Should you refinance your car loan?

If you have a car loan, you may want to refinance?

Seriously. According to consumer advocate Clark Howard, “refinancing an auto loan is so easy and straightforward that most people should at least explore the idea — especially if interest rates are low”.  Here is Clark’s basic rule of thumb for determining if you’re a candidate for an auto refinance:

If you can qualify for an interest rate that is lower than the rate on your existing auto loan, you should move forward with refinancing as long as you do not extend the term of your loan. If you do refinance, you’ll likely see monthly savings immediately.

Unlike mortgage refinancing, which requires a break-even period for paying back the fees you paid to get the new loan, there should be no fees to get a new auto loan.

Bottom line

-An Ideal Refinance Should Both Lower Your Payment AND Shorten Your Term

-Credit Unions Are the Place To Shop for Auto Loan Refinances

https://clark.com/cars/clark-howard-refinancing-auto-loan/

Verne Hill

Verne Hill

The News Guy – WBFJ Family Friendly Morning Show at WBFJ fm - Your family station!
I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace…

VERSE: “Let everything that has breath praise the LORD” Psalm 150

QUOTE: “A person who loves his job, will never work a day in his life.”

MON-SAT 6A-10A(& Sunday@5 host)
verne@wbfj.fm
Verne Hill

Latest posts by Verne Hill (see all)



Verne Hill

I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace… VERSE: “Let everything that has breath praise the LORD” Psalm 150 QUOTE: “A person who loves his job, will never work a day in his life.” MON-SAT 6A-10A (& Sunday@5 host) verne@wbfj.fm