as low as 2.99%
$83 per month
Auto refinancing with rateGenius allows you to save money by lowering your interest rate on your car, truck or SUV.
With interest rates as low as 2.99% and an average savings of $83 per month*, you should consider refinancing your auto loan for a number of reasons:
- if interest rates were high when you purchased your vehicle
- your credit score has improved
- you didn’t receive an ideal interest rate when you purchased your vehicle
- you have had financial setbacks
Auto refinance allows you to lessen the burden of your monthly car payment. Additionally, if you’re wanting to free up some extra funds, refinancing can allow you to defer payments, giving you some extra money at a time when you need it the most.
If you are not sure how refinancing your auto loan will help you save money every month, read through the example below. By refinancing their loan, this individual dropped their interest rate from 10 percent to 5 percent. In doing so, they were able to save more than $2,800 over the life of their loan and dropped their monthly payment by almost $50.
A $20,000 AUTO LOAN AT 10% vs 5%
10% = $5,500
total paid in interest
5% = $2,645
total paid in interest
Enjoy $2,855 in savings! Lowered payment by almost $50/month!
- Save money. Lowering your interest rate can save you money over the long term, and lowering your monthly car payment can save you money in the short term. Luckily, we are often able to reduce both rates and monthly payments, saving you money both now and in the future.
- Defer a car payment. In addition to lower interest rates, sometimes delaying a car payment is an effective way to have a temporary budget surplus; you have the freedom to spend or save it however you wish.
- Pay off your car faster by shortening your loan term and/or lowering your interest rate. These factors affect interest accrual. The smaller the amount and the less time spent accruing, the quicker you pay off your principal.
- Break up with big banks. Credit Unions, which have better rates, personalized service, and more satisfied members, comprise most of our lender network.
WHAT IS REQUIRED TO REFINANCE AN AUTO LOAN?
Anyone who is 18 years or older and a U.S. citizen with an existing auto loan can apply to refinance anytime after they have purchased their vehicle. All you need is your personal, vehicle, and current loan information to fill out our online application. RateGenius makes refinancing easy by comparing more than 150 lenders nationwide to find the best match for you. We handle all the work from finding the best interest rates to funding your new loan.
*The average savings is based on all loans funded January 1, 2019 – December 31, 2019.
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by Cristy S. Lynch
The average auto refinance interest rate inched up by just a handful of basis points, climbing from 6.23% to 6.42%.…