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!
May 29, 2008 at 4:59 am
I would also advice that buying a used car is better that buying a new car since new cars loss about 15 percent of their value from the time they leave the dealership. Also, used car prices is at a 20 year low
May 31, 2008 at 1:03 pm
Normally car refinancing will benefit to customers but they have to consider the conditions of refinancing with cool heart. Sometime there are many factors involved with decision making. Be careful about car refinancing.
June 3, 2008 at 1:21 pm
Used car are always better to buy especially when you taking about bad credit car loans. They are more affordable but more importantly a new car losses 15 to 20 percent of its value from the time it leaves the car lot