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How to Refinance a Car: 7 Easy Steps To Save You Money

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Knowing how to refinance a car is becoming more important as interest rates continue to rise. Car owners can get a lower interest rate by refinancing car loans, saving money.

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Benefits of Refinancing a Car

Before discussing the specific steps of refinancing a car loan, let us look at the benefits of auto loan refinancing.

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Your credit may have improved since you first bought your car. However, external conditions can also cause the market interest rate to decrease over time. Therefore, refinancing your car helps you get a lower interest rate.

Lower Interest Rate

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According to RateGenius, a leading vehicle refinance platform in the U.S., the average interest rate on the original car loan was 14%. In comparison, the rate after refinancing halved down to 7%. That shows that vehicle owners can get a significantly reduced interest rate through refinancing.

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A lower interest rate means lower monthly payments on the same repayment conditions. You can reduce monthly payments even more by choosing a longer repayment term.

Lower Monthly Payments

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However, keep in mind that a longer repayment term can result in higher charges over the total duration of the loan, so you should consider your monthly budget to make a smart decision.

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Pay Off Debt Faster

With a lower interest rate, you’ll have the option to make higher monthly payments. Making higher payments allows you to pay off the debt faster and help grow your net worth. People with less debt tend to lead less stressful lives.

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Savings

Studies demonstrate that refinancing vehicle loans may save money. More consumers discover the benefits of vehicle refinancing each year. Refinancers saved an average of $1,158 in 2021, according to RateGenius.

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