Getting into a new car loan can seem to be just the thing to do at times. After all, those new cars are awfully inviting. They’re fun to drive, so smooth, so comfortable, such an upgrade from what you’re gasping and wheezing around town in now. Dang, they even smell good.
However, all good things do indeed come to an end, and when you are 30 months into a 60 month loan, that formerly-new car probably has lost a good deal of its original appeal and now just smells like the inside of a bag of chips. At that stage of the relationship with your car, those monthly loan payments can hurt.
Well, there is good news, these days you can save on your existing auto loan by refinancing. With rates being at historic lows, you have got to look into doing so if you need to reduce the monthly burden of your payments.
In fact, rates have dropped so quickly and drastically, that some people are saving by refinancing new car loans they started just a half year ago. By paying less every month, the savings can add up to a fine sum.