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Cornfield, a retirement analyst for Bankrate, notes that “if you are human, have a pet, kids, a house or a place to live, something is going to happen that will cost you money.”
However, our changing economy, demographics, and spending patterns has left many Americans strapped for cash, and more have had to sacrifice proper car maintenance because they just don’t have the funds to pay for it.
AAA recently conducted a study that led to an alarming statistic – 60 percent of Americans don’t have enough savings to cover a $500-$1,000 unexpected expense, such as a brake malfunction or a new radiator.
Instead of worrying about such problems, those in need should consider auto loan refinancing as a way to lower their monthly payment. This would give them extra funds to put towards emergency situations such necessary repairs.
Additionally, purchasing a vehicle service contract, though a potentially higher upfront cost, could save money in the long run because they cover the expensive parts and repairs. This will reduce the potential for a vehicular issue to unwind a person financially.
Drivers looking to lower monthly payments, reduce interest costs, or upgrade vehicles often face the same question: Is it smarter to refinance a current auto loan or trade the vehicle in for something else? Both options can improve a financial situation under the right circumstances, but the long-term savings depend on factors like credit score,…
Refinancing a car loan is often positioned as a smart financial move, especially when interest rates drop or a borrower’s credit profile improves. In many cases, auto loan refinancing can lower a monthly payment, reduce the annual percentage rate (APR), or create more manageable loan terms. However, refinancing is not always the right decision. Certain…
Credit checks are a foundational part of lending and underwriting. Whether applying for a credit card, auto loan, mortgage, or refinancing an existing vehicle loan, lenders evaluate credit information to determine risk. The difference between a soft pull and a hard credit inquiry can influence approval decisions, interest rates, and even short-term credit score movement.…