The Main Benefits of Refinancing a Vehicle With CARS
Refinancing can be a scary word.
Upon hearing it, you might assume that you are going to be spending lots of valuable time on the phone with various lenders and will see your credit score drop due to a hard inquiry.
You may be thinking, “Is it really worth it?”
While refinancing your car may seem like a stressful proposition, in many cases, the benefits of refinancing heavily outweigh any negative aspects if you currently have a higher than necessary interest rate.
Refinancing Can Decrease Your Monthly Bill
Upfront, many refinance customers experience the immediate benefits of refinancing. After all, the higher your interest rate, the higher your monthly payment will be.
If you are stuck with a 7% auto loan rate, a drop to 2.49% (the lowest offered by Consumer Auto Refinance Services) can save around $50 a month.
What could you do with $50 extra per-month?
- Enjoy a nice dinner for two each month
- Pay for your daily coffee fix
- Get tickets to an event
- Stash it away in savings (that's $600 extra per-year)
- Do something else nice for yourself or a loved one
When you have more money in your pocket, the possibilities are endless!
Refinancing Can Help Pay Off Your Auto Loan Early
If you continue to make the same payments on an auto loan with a better rate, more of your payment will go toward the principle balance and less toward interest, which means that you will pay off your auto loan much sooner.
Ridding yourself of that open line of credit and saving money on interest can better prepare you for what’s next in life.
Maybe you plan on purchasing a house or tackling credit cards. Those pesky student loans you were unable able to make extra payments on before could be next in line after your car is paid off.
Refinance Your Car with CARS Today
Take that next step towards your financial well-being by refinancing your auto loan with CARS.
Along with the obvious benefits of refinancing – saving money both now and over the remaining life of your loan, we offer our customers the option to purchase fully refundable GAP insurance and affordable vehicle service contracts.
Applying for a refinanced auto loan with CARS is easy, and best of all, you have no obligation to refinance with us if we can’t get you the best rate for your situation.
What are you waiting for? The benefits of refinancing your car are within your reach. Apply today and get on the fast track to refinancing your auto loan.