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Making The Decision To Refinance Your Car Loan - 3 Things To Consider

Before you make the decision to refinance your car loan, there are some things you need to consider. This article offers tips on what to consider before refinancing your car loan:

Interest Rate

The most common reason a person wants to refinance is to get a better interest rate. Perhaps you had bad credit when you took out your car loan, and, now that your credit has improved, you want to refinance under a better interest rate. Or, perhaps the prime rate is lower now than it was when you financed, and you want to take advantage of lower rates. A lower interest rate will save you a lot of money if you have more than a year left on your car loan; however, interest rates are not the only things you need to consider.

Prepayment Penalties

So, youve done all of your calculations, and you know that refinancing under a better interest rate will save you a lot of money. However, you need to consider prepayment penalties in your calculations. Say that refinancing will save you $2000 over the life of your loan. If your current loan has $2000 in prepayment penalties, its not going to benefit you to refinance. Check your loan documents for information on prepayment penalties. If youll be charged them, make sure to add that amount into your calculations.

Length of the New Loan

If you currently have two years left on your loan, youre not going to save money by refinancing under a better interest rate for a longer number of years. For example, if youre currently paying 16% interest on a loan that has two years left on it, and you refinance for a four year loan with 8% interest, youll end up paying the same amount of interest. If youre just looking for a lower monthly payment, this might be the way to go. However, if youre looking to save money, youll need to add the length of the loan into your calculations.

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Visit Refinance Smarts to view our Refinance Lenders online. Also, visit Refinance Smarts for more tips on getting a Refinance Car Loan.

More Useful Resource and Updates on florida car title loan

Nissan Motor to Sell $500 Million in Auto Loan Bonds (Update2) (Bloomberg)
Dec. 1 (Bloomberg) -- Nissan Motor Co. ?s finance unit plans to raise $500 million in the first sale of U.S. auto-loan bonds since U.S. Treasury Secretary Henry Paulson said the government would shift the focus of his financial-industry rescue package toward bolstering investment in consumer debt.

Nissan Motor Sells $600 Million in Auto Loan Bonds (Update3) (Bloomberg)
Dec. 2 (Bloomberg) -- Nissan Motor Co. ?s finance unit raised $600 million selling asset-backed securities in the first sign of demand for auto loans since U.S. Treasury Secretary Henry Paulson unveiled a plan last month to support consumer debt.

Small Players Vie for ?Green Car? Loans (New York Times)
Detroit?s automakers are focused this week on convincing Congress to provide them $25 billion in federal aid. But there is another $25 billion auto industry loan program, set up by the Department of Energy to quicken the development of fuel-efficient cars, The New York Times?s Leslie Wayne reported.

Small Players Vie for ?Green Car? Loans (New York Times)
Automakers are trying to convince Congress to provide aid, but there is another $25 billion auto industry government loan program, for the development of fuel-efficient cars.

US car union tightens belt to save industry (Australian Broadcasting Corporation)
The main car workers' union in the United States says it is willing to give up a number of key benefits to help the three biggest car makers get emergency funding from the Government.

Local lenders see jump in car loan defaults (Baltimore Examiner)
Pay the mortgage, buy food, keep the lights on. For Americans hit hardest by the economic crisis and facing an impossible choice of which bills to pay, these come before car payments, ratcheting up rates of defaults on auto loans.

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