Consumer Car Buying Advice Blog

The results of a new survey conducted by Capital One Financial Corporation reveal that the majority of Americans don’t know their auto loan interest rate and are unaware of auto loan refinancing options. (more…)

Everybody is always looking for the best car loan deals. Not too long ago, this required buyers to spend time looking through the ads in the Sunday paper, make a bunch of phone calls and, finally, drive to at least three car dealers. Now that we have the internet, the process is much easier.

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One option that bad credit customers have in today’s market is the ability to refinance a car loan in order to reduce the monthly payments. There are a number of advantages that this option can offer all owners, even those with a checkered credit history.

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There are many reasons to refinance, but the two primary reasons are to lower your payment or reduce your interest rate.

I’ve spoken with people that had to refinance a loan because they experienced an economic downturn. With the downturn, they could no longer afford their current debt load and got behind on some of their bills. As a result their credit score was lower. They refinanced their loan at a higher rate and a longer term, but they met their primary objective, which was lowering their payment so that they could meet their other obligations.

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