Refinancing can be an excellent option for people who currently have an auto loan and are looking to lower their monthly payment, get a better interest rate, or change how long it will take to pay off the loan. This can be especially useful for people who have had credit issues in the past, and it provides an opportunity to get more favorable financing terms.
Refinancing can be an excellent money-saving strategy when you finance a car and did not receive favorable terms. The interest rate you are able to qualify for is largely determined by your credit score, so when you finance a car when you have less than perfect credit, it's likely that you received an APR that was higher than average.
Luckily, there's such a thing as a refinance. When you refinance a car loan, it means you are replacing your current loan with a newer one with different terms, usually with a different lender. Even though many people haven't explored this option, it's a valuable tool that can often help a borrower out.
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In 2020, Americans saved an average of $989.72 a year when refinancing their car, the largest amount since 2016. Of those who refinanced, 42% saw annual savings of $1,000 or higher. With an average interest rate of 10.5% on existing auto loans, the average refinanced loan was 5%, the greatest interest rate reduction since 2012.
Refinancing a car can have different outcomes for different borrowers. It's important to consider all aspects of both your current loan and any potential refinanced loan before you commit to it. You would be wise to make sure that you understand your motivations for doing so and make sure that it can accomplish the outcome you desire.
While there are many reasons for doing so, the two main reasons to refinance are to reduce your interest rate or lower your monthly payment. It generally makes sense to refinance your auto loan when your credit has improved, when interest rates drop, or your financial situation has changed, for better or for worse.
Under the right circumstances, an auto refinance may save you some money. And getting refinanced can be faster and easier than you think.
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