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Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car. ... the loan to a 72-month term and pay $426 per ...
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
Then, use an online auto refinance calculator to estimate your new monthly payment based on the loan amount, current interest rate, current loan length, and loan balance.
The first step is to get quotes from lenders that are willing to refinance car loans. You'll need to provide the lender with basic information about your credit score, vehicle, and payment history.
Here’s the amortization schedule for a $5,000, one-year personal loan with a 12.38 percent interest rate, the average interest rate on personal loans in early August 2024. Payment Date Payment
At 72 months, the new car loan interest rate was at 8.67% in Q4 2023, the Fed reports. (These numbers are simple unweighted averages of each banks’ most common rate.)
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