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Jill 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.
Auto loan refinancing became increasingly common in 2025, driven less by short-term market timing and more by changes in how consumers managed long-term debt. Borrowers who financed vehicles during the high-cost years of the early 2020s revisited their loans, often finding opportunities to reduce monthly payments, improve loan terms, or better align debt with their…
Choosing where to finance a vehicle can make a significant difference in the total cost of ownership. While banks and dealerships still dominate car lending, credit unions have steadily earned their place as the go-to choice for drivers seeking lower rates, flexible terms, and trustworthy service. Because they operate as member-owned, not-for-profit institutions, credit unions…
Refinancing an auto loan can help you secure a lower interest rate, reduce your loan payment, or change your loan term to better fit your financial needs. While many borrowers turn to banks or online lenders for auto refinancing, credit unions offer an attractive alternative. These not-for-profit financial institutions are known for their low rates,…