I’m amazed at the amount of people that do not know they can refinance their auto. It seems like everyone knows about home refinancing but not as many know about auto refinancing. There are a few similarities but several differences in the two. One thing is for sure, auto refinancing is easier than home refinancing.
- Rates are based on credit history.
- You may have individual or joint applications to qualify for the loan.
- There is a loan to value maximum. Borrowing equal to or less than what the asset is worth.
- Zero closing costs with auto refinancing. Yes, I said it. Zero closing costs.
- In most cases it can all be completed on line or through fax/email. No in person signatures required.
- Only a few papers to sign vs. a stack. We all know the stack I’m talking about for home financing.
So many people are finding it difficult to make ends meet these days. Lowering any of your bills is helpful. You can save in multiple ways. Lower your payment, lower your interest rate, extend your term, put money down or do it all.
Example of savings:
$15,000 original loan amount, 18% rate, 60 month term = $381 a month
You paid on the loan for a few months to a year and now you owe $13,000 but still at the $381 monthly payment.
$13,000 new loan amount, 13% rate, 60 month term = $296 monthly payment. You now have $85.00 more a month in your pocket and you didn’t have to pay a dime to do it.
myAutoloan.com has multiple lenders in the auto refinance space. You have the power to compare offers and pick the one that best fits your needs. Our rates begin at 5.45% for excellent credit and go up from there. What are you waiting for? Apply now for auto refinancing.