(Columbia) July 7, 2003 - With interest rates at a 45-year low, we all know how much we can save by refinancing our homes, but have you thought about refinancing your car? Auto refinancing has been around for years, but many people have never heard of it. But now, most banks will do it.
It is very common to see anywhere form three or more points reduction on your rate. That means savings, even thousands of dollars in the interest you pay over the life of the loan.
And one more little known fact, you can get that low new car loan rate even if your car is used, as long as you haven't driven it more than 3,000 miles. Otherwise, you'll pay a slightly higher used car rate.
If you're interested in refinancing, make sure your current loan does not have pre-payment penalties, shop around for the best rates at banks, credit unions, and online. Ask upfront about any processing fees, and make sure you read and understand the new loan contract.
Visit www.bankrate.com or e-loan.com if you would like to shop around for rates. Also, carlender.com allows you to refinance your old loan through their web site.
Remember, the sooner you refinance a high-priced auto loan, the more money you'll save in interest.
By Judy Gatson