Refinance Your Car Loan to Save Thousands
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.
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 ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides 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
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid