreciate in value over time, but your bank account shouldn’t have to. Do yourself a favor and review your current loan contract, research other lenders for their interest rates, crunch some numbers and see if refinancing your auto is the right decision for you.
Below is an example of how much money you can save by refinancing.
|Original Loan||Refinanced Loan|
|Term||60 Months||48 Months|
|Total Paid in the End||$29,4633||$22,9813|
Overall amount saved is $6,482. Amounts used were rounded up to the nearest dollar.
1Refinanced Loan balance is the Original Loan balance after 12 months of scheduled payments.
2APR based on evaluation of applicant’s credit. Your APR may vary.
3The total amount paid on the Refinanced Loan of $21,448 plus $1,533 of accrued interest was paid on the Original Loan for 12 months.
- Are you trying to cut your monthly expenses down?
- Did you originally finance your auto loan with a higher interest rate because they were the only lender that would approve you?
- Are you trying to make an adjustment to your loan term to either help pay off the debt sooner or to help lower your monthly payment?
- Have you been taking steps to improve your credit and feel that your score has increased since you last took out your auto loan?
If you answered yes to any of these questions, then think no more. Refinancing is the option for you! It is time to take charge of your finances and stop throwing away money. The process is quick, easy, and could end up saving you thousands in the long run. To learn more about refinancing your vehicle or our current interest rates, call us at 210.673.5610 or 800.227.5328.