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Refinance Your Car Loan to Save Thousands

May 27, 2010

Refinance Car LoanMost people don't know how easy it is to refinance your car loan.

With no prepayment penalties for canceling an existing loan, and no fees for getting a new loan at a lower rate, it's truly a no-brainer.

On a five year loan at 11% for a $30,000 car, you could refinance at today's 4%, saving roughly $111 a month.

If your current interest rate is over 6% (check your payment stub), refinancing might be right for you. If it's over 8%, definitely. Over 10%, drop what you're doing and refi right now.

Go to Bankrate to see interest rate quotes from different lenders. Or try CapitalOne Auto Finance, which offers independent financing for new and used cars.

Now is the time to take advantage of these historically low rates. A little effort could save a lot of money.

My Recommendation for Car Shoppers

TrueCar and Edmunds are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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Gregg Fidan

About: Gregg Fidan


Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

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