With average car payments around $500, it is no surprise that Americans are turning to auto refinance to help put their families in a better financial position. Refinancing your auto loan with rateGenius can save an average of $81/month and the process is easier than ever before!
Refinancing means that you are applying for a new auto loan that will pay off the balance of your current auto loan. Many consumers are pressured by pushy salesmen to purchase new cars with high interest rates and payments out of their budgets. This practice leads to consumers owing more than their car is worth and struggling to pay their bills.
If you have a high monthly payment, a high interest rate, or a recently increased credit score, this may be the perfect time to refinance your auto loan! Even with a less-than-perfect credit score, rateGenius could potentially match you with a lender that will lower your payments and/or lower your interest rate saving you money over the life of your loan. RateGenius works with over 150 lenders nationwide to find the most competitive interest rates for our customers.
The application is fast and simple. Just input some information regarding your current auto loan and personal details and you are one step closer to lowering your monthly payments. Once your application is approved, a loan officer will contact you with the simple next steps. Your previous loan is paid off and transferred to your new lender. And many times, this process allows you to skip one monthly payment.
Be sure you are currently up-to-date on your loan payments before applying for your refinance and check the value of your vehicle to ensure this is a good move for you. Typically newer cars have a better loan value and are easier to refinance.
The benefits of refinancing don’t stop at lower monthly payments. It also offers the following benefits:
- Shortens your loan term
- Helps with financial security
- Helps your credit score
- Less interest paid over time
Put your new savings towards paying off other debt, pay down your car loan, or add steady funds to your emergency savings account.