Refinancing can be one of the most profitable ways to stretch your dollars. In a time when gas is up to $4 per gallon and overall the cost of living continues to be on the rise, wouldn’t you like to find a way to save money?
Think about it: At a time when it’s hard to earn as little as an extra half a percentage point or more on your savings, you might be able to “earn” two or three percentage points by improving your auto loan rate.
Buying a new car or truck is a thrill. Many buyers will do just about anything to acquire the vehicle they want, as soon as possible. Sometimes, that includes going for a “right now” loan at a car dealership instead of shopping for the best loan rate. If that happened to you, don’t passively suffer buyer’s remorse. Call First New York, and let us help! If the vehicle’s still fairly new, and you qualify, we’ll help you trade in that costly loan on one that won’t dent your fenders.
How much can you save? Say you’ve had a 60-month car loan at 6.3% annual percentage rate (APR) for one year, and you financed $15,000. At monthly payments of about $292, your current balance is about $12,365. If you can refinance at 4.74% APR (with automatic loan payment) for the remaining four years of your loan, monthly payments will go down slightly, to about $283. But you’ll pay about $430 less in total finance charges for the remainder of the loan. That’s a deal with real road appeal!
Take a look at the rate that you are paying on your Auto Loan, and let’s see if your credit union can save you some money by refinancing!
Posted by Walt Everhardt 
