Refinancing Your Auto Loan Can Lower Your Payment

 Everywhere you look these days you see great deals on new cars. Then you take one look at your vehicle, and think ‘I sure could use a new car. Maybe I should go to the dealer and check it out.’ Next thing you know, you are at the dealership, signing the contract and taking whatever loan rate the dealership offers, assuming it is the best you can get.

As the months go by, you begin to realize that it is more and more difficult to pay your car loan each month on top of all your other monthly bills. If only there was a way to bring your car payment down. There is. Many people aren’t aware that refinancing your auto loan at a lower rate is an option. As a consumer, you have the right to move your loan from one financial institution to another whenever you want, assuming there are no set restrictions in your original loan agreement. Refinancing your auto loan and getting a lower rate can help lower you monthly payment.

Perhaps your credit wasn’t perfect when you first purchased your vehicle, and it caused you to receive a higher interest rate, but since then you have made consistent, on-time payments and your credit is beginning to improve. At this point you may qualify for a lower interest rate, and refinancing to that lower rate could save you money. Receiving a high interest rate when first purchasing a vehicle is a major reason why people end up refinancing their loan. These individuals want lower payments and a way to pay off the loan as soon as possible.

Right now, if you refinance your Auto Loan with Bucks First Federal Credit Union. they will drop your current auto loan rate by 2.00% APR. Refinancing your auto loan from another lender is quick, easy and could save you a lot of money each month – which could add up to thousands of dollars over the life of your loan. When you refinance your loan, you are able to lower your monthly payments, which will help you save more money. To learn more about how to refinance your auto loan with Bucks First please click here.   

Below is an example of how refinancing for a lower rate can not only lower your payment, but save you lots of money over the life of the loan. 

If you would like to know how you can refinance your auto loan with Bucks First FCU, visit their website www.bucksfirstfcu.org for more information.