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Refinancing to a lower rate on an auto loan could help drivers cut their monthly car payments. The Fed is likely to keep cutting interest rates, perhaps by another 1.50% through the end of 2025 ...
For example, if your original $36,000 auto loan came with a 7 percent interest rate, even at just one point lower, you could save $1,012 over 60 months. Your Credit Score Has Improved
You can still refinance an auto loan with bad credit, but getting a good rate can be difficult. Borrowers with low credit scores generally pay much higher interest rates.
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
Shopping around now could potentially help you find a loan with a lower interest rate. How to Refinance Your Auto Loan. The process is straightforward if you decide to refinance your auto loan.
Saving money is the name of the game when it comes to loans. With current, low interest rates on auto loans, drivers might be tempted to save money with a refinanced car loan. Whether an auto...
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