Did you ever think about refinancing your auto loan? When you think about refinancing you usually think about refinancing a house, not a car. But yes you can even refi your car too.
Well whether it is a car or a house it’s still a big loan. It works the same as a home loan. When you refinance your car loan you pay off your current car loan and get a new loan from a new lender that has a lower interest rate.
The reason for doing this is to lower your monthly car loan and save some money. You can also work with your new lender to keep your car payment the same, just shorten the amount of time needed to pay it.
So who should do this? If you can get a lower interest rate than your current one, at least 1% lower, you should consider it. If you have over $7,500 left to pay on your car, other banks are interested in taking your loan.
As a final note, most auto lenders won’t refinance their own auto loan so you will need to look for a new lender. Also, check the current auto loan quotes online to see if you could be getting a better deal.