Auto refinancing allows you to save money by lowering your interest rate on your car, truck, SUV, or motorcycle.
What is Auto Refinance?
Refinancing an auto loan pays off an existing loan with a new loan. Replacing an old loan with a new one can save the borrower hundreds or thousands of dollars in interest fees. There are several reasons why a borrower may have received a high interest rate on their original auto loan, including poor credit or inflated dealership rates. Finding a new loan with a lower interest rate will allow the borrower to pay off the high-interest loan immediately, preventing high amounts of interest from building up. The borrower is then responsible for paying back the new, lower-interest loan, which, over time, will accrue less interest than their original loan.