Every day on the television we hear the news anchors and advertisements talk about how low rates are, and how now is a great time to purchase or refinance. This could be to refinance a car loan, home loan, or any other kind of loan you may have.
I was curious about this, so I decided to do some searching online to see what interest rates were a couple of years ago. I came across one article from 2001 that was talking about how much you could save by getting a refinance car loan with an interest rate of 6.99%
Well, just to compare I just did a search to find out what rates are like today. At several sites I saw interest rates to refinance a car loan in the in the 4% and 5% range. So if you were wondering if it is still a good time to get a refinance car loan, just look around!
Here's the big problem with the current situation: no one knows when rates are going to go back up again. It could be in a couple of months, or it could be in a year or two. No one really knows.
So you really have two choices: you can wait and find out, and possibly miss out on some huge savings, or you can do some homework now to make an educated decision on whether or not this is the right move for you.
Of course, not everyone will benefit from getting a refinance car loan. If you only have a few years left on your loan, you'll probably do better just paying it off as scheduled.
However, if you have an abnormally high interest rate or still have quite a ways to go before you can pay it off, there is a good chance that you could save money when you refinance a car loan. You just need to do the homework to find out!
The key thing to do is to shop around and take a close look at your personal situation to be sure that it's the right move for you. Do some research, meet with a few lending institutions, and find out the smart way if this is the right move for you to make. - 29952
I was curious about this, so I decided to do some searching online to see what interest rates were a couple of years ago. I came across one article from 2001 that was talking about how much you could save by getting a refinance car loan with an interest rate of 6.99%
Well, just to compare I just did a search to find out what rates are like today. At several sites I saw interest rates to refinance a car loan in the in the 4% and 5% range. So if you were wondering if it is still a good time to get a refinance car loan, just look around!
Here's the big problem with the current situation: no one knows when rates are going to go back up again. It could be in a couple of months, or it could be in a year or two. No one really knows.
So you really have two choices: you can wait and find out, and possibly miss out on some huge savings, or you can do some homework now to make an educated decision on whether or not this is the right move for you.
Of course, not everyone will benefit from getting a refinance car loan. If you only have a few years left on your loan, you'll probably do better just paying it off as scheduled.
However, if you have an abnormally high interest rate or still have quite a ways to go before you can pay it off, there is a good chance that you could save money when you refinance a car loan. You just need to do the homework to find out!
The key thing to do is to shop around and take a close look at your personal situation to be sure that it's the right move for you. Do some research, meet with a few lending institutions, and find out the smart way if this is the right move for you to make. - 29952
About the Author:
do some research and you'll find that interest rates to refinance a car loan are really good at this time. Why wait? Start doing your research now to find out if a refinance car loan is the right financial step for you to do.
