With interest rates at an all time low, now might be the time for you to refinance your current auto loan. You might ask, should I refinance a car? First, you need to gather information that you will need to make a sound financial decision.  Find your current car loan papers.  Check out the interest rate charged and the length of your loan.  Then find out what your credit score is.  You can do this for free by going on the internet. Once this information is gathered, check out some reasons you should consider refinancing your car loan.

  • You can lower your Interest Rate.  If you can drop 2 percentage points for example going from 6% to 4%, you can save money over the life of your loan.  If you had bought a new car, now it will be considered used.  This can cause a higher interest rate. But it would still be profitable to check into refinancing.
  • Has your Credit Score improved?  If your credit score was low when you first made your car loan, you are probably paying a higher interest rate.  With a higher credit score, you will be able to get a lower interest rate.  Save some money with auto refinancing.
  • With lower interest rates come lower car payments.  Can you use a little extra money each month to take care of other expenses?  Refinancing would do the trick.
  • Maybe paying off your car loan earlier is in your financial plan.  With lower interest rates, you can shorten the number of months to pay your loan off, while keeping the same loan payments.  This would allow you to purchase other items sooner than you thought.
  • Did you lease your last car?  Is the lease coming due and you want to keep the car?  Refinancing would be your option.  You might be surprised with your payments. Then in the end you would own your car.

There are many reasons to refinance your car loan but the ultimate goal is to lower your payments or pay your loan off quicker.  With low interest rates, now is the time to seize this opportunity.  Finding a reputable lender with low interest rates is your next step.  Log on to LoanexFastCash.com.  They will guide you through your refinancing process and let you know how much you can save.  Saving money is a good thing!