Fast Used Car Refinancing
There's an easy way to refinance your used car fast and save money right away.
If you want to save money every month, the easiest and fastest way to do it is by cutting down your car payment. Refinancing a car loan will do that right away. Did you know you can save up to $200 each and every month and still drive the same car? That's right you can save a great deal by reducing your car loan high interest rate with a fast Auto Refinance.
Most car loans are made up of two parts: the principal or cost of the car, warranty and other dealer add-ons, and the interest. Each time you make your monthly car payment on your car loan, you pay down some of the principal and all of the interest that accrues during that month on the car loan. In some cases, 50% or more (half of your hard earned money) goes towards interest and not the loan principal. That is because the interest rate on that loan is so high.
Refinancing your car loan will not only lower you payment, it will reduce the amount of money that goes towards interest each month. That means you will pay off more principal and reduce the total amount you owe on the car each month.
It doesn't take a very high interest rate to escalate your payments either. Even a moderately high interest rate of 14.5% will result in a huge amoutn of interest payments every year. Typically, on a $15,000 car, at 14.5% rate, you will pay $2,200 each year just in interest alone. That works out to about half of your total car payment going towards interest.
That's why so many people are trying to refinance their car loans today. They know they were stuck with a high interest rate when they bought their car. But they needed the vehicle then and had to accept the loan terms. Now, that rates are lower, maybe you can get a better rate. Find out by refinancing your car loan today. A better rate could lower your payments $100, $200 or more, and pay off your car faster.