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Can You Refinance Your Car?

Posted in Borrowing Money
March 4th 2014 by

Refinance Your Auto LoanRefinancing is one case where the grass may be greener on the other side. It’s about replacing your current loan with a new one, under different (usually better) terms.

Refinancing can help you:
– Shorten the length of your loan
– Lower your interest rate
– Reduce monthly payments

Most people think of mortgages when they hear about refinancing. However, you can also refinance your car loan!

Is Refinancing Right For You?

Better terms, lower rates… sounds like refinancing should be right for everyone. However, you’ll want to make sure:

  • You have good credit. If you don’t, you may not get the lower rates.
  • You’re not close to paying the loan off. Interest is front-loaded, so refinancing is best done early on.
  • You don’t have any prepayment penalties. Check your agreement to make sure you won’t be hit with fees

If you fit that criteria, refinancing may be a good option for you. Aspire would be happy to help!

Use the Aspire Loan Calculator

Interested in what you might be able to save? Check out our loan calculator.

Here’s an example:

Current Auto Loan – Big Brother Bank
Loan Rate (APR*): 8.99%
Terms in Months: 60
Loan Amount: $28,000 (original balance)
Monthly Payment: $581.10

Refinanced Auto Loan – Aspire FCU
Loan Rate (APR*): 3.99%
Terms in Months: 48 (remaining term)
Loan Amount: $23,000 (remaining balance)
Monthly Payment: $519.22

Over the life of this member’s loan, $2,970.24 was put back into their pocket! On top of that, Aspire members enjoy many other benefits.

Get More Cash in Your Pocket Today

Contact us to start your application today. What will you do with your extra cash every month?

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