Auto Refinance
Auto Refinancing Tips
Auto refinancing is a great financial strategy. Combine that with lower interest rates and the potential savings can be huge when you refinance your car loan.
There are many benefits to refinancing your auto loan:
Get a Better Interest Rate
The interest rate you started with may have been a good value at the
time, but now the rates have dropped. Refinancing is worth looking
into, even if you recently purchased your vehicle.
Auto refinance makes sense even if you can only get the rate down one or two percentage points.
You'll still save a lot of money on a car refinance. A $10 a month
reduction could save you hundreds over the life of your loan.
Free Up More Cash
If you need more money at the end of the month, refinancing your
existing auto loan could be a great way to free up some extra cash.
By extending your original loan term, you can lower your monthly
payment and stretch your monthly budget.
Keep the Car You Lease
If you leased your car as an alternative to financing, you may want
to consider buying out your lease at the end of your contract. You
can refinance the residual value and keep the car you've grown
accustomed to.
Auto refinancing really pays off if you're
facing a huge lease surrender payment for excessive mileage. Get a
car refinance check and pay off the leasing company yourself. Then
sell the car or trade it in and avoid all those lease overage
charges.
Online Auto Refinancing
Paying too much for your car loan? You may want to look into
refinancing-especially online. Once thought to be limited to only
mortgages, refinancing has become a hot commodity for online users
who want to pay less on their car loan.
"One of the best-kept secrets today is auto refinancing via the
Internet," said Ron Browning, Director of Internet Marketing with
E-Loan, the nation's largest online vehicle lender. "All it takes is
the time to fill out the application-which is about 10 minutes."
Online auto refinancing is an alternative to using traditional providers such as banks and
credit unions. Refinancing your auto loan online can be a valuable
investment of time that could lower your monthly payment as well as
save you a bundle over the life of your loan.
According to Forrester Research (FY2003), 70 percent of those who
research auto loans online do so because it's easy to comparison
shop. And two-thirds of those who have applied say they go online
because it's more convenient than on the phone or in person.
E-Loan Auto Refinance
Many car owners are simply not aware of the low refinance rates
available online. For example, E-Loan offers some of the lowest
interest rates- typically one or two percentage points below the
national bank average.
With a customer satisfaction rate of 96 percent, they can help you make the best decisions about your loan and can give you an application response within 15 minutes.
What many also may not realize is that refinancing an auto loan is easier than refinancing a home and can save you serious money.
For instance, a $30,000 auto loan for five years at eight percent APR would result in a monthly payment of $608.
If after one year you refinance your auto loan at six percent APR, your payment then drops to $587 a month, saving you more than $1000 over the life of your loan.
Bottom line
Car refinancing makes sense.
If you find an interest rate online that is lower than your current
interest rate, odds are you are going to save money.
Today, more and more savvy consumers are recognizing the savings
that can be earned by refinancing their auto loan online. The
Internet has become a great way for car buyers to apply for
low-interest loans with no down payment, no application fee, and no
prepayment penalty-all from the comfort of their home or office.
If you're looking for an easy way to save money and willing to
invest 10 minutes, take the time to go online. You'll be amazed to
see just how much car refinancing can save you.
Golden rule of auto refinancing
Don't wait. The sooner you refinance at a lower interest rate,
the sooner you'll be saving money on your car loan.
E-Loan has great car refinance rates
They represent all the major lenders.
That's why it pays to shop your refinance auto loan through E-Loan.
You can have a check in hand tomorrow to refinance your car. All you
have to do is fill it out and send it in.
Apply online at E-Loan today. It's quick
-- takes 5 minutes -- fast -- you're approved in 15 minutes -- and easy
-- it's a very short form.
Plus, you can't beat their low rates!
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