Who isn’t looking to save some extra money this year? One way you can do that is by refinancing your automobile loan. Besides what you pay for your home, whether it’s a mortgage payment or rent your car payment is probably one of your biggest monthly expenses. Wouldn’t it be great if you could make that payment smaller, enabling you to bank the difference and build up your savings account?
An auto loan refinance can save you hundreds of dollars a year and all it takes for you to reap that additional money is some time and effort.
How to Refinance A Car

Your first move should be research. You can start that at LoanexFastCash, the online financial superstore that built its reputation on automobile financing. In just a few minutes, you can fill out an application and get quotes on auto loan refinancing from lenders across the country.

As part of your research, look at each automobile loan refinance offer to assess what interest rate they are quoting, how much they are willing to lend you, what your monthly payment will be, and whether any fees will be assessed to complete the loan. Be warned that paying additional fees or up-front costs will take away any savings you may see in the interest rate. Also be aware that even the best interest rate is bad for you if the other terms of the loan, such as length of the loan or monthly payment could cause you hardship. Don’t trade one negative for another.
Once you decide on a loan, the process should be quite simple. You’ll fill out the paperwork and it should take just a few days to complete the deal.
Make it easy for the auto refinance company by having everything that will be needed on hand, including proof of income, such as pay stubs or tax returns; proof of insurance; and proof of your identity, such as a driver’s license or passport. The new lender also will need to know the car’s Vehicle Identification Number, known as the VIN number, which you can find on the initial loan paperwork or on the dashboard of your vehicle. Mark down the mileage as well, as the lender may ask for that.
One potential bonus when refinancing used car loans is that you might be able to skip a car payment when the new loan pays off the old loan. That’s an entire car payment that can go right into your savings account!
Make a Plan For Your Savings

One other thing you need to be clear on is where the money you are saving is going. Do you plan to deposit the difference between the new loan and the old loan into your savings account? Will you designate it to pay off bills?
If you do not have a plan for the money that you save, you will find yourself at the end of the year with little to show for your attempts to save.
But before you can worry about what you will do with your savings, you need to find out if refinancing your automobile loan is a good financial move for you. Start that search at LoanexFastCash.com and you’ll be banking your savings in no time at all!