Secrets of Automobile Refinancing

When it comes to reducing your monthly expenses automobile refinancing is one of the best kept secrets out there.

Why it is that most people know about home refinancing, but have never heard of automobile refinancing I couldn't say. Especially when automobile refinancing is even easier and cheaper than home refinancing. That's right, cheaper because there are no extra costs when you refinance your car loan.

There are no fees to refinance your car like there are when you refinance your home.Because you can reduce your interest rate substantially by refinancing it's a great idea to look into it.

Think about a 60 month car loan for $25,000 that is financed at 9%. You would be paying $519 a month for that loan and a total of over $6000 in interest over the 60 months. By refinancing this automobile loan at 4% your monthly payment drops to just $460 a month and you save over $3000 over the life of the loan. That's an extra $60 in your pocket every month.

So, is it worth your time to do some research that will continue to save you $60 every single month for the next 5 years? I sure think so!And thanks to technology you can now get an automobile loan online. With no fees to pay for an auto finance it is just too darn easy to go online and find a bunch of lenders willing to refinance your automobile loan. It cost you nothing to get the quotes and it costs you nothing when you do the refinance.While you're looking into automobile refinancing options, why not check out your local bank or credit union. They are often willing to do loans for people in the community at lower rates than normal.

You can also take advantage of what's known as relationship banking, meaning the banks and credit unions are more willing to lend to you at a good rate if you're already doing business with them. They already know you're history and they will reward you for continuing to be their customer with loan rates that are lower than average. This is especially true if you have a great credit score.

So, next time you're moaning about not having enough money remember that you can refinance you car and save yourself some money each and every month. And it's free and easy since you can tap into quotes from loads of online auto lenders just waiting to refinance your loan.These are just a couple ideas to help save you time and money on an automobile refinancing loan. Stop putting your money into the pockets of the banks and use this secret method to keep more money where it belongs, in your pockets.