Much money-Auto refinancing

Refinancing can save you a lot of money, if you play your cards right. For example, if you currently have an auto loan for $23,000 at 11% APR for 5 years, you’ll pay $500 a month. If you can refinance this loan payment to $400 a month, you can save $6,000 over the life of the loan! The higher your current loan rates are, the more you can save by refinancing. Most lenders offer refinancing rates around 6-7% APR. This is higher than the auto loan rates you can receive for a purchase loan (as low as 3-4% APR) but is much lower than rates offered by dealerships or granted to borrowers with poor credit.