To refinance auto loan is to avail of auto refinancing offered by another lending company which could dramatically lower your monthly auto loan payments. Once your application for refinancing of auto loan is approved, the refinancing company will pay off your current auto loan balance in full. Then you start making payments to the refinancing company at a lower rate. Depending on the interest rates you are required to pay in the previous auto loan, to refinance auto loan could save you hundreds even thousands of dollars per year.
Refinancing auto loan can be demonstrated this way. For instance, you bought a car six months ago. The dealer informed you that you pay 10% on the five-year loan for a $ 20,000. Monthly payments would amount to $500. Then you surf the web and found a company that offers to refinance auto loan. The balance of your loan is refinanced and paid in full by the company and you pay only $400. $100 slashed from your monthly payment could save you $6,000.
There are a number of reasons why you need to pay higher interest rate and want to refinance auto loan. One is you could not have spent enough time to look around for the best financing deals....
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