Every day on the television we hear the news anchors and advertisements talk about how low rates are, and how now is a great time to purchase or refinance. This could be to refinance a car loan, home loan, or any other kind of loan you may have.
I was just doing some searching online for what interest rates were a couple of years ago. I came across an article from 2001 that talked about how getting an interest rate around 6.99% would be a great deal back then.
Well, just to compare I just did a search to find out what rates are like today. At several sites I saw interest rates to refinance a car loan in the in the 4% and 5% range. So if you were wondering if it is still a good time to get a refinance car loan, just look around!
The problem is that no one knows when the needle will turn and the rates will start going up again. It could be in a couple of months, or it could be more like next year.
So why would you want to just wait around and see what happens? Instead, you could do some research to find out if getting a refinance really is a good thing for you to do. If it works for your situation you'll have a lower interest rate and monthly payment thanks to the refinance car loan.
Keep in mind of course that this is not the right step for everyone to take. A refinance car loan may not be worth it if you only have a few years left on your loan. In that case, you'd probably be better to just pay it off as scheduled.
However, if you still have several years left on your loan there is a good chance that you could save a couple hundred dollars a year when you refinance a car loan you already have.
The important thing to do at this point would just be to do some research and really assess whether or not this is the right step for you. Do some research, visit with a few lenders, and then come to a good educated decision as to whether or not this is the right step for you.
I was just doing some searching online for what interest rates were a couple of years ago. I came across an article from 2001 that talked about how getting an interest rate around 6.99% would be a great deal back then.
Well, just to compare I just did a search to find out what rates are like today. At several sites I saw interest rates to refinance a car loan in the in the 4% and 5% range. So if you were wondering if it is still a good time to get a refinance car loan, just look around!
The problem is that no one knows when the needle will turn and the rates will start going up again. It could be in a couple of months, or it could be more like next year.
So why would you want to just wait around and see what happens? Instead, you could do some research to find out if getting a refinance really is a good thing for you to do. If it works for your situation you'll have a lower interest rate and monthly payment thanks to the refinance car loan.
Keep in mind of course that this is not the right step for everyone to take. A refinance car loan may not be worth it if you only have a few years left on your loan. In that case, you'd probably be better to just pay it off as scheduled.
However, if you still have several years left on your loan there is a good chance that you could save a couple hundred dollars a year when you refinance a car loan you already have.
The important thing to do at this point would just be to do some research and really assess whether or not this is the right step for you. Do some research, visit with a few lenders, and then come to a good educated decision as to whether or not this is the right step for you.
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Do some searching and you'll find that rates to refinance a car loan are really good right now. Don't waste time! Start doing your research now to find out if a refinance car loan is the right thing for you to do.
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