Who benefits from an auto refinance loan?
Almost anyone who is trying to pay off a current car loan can benefit from this plan. Even those car owners with poor credit are able to obtain auto loan refinancing as a means to lower their APRs (annual percentage rates). For instance, you take buy a Honda Accord for $16,500 on a new Honda Accord. You agree to pay off the amount at 21% APR at the end of six months. Your payment is $446 monthly, giving you a total interest charge of $10,283 at the end of your loan period. For the next few months, this will be your monthly loan obligation. Then, you decide to take an auto refinance loan. This time, your loan rate is only 6% APR # a difference of 15%. Your auto refinance loan requires a monthly payment of $319 with total interest charges of $2,639. You’ll save up to $7,600 in interest, as well as over $100 per month in payments. Of course, your scenario will be different. However, you will save money with an auto refinancing loan at a lower rate. In fact, you can potentially save a grea
