Three Big Advantages You Enjoy When You Refinance Your Car Loan

by | Nov 27, 2019 | Financial Services

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Do you want to reduce some of your monthly expenses? One tip is to use an auto refinance estimator. This estimator lets you know what your monthly car payment would be if you were to refinance your loan. Ideally, you want a lower monthly payment! Check out three advantages you would enjoy by using this estimator to end up with a lower car payment each month.

Use Saved Funds for Car Maintenance

The money you save on your monthly car payment can go to the upkeep of your car. Changing the oil, switching out the air filter and getting the tires rotated are all maintenance tasks that should be done on a regular basis. Keeping your car in good condition means you may be able to get a little more money for it when you decide to trade it in.

Add a Little More to Your Monthly Payment

If your auto refinance estimator provides you with a smaller payment that you take advantage of, you may want to add a little onto each payment per month. That way, you can pay off your car sooner than expected.

Save for a New Car

If you’ve had your car for a few years or are simply looking to make a change, the money you save on your monthly car payment can go into a fund for a new car. This is a great way to make a deposit into your new car fund on a regular basis.

Finally, even if you don’t refinance your car at this time, it’s helpful to have an idea of what you would pay if you decided to make a change in the near future.

If you’d like to get a refinancing estimate for your car loan, contact our staff at RateGenius Loan Services.

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