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Should I Refinance?

Many people wonder if refinancing their auto loan is really worth it for them, after all most people only refinance mortgages because the loan amount is usually over $100,000. However, you may be surprised to see how much money can be saved by refinancing an auto loan, especially if the original loan has a high interest rate. A lower interest rate makes a huge difference over the life of the loan. Take a look at these examples to see just how much money you can save:

1. For this example, let’s say your car loan was $16,500 to be paid off in 60 months. Due to a poor credit score that the dealer took advantage of, your interest rate is 21%. What happens when you refinance at 7%?

Interest rate

Monthly Payment

Total Interest On The Loan

21%

$446

$10,280

7%

$330

$3,340

By refinancing at 7%, you would save nearly $7000 by the time the loan was paid off! You’d also get the benefits of a monthly payment that’s over $100 cheaper.

2. Here’s a similar example with the same loan amount and length, but this time let’s assume you actually got a good interest rate on your car loan.

Interest rate

Monthly Payment

Total Interest On The Loan

7%

$330

$3,340

6%

$320

$2,640

Even with just a 1% difference in the financing rate, you can save $700 over the life of the loan! As you can see, regardless of your original interest rate, there are opportunities to save hundreds to thousands of dollars by refinancing through Auto Lending Refinancing! Please visit our increase your credit score page to learn more.